Deep Yellow Limited: Response To Namibia Media Article

Perth, Australia - Deep Yellow Ltd. (ASX:DYL) (FRA:JMI) (OTCMKTS:DYLLF) refers to an article titled "Namibia considers taking stakes in Mining and Petroleum Companies" that appeared yesterday on the Bloomberg newswire service.

Deep Yellow interreacts constantly with relevant Government Ministries and Departments and advises that it is not aware of any elevated discussions with industry regarding Government equity in mining projects. In Deep Yellow's experience, all matters affecting the Namibian mining industry are consistently dealt with through the Chamber of Mines, of which Deep Yellow is an active member, and are worked through with Government using a detailed and orderly process involving proposals, submissions, discussions and negotiations that have invariably resulted in mutually acceptable outcomes.

Deep Yellow, through its extensive experience operating in Namibia, has deep confidence that the Namibian Government fully understands the value of foreign investment. Deep Yellow also recognises and accepts the need for local ownership and, as previously reported, has between 5% and 10% of its various projects held by local Namibian equity partners, including the Tumas Uranium Project.

About Deep Yellow Limited:

Deep Yellow Ltd. (ASX:DYL) (OTCMKTS:DYLLF) (Namibian Stock Exchange:DYL) 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 and the pursuit of accretive, counter-cyclical acquisitions to build a global, geographically diverse asset portfolio. A PFS has recently been completed on its Tumas Project in Namibia and a DFS commenced February 2021. 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.

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