Deep Yellow Ltd.

Deep Yellow Ltd. is a mid-tier uranium development company headquartered in Subiaco, Australia, operating primarily in Australia and Africa. The company's portfolio consists of 4 projects, comprising 2 development and 2 advanced exploration projects. Key assets include Mulga Rock and Tumas. The company's business model is centered on a dual-pillar approach, combining organic development with strategic inorganic growth to establish a multi-asset operational platform. A key competitive advantage is the advancement of 2 separate projects in parallel, supported by a management and technical team with over 500 years of collective industry experience in mine development and operations. The operational approach emphasizes process optimization to enhance project economics, with a focus on metallurgical advancements in beneficiation, membrane performance, and refining. This includes developing viable process routes for the commercial extraction of associated critical minerals as by-products. Technical work has indicated potential for material reductions in energy requirements, which could lower capital and operating expenditures. Preliminary results from membrane testing have also shown performance significantly better than the criteria used in initial feasibility studies, suggesting opportunities for improved process efficiencies and reduced losses.

The organization's strategic plan is focused on establishing a low-cost, Tier-1 global platform with a geographically diversified project pipeline. This is pursued through a dual-pillar strategy that balances organic growth with inorganic consolidation. Organic growth is driven by the systematic exploration and development of the existing project portfolio. The inorganic growth component involves a targeted merger and acquisition program to acquire additional projects and build a more robust, diversified operational base. The company is well-funded to execute this strategy. A key element of the long-term plan is the transition from a developer to a producer, a shift that will be reflected in future performance metrics for long-term incentive plans. This evolution underscores the strategic priority of bringing development assets into production to create sustained shareholder value.

Executive leadership is spearheaded by a Managing Director and CEO with over 30 years of industry-specific experience, including founding and building a previous company into a multi-mine producer. The board and management team collectively possess over 500 years of combined experience in the sector. The Board of Directors is composed of 6 members, including 4 non-executive directors, and held 11 meetings during the 2024 fiscal year. Governance oversight is structured through 3 primary committees: the Audit and Risk Committee, the Nomination and Remuneration Committee, and the Sustainability Committee, each comprising 3 non-executive members. The corporate governance framework adheres to the 4th Edition of the ASX Corporate Governance Council’s Principles and Guidelines, ensuring a structured approach to oversight, risk management, and strategic decision-making.

The organization's sustainability approach is formalized through the adoption of the Global Reporting Initiative (GRI) Sustainability Reporting Standards, enabling comprehensive disclosure of its economic, environmental, and social impacts. A key environmental initiative includes the submission of a revised Sandhill Dunnart Conservation Plan in January 2024, which was developed in collaboration with qualified experts to reduce threats to the species from feral animals. This was supported by the completion of a 2-year baseline monitoring program in November 2023, which confirmed a representative population of the marsupial and low levels of feral species within the defined conservation area. The Board and management maintain a strong focus on ESG values and activities, with an emphasis on proactive environmental management and transparent reporting to stakeholders.

A significant structural change occurred in August 2022 with the merger and acquisition of Vimy Resources Ltd, which integrated a new set of assets and operational capabilities into the group. The company participates in joint ventures, including the Nova Joint Venture, which recently underwent a partnership change following Japan Oil, Gas and Metals National Corporation's (JOGMEC) notice of withdrawal. Post-withdrawal, ownership will revert to the remaining partners. Another key arrangement is the Yellow Dune Joint Venture with partners Epangelo Mining Company and Oponona Investments. Key operational activities are conducted through wholly-owned subsidiaries, including Reptile Uranium Namibia and Narnoo Mining. A notable ownership arrangement provides a local partner with the right to acquire a 5% contributing equity interest in a key development asset.