Vimy Resources : Deep Yellow and Vimy Merger - Investor Presentation

31 March 2022

Deep Yellow and Vimy Merger - Investor Presentation

Vimy Resources Limited (ASX:VMY, OTCQB:VMRSF) (Vimy) provides the Investor Presentation for the proposed Deep Yellow Limited and Vimy merger.

Steven Michael Managing Director

Tel: +61 8 9389 2700

Released for and on behalf of the Board of Vimy Resources Limited

For personal use only

Vimy Resources Limited (ASX: VMY, OTCQB: VMRSF) is a Perth-based resource development company. Vimy's flagship project is the Mulga Rock Project (100%), one of Australia's largest undeveloped uranium resources, which is located 290km by road ENE of Kalgoorlie in the Great Victoria Desert of Western Australia.

Vimy also owns and operates the largest granted uranium exploration package in the world-class Alligator River uranium district, located in the Northern Territory. Vimy is exploring for large high-grade uranium unconformity deposits identical to those found in the Athabasca Basin in Canada.

Vimy has adopted

Vimy acknowledges the Traditional Custodians of the country on which we work and travel, throughout Australia, and respects their associated connections.

Towards Sustainable Mining ® an award-winning accountability framework which helps minerals companies evaluate, manage and communicate their sustainability performance.

Adopting the independently verified system will reinforce

Directors and Management

The Hon. Cheryl Edwardes AM Non-Executive Chairman

Wayne Bramwell Non-Executive Director

Steven Michael Managing Director & CEO

Dr Tony Chamberlain Executive Director & COO

Paula Arthur

Manager Approvals and ESG

Shannon Coates

Company Secretary

Scott Hyman

Vice President Sales and Marketing

Vimy's commitment to continuous improvement in safety, environmental and social governance (ESG).

Committed to:

The amount of natural uranium produced from Mulga Rock

(3.5Mlbs pa U3O8)

if utilised in nuclear reactors which displaced coal-fired electricity would reduce carbon dioxide equivalent emissions by approximately

64 million tonnes

Xavier Moreau

General Manager, Geology and Exploration

Matthew Owen

That is equivalent to

Chief Financial Officer

For a comprehensive view of information that has been lodged on the ASX online lodgement system and the Company website, please visit asx.com.au and vimyresources.com.au, respectively.

about 12% of Australia's and 70% of Western Australia's greenhouse gas emissions

56 120 178 949

ersonal use only

Disclaimer

This presentation has been prepared by Deep Yellow Limited ABN 97 006 391 948 (Company or Deep Yellow) and Vimy Resources Limited ABN 56 120 178 949 (Vimy) for general information purposes only. The presentation does not constitute a prospectus or equivalent document nor does it constitute financial product or investment advice. It does not take into account the investment objectives, financial situation or particular needs of any investor. Any vote by Vimy shareholders in respect of the potential merger should only be made on the basis of the information contained in the Scheme Booklet that will be dispatched to Vimy shareholders, which will contain the full terms and conditions of the potential merger and risks of the potential merger. Vimy shareholders are advised to read the formal documentation carefully once it has been dispatched.

The presentation is not and should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or Vimy, or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company or Vimy will be entered into on the basis of this presentation.

The presentation has been prepared by the Company and Vimy based on information available to them. The information relating to Vimy and the information contained on slide 5 of this Presentation has been provided by Vimy, and the balance of information in this Presentation has been provided by the Company. Neither of the Company and Vimy take responsibility for information provided by the other. Due care and attention has been taken in the preparation of this presentation, however the information contained in this presentation (other than as specifically stated) has not been independently verified for the Company or Vimy or their respective directors and officers, nor has it been audited. Accordingly, the Company and Vimy do not warrant or represent that the information contained in this presentation is accurate or complete. To the fullest extent permitted by law, no liability, however arising, will be accepted by the Company or Vimy, or their respective subsidiaries, directors, officers or advisers, for the fairness, accuracy or completeness of the information contained in the presentation. No responsibility or liability is assumed by the Company or Vimy or their respective subsidiaries, directors, officers or advisers for updating any information in this document or to inform any recipient of any new or more accurate information or any errors of mis-descriptions of which the Company or Vimy or any of their respective directors, officers or advisers may become aware.

All dollar values are in Australian dollars (A$ or AUD) unless otherwise stated. Amounts, totals and change percentages are calculated on whole numbers and not the rounded amounts presented. This presentation includes certain historical financial information extracted from the Company's and Vimy's audited consolidated financial statements and information released to ASX (collectively, the Historical Financial Information). The Historical Financial Information is presented in an abbreviated form insofar as it does not include all the presentation and disclosures, statements or comparative information as required by the Australian Accounting Standards (AAS) and other mandatory professional reporting requirements applicable to general purpose financial reports prepared in accordance with the Corporations Act.

Past performance metrics and figures (including past share price performance of the Company and Vimy), as well as pro forma financial information, included in this Presentation are given for illustrative purposes only and should not be relied upon as (and is not) an indication of the Company, Vimy or any other party's views on the Company's or Vimy's future financial performance or condition or prospects. Investors should note that past performance of the Company and Vimy, including in relation to the historical trading price of the Company's and Vimy's shares, mineral resources, costs and other historical financial information cannot be relied upon as an indicator of (and provides no guidance, assurance or guarantee as to) future Merged Group performance, including the future trading price of shares in the Merged Group. The historical information included in this Presentation is, or is based on, information that has previously been released to the market.

This presentation contains "forward-looking information" that is based on the Company's and Vimy's expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the pre-feasibility and any feasibility studies, the Company's and Vimy's business strategy, plan, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, mineral resources, results of exploration and related expenses. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as 'outlook', 'anticipate', 'project', 'target', 'likely',' believe', 'estimate', 'expect', 'intend', 'may', 'would', 'could', 'should', 'scheduled', 'will', 'plan', 'forecast', 'evolve' and similar expressions.

Persons reading this presentation are cautioned that such statements are only predictions, and that the Company's and Vimy's actual future results or performance may be materially different. There can be no assurance that actual outcomes will not differ materially from forward-looking statements. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors which are subject to change, including but not limited to general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of uranium; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accident, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. This list is not exhaustive of the factors that may affect the Company's and Vimy's forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company and Vimy disclaim any intent or obligations to finalise, check, update or revise any forward-looking statements whether as a result of new information, estimates, or options, future events or results or otherwise, unless required to do so by law. Statements regarding plans with respect to the Company's and Vimy's mineral properties may contain forward-looking statements in relation to future matters that can be only made where the Company or Vimy has a reasonable basis for making those statements. Competent Person Statements regarding plans with respect to the Company's and Vimy's mineral properties are forward looking statements. There can be no assurance that the Company's and Vimy's plans for development of its mineral properties will proceed as expected. There can be noassurance that the Company and Vimy will be able to confirm the presence of mineral deposits, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the Company's or Vimy's mineral properties.

This Presentation contains estimates of Mineral Resources, Ore Reserves and Exploration Results of the Company. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Company's announcements released to the market on 3 February 2022 entitled 'Tumas DFS Firmly On Track and Improving on PFS Assumptions'; on 10 February 2021 entitled 'Deep Yellow Proceeding with Tumas DFS Following Positive PFS'; on 22 December 2021 entitled 'New Potential for Basement Uranium Discoveries at Omahola'; and on 4 November 2021 entitled 'Omahola Basement Project Resource Upgrade to JORC (2012)'. All material assumptions and technical parameters underpinning the Mineral Resource and Ore Reserve estimates continue to apply and have not materially changed.

This presentation contains estimates of Mineral Resources and Ore Reserves of Vimy. Vimy confirms that it is not aware of any new information or data that materially affects the information included in the release entitled 'Significant Resource Upgrade for Mulga Rock Project' announced to ASX on 23 June 2016 (Mulga Rock Base Metal Mineral Resource); the release entitled 'Significant Resource Update - Mulga Rock Cracks 90 Mlbs' announced to ASX on 12 July 2017 (Mulga Rock Uranium Mineral Resource), the release entitled 'Maiden Mineral Resource at Angulari Deposit Alligator River Project' announced to ASX on 20 March 2018 (Alligator River Mineral Resource) and the release entitled 'Major Ore Reserve Update - Moving to the Go Line' announced to ASX on 4 September 2017. All material assumptions and technical parameters underpinning the Mineral Resource and Ore Reserve estimates continue to apply and have not materially changed.

There is information in this presentation relating to Production Targets, and the forecast financial information derived from the Production Targets of the Company's Tumas Project Pre-feasibility Study announced to the market on 10 February 2021 in the release entitled 'Deep Yellow Proceeding with Tumas DFS Following Positive PFS' and on 3 February 2022 in the release entitled 'Tumas DFS Firmly on Track and Improving on PFS Assumptions'. The Company confirms that all material assumptions underpinning the Production Targets and the forecast financial information derived from the Production Targets in the original announcement continue to apply and have not materially changed.

This Presentation contains estimates of Vimy's Production Targets. Vimy confirms that its Production Targets were announced to the market on 26 August 2020 in the release entitled 'DFS Refresh Significantly Improves Mulga Rock Project Economics' and that all material assumptions underpinning the Production Targets and the forecast financial information derived from the Production Targets in the original announcement continue to apply and have not materially changed.

A number of figures, amounts, percentages, estimates, calculations of value and fractions in this Presentation are subject to the effects of rounding. Accordingly, the actual calculation of thesefigures may differ from the figures set out in this Presentation.

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