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Deep Yellow Limited (ASX:DYL) March Quarterly Activities Report
Deep Yellow Limited (ASX:DYL) (FRA:JMI) (OTCMKTS:DYLLF) advises the successful completion of the Tumas PFS, which confirmed or improved on Scoping Study assumptions based on a uranium price of US$65/lb.

Key results:

o 11.5 years Life of Mine (LOM)

o post-tax, ungeared NPV8.6(nominal) of US$207M (A$276M)

o 2.5Mlb U3O8 pa average LOM production

o post tax, real, ungeared IRR 21.1%

o C1 cash costs US$27.3/lb after by-product vanadium credit

Following completion of positive Tumas PFS, the Board approved proceeding directly to a Definitive Feasibility Study, scheduled for completion by end CY2022. Infill resource upgrade drilling in support of the DFS continues at Tumas 3, with 156 RC holes for 2,742m drilled by end March.

Best intersections included:

o T3I547 9m at 481ppm eU3O8 from 4m
o T3I523 4m at 490ppm eU3O8 from 6m
o T3I459 8m at 892ppm eU3O8 from 4m
o T3I465 4m at 396ppm eU3O8 from 4m
o T3I547 10m at 449ppm eU3O8 from 3m

A resource upgrade drilling is ongoing with an updated Mineral Resource Estimate expected to be completed on schedule in June 2021.

Ausenco has confirmed to continue as project engineer for the early works phase of the DFS.

Drilling at the Nova Joint Venture Barking Gecko prospect has been completed. A total of 11 holes for 2,708m were drilled in the March Quarter.

Best intersections included:

- 35m at 244ppm eU3O8, from 120m
- with 11m at 444ppm eU3O8, from 82m

- 13m at 126ppm eU3O8, from 165m
- with 8m at 223ppm eU3O8, from 199m

- 9m at 177ppm eU3O8, from 170m

A highly successful $42.8M capital raising was completed during the period, increasing the overall cash position of the Company to $51.3M. The possibility of a further $30M to be added to the cash balance on exercise of outstanding 50c options, expiring in June 2022.

To view full report, please visit:

John Borshoff
Managing Director/CEO
T: +61-8-9286-6999

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