Deep Yellow (DYL) investor relations material

Executive summary

• Advanced development of the Tumas Project in Namibia, with engineering 68% complete and bulk earthworks 91% finished, moving toward construction readiness.

• Mulga Rock Project in Western Australia progressed trade-off studies and pilot plant testing, confirming recoveries of targeted metals and lowering operating costs.

• Exploration drilling at Tinkas Prospect (Namibia) confirmed uranium mineralisation, supporting further resource potential.

• Alligator River Project (Northern Territory) identified five priority drill targets for the 2026 exploration season through seismic surveys.

• Strong cash position of A$171.6 million at quarter end, supporting ongoing project development and exploration.

Financial highlights

• Group cash balance at 31 March 2026 was A$171.6 million, down from A$187.1 million at the end of December 2025.

• Development expenditure for the quarter totaled A$11.9 million, mainly for Tumas Project advancement.

• Exploration and evaluation expenditure was A$2.5 million across Namibian and Australian projects.

• Payments to related parties and associates totaled A$0.2 million.

• 1,376,790 fully paid shares issued on exercise of Performance Rights; 557,997 Performance Rights forfeited and cancelled.

Outlook and guidance

• Tumas Project is being de-risked for a final investment decision when market and geopolitical conditions are favorable.

• Mulga Rock Project aims for first product approximately two years after Tumas commences production, maintaining sequencing to avoid overcommitment.

• Increasing commitments for future uranium deliveries expected as utilities enter the long-term market.