Deep Yellow Limited (ASX: DYL) (Deep Yellow) is pleased to provide an update on the Tubas RC drilling program (commenced in the vicinity of the Tubas deposits Tubas Red Sand and Tubas Calcrete), located on EPL3496.

The project is held by Deep Yellow through its wholly owned subsidiary Reptile Uranium Namibia (Pty) Ltd (RUN). 70 holes for 1,831m have been completed to date, with the program paused for the Christmas vacation break and scheduled to recommence in 2021.

The Tubas area includes the Tubas Red Sand and Tubas Calcrete deposits and is located within the extensive, mainly east-west trending, Tumas palaeochannel system, approximately 10km to the west of the Tumas 3 deposit.

Uranium mineralisation in the Tubas Calcrete deposit occurs in association with calcium carbonate precipitations (calcrete) in palaeovalley-fill sediments. In places, the calcrete is overlain by transported reddish aeolian sand, which also shows carnotite uranium mineralisation and is referred to as the Tubas Red Sand deposit.

The first phase of the RC program commenced 14 October 2020 and was completed on 27 November 2020, with 70 holes drilled totalling 1,831m. Drilling targeted sections of the Tubas Red Sand and Tubas Calcrete deposits, to confirm the wide-spaced historical drilling data and to enable more effective definition of follow-up drilling programs, to determine full potential for future resource enhancements.

Importantly, 42 (60%) of the 70 holes in this scouting program returned uranium mineralisation greater than 100ppm eU3O8 over 1m, with 30% showing uranium mineralisation greater than 200ppm eU3O8 over 1m. The equivalent uranium values (eU3O8) are based on down-hole radiometric gamma logging carried out by qualified operators using a fully calibrated AusLog gamma logging system.

The GT intervals of the latest drill holes largely confirm the historical drill data and grade continuity within the Tubas deposits and have, in part, extended the mineralisation along the peripheral areas. Results further suggest that the mineralisation located in the eastern part of the Tubas area connects to the Tumas Central mineralisation, highlighting the possibility of further improvement in the resource base from this 5km long intermediate area.

The near-surface uranium mineralisation identified occurs as a single strata-bound layer from near- surface up to a depth of 10m and includes both the Tubas Red Sand and Tubas Calcrete deposits. Some isolated pockets of lower grade uranium mineralisation were also intersected within the area of the Tubas Calcrete deposit between 20 and 40m depth, signifying that potential also exists in this horizon for resource expansion.

The palaeochannels occurring west of Tumas 3, Tubas Red Sand and Calcrete deposits have only been sparsely drilled along widely spaced regional lines, with large sections remaining completely untested. With only 60% of the known regional Tumas palaeochannel system drilled, significant upside potential remains to further increase the resource base associated with this highly prospective target. 50km of channels remain to be tested.

Contact:

Tel: +61 8 9286 6999

Email: john.borshoff@deepyellow.com.au

About Deep Yellow Limited

Deep Yellow Limited is a differentiated, advanced uranium exploration company, in predevelopment phase, implementing a contrarian strategy to grow shareholder wealth. This strategy is founded upon growing the existing uranium resources across the Company's uranium projects in Namibia (on which a Pre-Feasibility Study is currently being conducted on its Reptile Project) and the pursuit of accretive, counter-cyclical acquisitions to build a global, geographically diverse asset portfolio. The Company's cornerstone suite of projects in Namibia is situated within a top-ranked African mining destination in a jurisdiction that has a long, well-regarded history of safely and effectively developing and regulating its considerable uranium mining industry.

(C) 2020 Electronic News Publishing, source ENP Newswire