Deep Yellow Limited announced that the Phase 2 follow-up drill program at the Barking Gecko North prospect (EPL3669) was initiated on 18 November 2021, through the commencement of the program's first diamond drill hole TN270DDT. This hole was successfully completed on 15 December reaching a depth of 266m. The Barking Gecko prospect is part of the Nova Joint Venture (NJV) located within EPL 3369 in Namibia.

Japan Oil, Gas and Metals National Corporation (JOGMEC) completed its 39.5% earn-in obligation through expenditure of AUD 4.5 million in October 2020. Since completion of the earn-in, the NJV parties are now jointly contributing in accordance with their equity holdings as follows: The purpose of drilling diamond hole TN270DDT was to acquire critical core sample material for detailed geological and structural logging to assist with the clarification of the 3D setting of the highly prospective, strongly mineralised zone discovered at Barking Gecko North. To date, this zone has only been tested by RC drilling.

With completion of hole TN270DDT, the mineralised alaskite intrusions can be more accurately studied to develop a better understanding of the mineralisation controls, enabling optimal positioning of the RC holes planned for the next stage of the Phase 2 drill program. Phase 1 drilling at Barking Gecko North comprised of 14 holes for 3,561m and was completed in October 2021. Importantly, this program returned encouraging results, with 13 of the 14 holes intersecting uranium mineralisation.

The standout result was from hole TN258RC, which contained 70m at 503ppm eU3O8 within four intersections over an 83m thick zone from 178m depth, as reported on 5 August and 19 October 2021. Phase 1 NW-SE orientated drilling in the central area delivered the best results. TN270DDT was targeted to undercut this mineralisation and intersect an east-west-trending fault, interpreted from magnetic data, which is considered to influence the setting of the mineralisation.

TN270DDT was angled 70 degrees to the north to obtain orientated core to better define,understand and confirm the structural setting of this mineralisation, which to date, was interpreted from RC drill chips and down-hole optical televiewer (OPTV) surveys. TN270DDT intersected 118m at 352ppm eU3O8 from 75m using a 100ppm eU3O8 cut-off grade occurring within eight intersections over a 190m interval. This confirms the strong mineralisation associated with this prospect, the northeast-southwest trend of the mineralised intrusions and the presence of an east-west trending fault.

The best continuous intersections within the mineralised envelope include 10m at 954ppm eU3O8 from 88m, 60m at 304ppm eU3O8 from 150m and 30m at 382ppm eU3O8 from 235m.