Deep Yellow Limited: Preferred EPCM Contractor Selected For Tumas Uranium Project

Perth, Australia - Deep Yellow Ltd. (ASX:DYL) (FRA:JMI) (OTCMKTS:DYLLF) is pleased to announce that Ausenco Services Pty Ltd (Ausenco or Contractor) has been selected as the preferred contractor to deliver the Detailed Engineering and the Engineering, Procurement and Construction Management (EPCM) services for the Company's flagship Tumas Project (Tumas or Project) located in Namibia.

HIGHLIGHTS

- Ausenco Services Pty Ltd selected as the preferred EPCM contractor for the flagship Tumas Project

- Ausenco is a market leading engineering and consulting firm and brings extensiveknowledge of the Tumas Project, through the work they completed on the February 2023 Definitive Feasibility Study together with the December 2023 Re-Costing Addendum

- Scope of work to be completed includes finalising Detailed Engineering with an EPCM contract opportunity for project execution

- Tendered price is commensurate with the capital cost estimates defined in theDecember 2023 Re-Costing Addendum

- Commercial agreements and contracts award for Detailed Engineering to be finalised over the coming months, as Deep Yellow progresses Tumas towards a Final Investment Decision (FID)

- An EPCM contract to be executed post-FID

- Following FID, Deep Yellow will work toward commencing operations in 2026 and establish Tumas as the 4th uranium mine in Namibia

It is intended that an EPCM contract will be executed following FID. In the meantime, the parties will execute a Detailed Engineering agreement to advance key workstreams ahead of FID and finalising a full EPCM contract.

The Company looks forward to working with Ausenco to deliver the exciting Tumas Project as the Company's first mining operation and flagship development.

Deep Yellow Managing Director and CEO John Borshoff stated: "The selection of Ausenco as the preferred EPCM Contractor for the Tumas Project is a significant project milestone. Ausenco is a market-leading engineering firm, highly regarded within the industry for their technical ability and track record of project delivery. Having Ausenco on board will complement the project delivery team to add significant value to the exciting Tumas Project, in a period of extended positive outlook in the uranium supply sector."

Ausenco President Reuben Joseph stated: "Ausenco is proud to be selected as the preferred EPCM Contractor for the Tumas Project. From our involvement in the Project since 2019, and in particular, the work we completed on the DFS and subsequent December 2023 Re-Costing Addendum for Tumas, we fully understand the Project's exciting potential and Tier-1 status. We look forward to working with Deep Yellow and providing our extensive skill set and market-leading engineering and project delivery experience."

About Ausenco Services Pty Ltd

Ausenco is a global company redefining what is possible. The team is based across 26 offices in 15 countries delivering services worldwide. Combining deep technical expertise with a 30-year track record, Ausenco delivers innovative, value-add consulting studies, project delivery, asset operations and maintenance solutions to the minerals and metals and industrial sectors (www.ausenco.com).

About Deep Yellow Limited:

Deep Yellow Ltd. (ASX:DYL) (OTCMKTS:DYLLF) is successfully progressing a dual-pillar growth strategy to establish a globally diversified, Tier-1 uranium company to produce 10+Mlb p.a.

The Company's portfolio contains the largest uranium resource base of any ASX-listed company and its projects provide geographic and development diversity. Deep Yellow is the only ASX company with two advanced projects - flagship Tumas, Namibia (Final Investment Decision expected in 1H/CY24) and MRP, Western Australia (advancing through revised DFS), both located in Tier-1 uranium jurisdictions.

Deep Yellow is well-positioned for further growth through development of its highly prospective exploration portfolio - ARP, Northern Territory and Omahola, Namibia with ongoing M&A focused on high-quality assets should opportunities arise that best fit the Company's strategy.

Led by a best-in-class team, who are proven uranium mine builders and operators, the Company is advancing its growth strategy at a time when the need for nuclear energy is becoming the only viable option in the mid-to-long term to provide baseload power supply and achieve zero emission targets.

Importantly, Deep Yellow is on track to becoming a reliable and long-term uranium producer, able to provide production optionality, security of supply and geographic diversity.

Source:
Deep Yellow Ltd.

Contact:

John Borshoff Managing Director/CEO T: +61-8-9286-6999 E: john.borshoff@deepyellow.com.au W: www.deepyellow.com.au Media: Cameron Gilenko T: +61-466-984-953 e: cgilenko@citadelmagnus.com