Earnings release
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NEWS RELEASE t: +61 8 9286 6999 w: www.deepyellow.com.au e: info@deepyellow.com.au PO Box 1770 Subiaco WA 6904 Level 1 502 Hay Street Subiaco WA 6008 ASX & NSX (Namibia): DYL OTCQX: DYLLF ABN 97 006 391 948 @DeepYellowLtd deep-yellow-limited 22 January 2026 QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2025 HIGHLIGHTS Tumas Project • Staged development of the Tumas Project is progressing well: - Detailed engineering more than 60% complete - Bulk earthworks 24% complete - Power supply agreement executed - Independent Technical Expert report successfully completed for project debt financing Namibia Exploration • A reverse circulation drill program at the Tinkas Prospect, adjacent to the Tumas Project, identified uranium mineralisation with thicknesses up to 11 m from surface • Broad-spaced exploration drilling to evaluate the Tumas Palaeochannel west of the Tumas Project, totalling 39 holes for 1,801 m, completed in November 2025 Mulga Rock Project • Ground gravity and passive seismic surveys completed in October 2025 • Trade-off studies to inform the Definitive Feasibility Study underway after the successful piloting programs reported last quarter Alligator River Project • 10 diamond core holes for 2,754 m and 9 reverse circulation holes for 1,906 m completed in November 2025 • Extensive hydrothermal alteration system identified at Q14 anomaly (Southern Flank corridor) sharing key features with Nabarlek and Angularli deposits Corporate • Group cash balance on 31 December 2025 of A$187.1 million • Mr. Greg Field appointed as Deep Yellow’s Managing Director and Chief Executive Officer on 2 December 2025, and will commence with the Company on 2 February 2026 • Mr. Zebra Kasete appointed as Managing Director - Namibia on 13 November 2025 Deep Yellow Limited (Deep Yellow or the Company) is pleased to provide a summary of key activities completed in the December 2025 quarter (the Quarter). For personal use only
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NEWS RELEASE: QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2025 Page 2 of 18 FLAGSHIP TUMAS PROJECT (Namibia) During the Quarter, activities were focused on derisking the Tumas Project (Tumas) to ensure readiness to reach a final investment decision (FID) when the uranium market supports development of a greenfield project like Tumas. The project execution schedule, capital estimate, mining schedule and financial model are being updated as improved data for each project element becomes available, in preparation for FID. Detailed Engineering and Procurement Detailed engineering for the Tumas Project is more than 60% complete (3D engineering model more than 65% complete) and orders for vendor data have been placed for all long lead equipment items. Over 70% of all major equipment for the process plant has now been tendered. Bulk Earthworks The bulk earthworks for the Tumas Project commenced on site in October 2025 and are currently 24% complete. These include excavating to competent ground conditions, backfilling, terracing for the process plant and construction of laydown areas as well as perimeter access roads which are expected to be completed in April 2026. Power and Water Supply Infrastructure During the Quarter, Deep Yellow’s wholly owned subsidiary, Reptile Uranium Namibia (Pty) Ltd, and Namibia Power Corporation (Pty) Ltd executed the Transmission Power Supply Agreement for the Tumas Project (Power Supply Agreement). The Power Supply Agreement is subject to conditions precedent, including FID. Power to Tumas will be supplemented by an onsite solar farm installed and operated by an independent power producer under a Build, Own, Operate and Transfer (BOOT) arrangement. Negotiations are continuing with a preferred supplier for the solar farm BOOT contract and detailed design for the power supply grid connection has commenced. A draft water supply agreement and draft development agreement have been received from the Namibia Water Corporation Ltd, with negotiations on these agreements continuing. The Company will be responsible for the design and construction of the water pipeline and associated infrastructure. The preliminary design of the water pipeline is complete, and the Company has received tenders for a design and construction contract. The location of the power and water supply infrastructure for the Tumas Project is set out in Figure 1 below. For personal use only
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NEWS RELEASE: QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2025 Page 3 of 18 Figure 1: Tumas Project location, including power and water supply infrastructure. Project Financing During the Quarter, the Independent Technical Expert completed their technical, environmental and social due diligence report on the Tumas Project on behalf of Nedbank Limited, the Mandated Lead Arranger. The report did not identify any material flaws within its scope, and this concluded an independent, rigorous and comprehensive review of the Tumas Project, marking completion of the first major milestone to securing project debt financing. Importantly, it paves the way for a faster transition into the documentation phase of the project debt financing. For personal use only
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NEWS RELEASE: QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2025 Page 4 of 18 EXPLORATION (Namibia) On 30 October 2025, Deep Yellow announced an update on its exploration activities focused on the Tinkas prospect, located within the Exclusive Prospecting Licence 3496 (EPL3496), adjacent to Tumas on Mining Licence 237 (ML237) in the Erongo Region of Namibia (refer to Figure 2 and ASX announcement 30 October 2025). The reverse circulation (RC) exploration drilling tested a radiometric surface anomaly. The anomaly coincides with a set of palaeochannels identified by airborne electromagnetics. These palaeochannels are tributaries of the main Tumas palaeochannel, which hosts significant uranium resources on ML237. Drilling commenced on 23 September 2025 and concluded on 14 October 2025. In total, 105 holes were drilled for 1,137 m. Of these, 28 holes (27%) intersected uranium mineralisation with a minimum thickness of one metre and a minimum grade of 100 ppm eU3O8. RC holes were 100 m spaced along 200 m drill lines. Drilling completed at the new Tinkas prospect returned positive results, with surficial uranium mineralisation observed at surface and continuing at depth. The mineralisation is hosted in calcretised palaeochannel sediments and the average thickness of the mineralised zones is 2.9 m, with localised zones reaching up to 11 m. The mineralisation is averaging 260 ppm eU₃O₈. The program successfully confirmed the presence of a shallow palaeochannel, which widens towards the west and reaches a depth of up to 19 m. Best intersections include: • TUBR1179: 11 m at 777 ppm eU3O8 from 1 m; • TUBR1180: 6 m at 188 ppm eU3O8 from 1 m and 2 m at 1,273 ppm eU3O8 from 11 m; • TUBR1174: 5 m at 263 ppm eU3O8 from 10 m; and • TUBR1225: 6 m at 199 ppm eU3O8 from 3 m and 3 m at 311 ppm eU3O8 from 14 m. Figure 3 shows the drill hole locations and Figure 4 shows a drill hole cross-section through the prospect. All equivalent uranium values (eU3O8) are determined from downhole radiometric gamma logging using a fully calibrated AusLog gamma logging system. For personal use only
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NEWS RELEASE: QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2025 Page 5 of 18 Figure 2: Namibia exploration and development projects, including the Tinkas prospect. For personal use only
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NEWS RELEASE: QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2025 Page 6 of 18 Figure 3: Tinkas prospect location map with drill collars colour-coded by their grade-thickness (GT) Intervals. Figure 4: Tinkas prospect, west-east drill section 7,466,800 mN. For personal use only
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NEWS RELEASE: QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2025 Page 7 of 18 In late October 2025 a RC exploration drilling program commenced on EPL3496 and targeted a previously untested 7 km section of the Tumas palaeochannel, located approximately 15 km downstream of the main Tumas 3 area, west of ML237. The program comprised 39 holes for a total of 1,801 m and was completed mid November 2025. Drill line spacing was approximately 1 km, with drill holes spaced at 200 m intervals along each line (refer ASX announcement 9 January 2026). Figure 5 shows the drill hole locations. Drilling successfully confirmed the presence of the palaeochannel and identified favourable sedimentary fill. However, uranium mineralisation exceeding 100 ppm eU₃O₈ was intersected only in isolated, narrow, and low-grade zones. Based on the results, the Company considers this section of the palaeochannel to be sufficiently explored, with limited discovery potential across the 7 km tested corridor. Figure 5: Namibia exploration drill hole locations over the palaeochannel defined by airborne electromagnetic (AEM) data. For personal use only
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NEWS RELEASE: QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2025 Page 8 of 18 MULGA ROCK PROJECT (Western Australia) Project Development During the Quarter, activities at the Mulga Rock Project (MRP) (refer to Figure 6 for location) focussed on trade-off studies subsequent to the successful leach, resin extraction and metal separation and recovery pilot programs reported in the previous quarter. This work is progressing well, confirming MRP as a significant future production operation and cashflow generator for Deep Yellow. Progress on the revised Definitive Feasibility Study entailing process engineering, capital and operating cost estimates, mining plan and schedules continues to advance within schedule to achieve first product from the MRP approximately 2-years after the commencement of production at Tumas. Figure 6: Mulga Rock Project: Ambassador and Princess Deposits (Mulga Rock East) and Emperor and Shogun Deposits (Mulga Rock West). Exploration In October 2025, Atlas Geophysics completed ground gravity and passive seismic surveys at Mulga Rock. The project involved the acquisition and processing of 2,025 new gravity stations at 50-100 m spacing and 213 new passive seismic stations at 200 m spacing. Figure 7 shows the survey location. The data will be used in combination with previously reported geochemical surveys to explore possible northeasterly extensions of the Mulga Rock East deposits (refer ASX announcement 9 January 2026). For personal use only
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NEWS RELEASE: QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2025 Page 9 of 18 Figure 7: Location map - Ambassador and Princess Deposits (Mulga Rock East) and Emperor and Shogun Deposits (Mulga Rock West), showing new gravity stations (green outline), pre-existing gravity (black dots), new passive seismic (red lines), and historical passive (blue dots). For personal use only
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NEWS RELEASE: QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2025 Page 10 of 18 Alligator River Project (Northern Territory) During the Quarter, the 2025 field and drilling programs were completed at the Alligator River Project, located approximately 380 km by road east-northeast of Darwin in the Northern Territory, Australia (refer ASX announcement 9 January 2026). The field program included geological mapping, soil and rock chip sampling at the Such Wow, TP14, and Q14 prospects and surrounding areas of the Angularli deposit. Passive and reflection seismic surveys were conducted at the highly prospective Condor prospect. Figure 8 shows the prospect locations. The Condor prospect corridor is highly prospective for Ranger-style mineralisation, showing a similar geology. However, the corridor is covered by highly conductive Cretaceous cover sediments of up to 150-200 m thick. To overcome this hindrance Deep Yellow undertook a high-resolution reflection seismic program. Four lines were shot in the central part of the Condor area. Together with existing datasets (magnetics, gravity, passive seismic, and drilling), this will contribute to a new, comprehensive exploration model to guide future drilling programs. Geological mapping at Such Wow and Angularli has extended the alteration footprint typically associated with uranium mineralisation in the Alligator River Uranium Province. Sampling of termite mounds identified several strong uranium anomalies north of the Angularli uranium deposit. Figure 8: Alligator River Project location (including the Angularli Inferred Mineral Resource Estimate – refer ASX announcement 3 July 2023). For personal use only
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NEWS RELEASE: QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2025 Page 11 of 18 A drill program comprising 10 diamond core holes for 2,754 m and 9 RC holes for 1,906 m was completed between 27 August and 3 November 2025 at Such Wow, TP14, Q14 and Angularli for a total of 4,660 m. Several drill holes intercepted a major fault zone at the previously untested Q14 prospect, which exhibits multiple phases of intensive brecciation overprinting a contact between mica schists and an extensive amphibolite, a feature of the nearby historic Nabarlek deposit. Importantly, early alteration and brecciation at Q14 are akin to those observed at the Angularli uranium deposit. Drill hole ARRC0025 intercepted a 22 m wide zone between 78 m and 100 m with elevated uranium mineralisation, including 8 m at 458 ppm eU3O8 from 84 m. The original RC hole was twinned with diamond core hole ARDD0025, which showed very similar results, including 3 m at 523 ppm eU3O8 from 77 m. Figure 9 shows the drill hole locations of Q14 and TP14 over a background of contoured termitaria sampling results. Figure 9: Exploration holes drilled at the Q14 and TP14 prospects over Google Earth imagery and U2/Th termitaria soil sample data background. The drilling at Such Wow encountered strongly altered sandstones and underlying basement rocks, within an interpreted strike-slip fault corridor. The alteration mineralogy includes diaspore, dravite, illite and chlorite, which are typical for unconformity related uranium deposits. Figures 10 and 11 show the drill hole locations at Such Wow and Angularli over a background of contoured termitaria sampling results. For personal use only
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NEWS RELEASE: QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2025 Page 12 of 18 Figure 10: Drillhole locations at the Such Wow prospect area on Google Earth imagery background and U2/Th map of termitaria soil samples. For personal use only
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NEWS RELEASE: QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2025 Page 13 of 18 Figure 11: Angularli deposit and drill hole location over Google Earth imagery and U2/Th map of termitaria soil sample results. URANIUM OUTLOOK The uranium spot market price showed considerable volatility throughout 2025 while gaining almost US$10.00/lb (+13%) from US$71.75/lb at the end of 2024 to US$81.40/lb at the end of 2025. The near-term delivery price rose by US$5.55/lb during the month of December 2025, an increase of 7%. Importantly, after months of stability at US$80/lb, the published term price for newly negotiated multi-year uranium sales agreements strengthened to US$86-87/lb by 31 December 2025. According to UxC, initial market data of global utility term contracting volume for 2025 is similar to 2024 at 116 Mlb eU3O8 but remains well below current estimated annual consumption of approximately 200Mlb. Looking forward, anticipated worldwide nuclear power growth remains robust with countries such as Japan proceeding to restart reactors and assessing possible adoption of a reinvigorated new build reactor program under a new government and India establishing a target of 100 GW of nuclear capacity by 2047 supported by partial private investment in the commercial nuclear power sector. Hyperscale datacentre development is asserting increasing influence on both existing nuclear power capacity via above-market long-term (15-20 year) power purchase agreements and potential construction of small modular reactors as evidenced by a major agreement between Meta/Facebook and the Dallas-based nuclear utility, Vistra Corporation incorporating reactor capacity up-rates of existing reactors and the planned development of on-site small modular reactors. As the Russia-Ukraine War continues unabated, increasingly restrictive economic sanctions on Russian-sourced nuclear fuel could be instituted in 2026. Waivers under the U.S. Russian uranium ban law are only available through 2027 with the ban reaching 100 percent in January 2028. Some U.S. utilities have already adopted nuclear fuel procurement policies based upon non-Russian sourcing thus lending further support to the bifurcation of the global nuclear fuel market. For personal use only
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NEWS RELEASE: QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2025 Page 14 of 18 Uranium supply deficits persist even as previously shuttered production centres re-enter operations although, in some cases, production rates are falling short of planned output. Realisation of the absolute need for the development of greenfield uranium projects is becoming increasingly evident. Entering the new year, escalating uranium demand pressures coupled with reduced uranium supply availability are expected to place further upward pressure on uranium market prices, both spot and term. CORPORATE Financial The group cash balance at the end of the Quarter was A$187.1 million (September 2025 quarter: A$203.5 million). Leadership Transition During the Quarter, the Company announced that Mr John Borshoff stepped down from the role of Managing Director and Chief Executive Officer of Deep Yellow effective 20 October 2025 (refer ASX announcement 20 October 2025). On 2 December 2025, Mr Greg Field was appointed as Deep Yellow’s new Managing Director and Chief Executive Officer commencing on 2 February 2026 (refer ASX announcements dated 2 December 2025 and 14 January 2026). Mr Craig Barnes, who is Acting Chief Executive Officer during the leadership transition, will return to his role as Deep Yellow’s Chief Financial Officer once Mr Greg Field has commenced on 2 February 2026. In addition, Mr Chris Salisbury, who is in a temporary Executive Chair role to support Mr Barnes and the organisation during this transitional period, will resume as the Non-Executive Chairman of the Board. Listing Rule 5.3.1 and 5.3.2 During the Quarter, the Company spent A$14.0 million on development activities at Tumas and A$4.1 million on exploration and evaluation activities on the Namibian exploration projects, Mulga Rock Project and Alligator River Project. No mining production activities were conducted during the Quarter. Development expenditure predominantly related to: • detailed engineering; • procurement of vendor data for detailed engineering; • mining engineering; • metallurgical test work; • environmental impact studies, monitoring and rehabilitation; • safety and radiation monitoring and management; • technical consulting services; and • early works. For personal use only
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NEWS RELEASE: QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2025 Page 15 of 18 Exploration and evaluation expenditure predominantly related to: • process engineering and modelling, metallurgical testing, mining engineering, infrastructure and resource estimation services; • Environmental Impact Assessment activities including environmental and baseline studies; • drilling to support geotechnical appraisal; • geochemistry work; • technical consulting services; • general fieldwork and exploration drilling; • non-field related activities; and • joint venture activities. Listing Rule 5.3.5 Payments to related parties and their associates during the Quarter totalled approximately A$1.1 million and comprised of fees paid to Executive and Non-Executive Directors and Scomac Management Services Pty Ltd (Scomac), which provided the Group with management, strategic, technical and geological expertise and services through its consultant personnel. On 30 November 2025, after Mr. Borshoff stepped down from the role of Managing Director and Chief Executive Officer of Deep Yellow, the Scomac consultancy services agreement was terminated. Mr. Borshoff has a financial interest in and control of Scomac. Issue of Securities During the Quarter, pursuant to the Company’s Awards Plan and Loan Share Plan, 1,853,831 Performance Rights and 470,236 Loan Plan Shares, respectively, were issued, and 515,877 fully paid shares were issued on exercise of Performance Rights. ANNEXURES Following on from this are: Appendix 1 – Schedule of Mineral Tenure – 31 December 2025 This ASX announcement was authorised for release by the Board of Deep Yellow Limited. Contact Investors: Media: Craig Barnes Chief Financial Officer/Acting Chief Executive Officer Cameron Gilenko +61 8 9286 6999 +61 466 984 953 info@deepyellow.com.au cameron.gilenko@sodali.com For personal use only
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NEWS RELEASE: QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2025 Page 16 of 18 About Deep Yellow Limited Deep Yellow Limited is successfully progressing a dual-pillar growth strategy to establish a globally diversified, Tier-1 uranium company to produce 10+ Mlb pa. The Company’s portfolio provides both geographic and development diversity with the Company’s two advanced projects – flagship Tumas, Namibia and Mulga Rock, Western Australia, both located in Tier-1 uranium jurisdictions. Deep Yellow is well-positioned for further growth through development of its highly prospective exploration portfolio – Alligator River, 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. COMPETENT PERSONS’ STATEMENTS Where there is information in this announcement relating to exploration results, Mineral Resource estimates and Ore Reserve estimates, the Company confirms that it is not aware of any new information or data that materially affects the information included in previous announcements. All material assumptions and technical parameters underpinning the Mineral Resource and Ore Reserve estimates continue to apply and have not materially changed. FORWARD LOOKING STATEMENTS Any statements, estimates, forecasts or projections with respect to the future performance of Deep Yellow and/or its subsidiaries contained in this announcement are based on subjective assumptions made by Deep Yellow’s management and about circumstances and events that have not yet taken place. Such statements, estimates, forecasts and projections involve significant elements of subjective judgement and analysis which, whilst reasonably formulated, cannot be guaranteed to occur. Accordingly, no representations are made by Deep Yellow or its affiliates, subsidiaries, directors, officers, agents, advisers or employees as to the accuracy of such information; such statements, estimates, forecasts and projections should not be relied upon as indicative of future value or as a guarantee of value or future results; and there can be no assurance that the projected results will be achieved. For personal use only
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NEWS RELEASE: QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2025 Page 17 of 18 Appendix 1 – Schedule of Mineral Tenure – 31 December 2025 Mining Tenements Acquired or Disposed of During the Quarter Nil Western Australia Number Registered Owner Name Interest Expiry Date L39/0288 Narnoo Mining Pty Ltd Mulga Rock Project 100% 24/08/2041 L39/0289 Narnoo Mining Pty Ltd Mulga Rock Project 100% 24/08/2041 E39/2049 Narnoo Mining Pty Ltd Mulga Rock Project 100% 18/10/2028 E39/2207 Narnoo Mining Pty Ltd Mulga Rock Project 100% 30/06/2027 L39/0287 Narnoo Mining Pty Ltd Mulga Rock Project 100% 07/01/2041 L39/193 Narnoo Mining Pty Ltd Mulga Rock Project 100% 07/10/2030 L39/219 Narnoo Mining Pty Ltd Mulga Rock Project 100% 06/12/2033 L39/239 Narnoo Mining Pty Ltd Mulga Rock Project 100% 29/03/2037 L39/240 Narnoo Mining Pty Ltd Mulga Rock Project 100% 29/08/2037 L39/241 Narnoo Mining Pty Ltd Mulga Rock Project 100% 29/08/2037 L39/242 Narnoo Mining Pty Ltd Mulga Rock Project 100% 29/08/2037 L39/243 Narnoo Mining Pty Ltd Mulga Rock Project 100% 02/01/2039 L39/251 Narnoo Mining Pty Ltd Mulga Rock Project 100% 21/08/2039 L39/252 Narnoo Mining Pty Ltd Mulga Rock Project 100% 09/02/2038 L39/253 Narnoo Mining Pty Ltd Mulga Rock Project 100% 09/02/2038 L39/254 Narnoo Mining Pty Ltd Mulga Rock Project 100% 05/06/2038 L39/279 Narnoo Mining Pty Ltd Mulga Rock Project 100% 04/07/2040 L39/280 Narnoo Mining Pty Ltd Mulga Rock Project 100% 04/07/2040 M39/1104 Narnoo Mining Pty Ltd Mulga Rock Project 100% 18/10/2037 M39/1105 Narnoo Mining Pty Ltd Mulga Rock Project 100% 18/10/2037 R39/2 Narnoo Mining Pty Ltd Mulga Rock Project 100% 10/11/2029 E39/2149 Velo Resources Pty Ltd Kingston Project 100% 01/06/2030 Northern Territory Number Registered Owner Name Interest Expiry Date EL24017 Viva Resources Pty Ltd Waidaboonar 100% 02/09/2026 EL27059 Viva Resources Pty Ltd Waidaboonar 100% 02/09/2026 EL25064 Viva Resources Pty Ltd King River 100% 04/07/2027 EL25065 Viva Resources Pty Ltd King River 100% 04/07/2027 EL28379 Viva Resources Pty Ltd King River 100% Application EL28380 Viva Resources Pty Ltd King River 100% Application EL28381 Viva Resources Pty Ltd King River 100% Application EL28382 Viva Resources Pty Ltd King River 100% Application EL28383 Viva Resources Pty Ltd King River 100% Application EL28384 Viva Resources Pty Ltd King River 100% Application EL28385 Viva Resources Pty Ltd King River 100% Application EL5893 Viva Resources Pty Ltd Wellington Range 100% 03/05/2026 EL22430 Viva Resources Pty Ltd East Alligator Group 100% 15/08/2025* EL24920 Viva Resources Pty Ltd East Alligator Group 100% 15/08/2025* EL26089 Viva Resources Pty Ltd East Alligator Group 100% 15/08/2025* For personal use only
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NEWS RELEASE: QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 DECEMBER 2025 Page 18 of 18 Number Registered Owner Name Interest Expiry Date EL31437 Viva Resources Pty Ltd East Alligator Group 100% Application EL32827 Viva Resources Pty Ltd East Alligator Group 100% Application EL32828 Viva Resources Pty Ltd East Alligator Group 100% Application EL23327 Viva Resources Pty Ltd Jungle Creek 100% Application EL32825 Viva Resources Pty Ltd Tin Camp Creek 100% Application EL32826 Viva Resources Pty Ltd Tin Camp Creek 100% Application EL26905 Viva Resources Pty Ltd Mamadawerre 100% Application EL26906 Viva Resources Pty Ltd Mamadawerre 100% Application EL23928 Viva Resources Pty Ltd Mount Gilruth 100% Application EL24290 Viva Resources Pty Ltd Mount Gilruth 100% Application EL26356 Viva Resources Pty Ltd Mount Gilruth 100% Application EL5060 Viva Resources Pty Ltd Mount Gilruth 100% Application * Renewal pending. Namibia Number Registered Owner Name Interest Expiry Date JV Parties EPL3496#1 Reptile Uranium Namibia (Pty) Ltd Tubas 95% 31/01/2026 - EPL3497#1 Reptile Uranium Namibia (Pty) Ltd Tumas 95% 31/01/2026 - MDRL3498 Yellow Dune Uranium (Pty) Ltd Aussinanis 85% 05/01/2025#2 5% Epangelo#3 10% Oponona#4 EPL3669 Nova Energy (Namibia)(Pty) Ltd Tumas North 65% 18/12/2026 25% Nova (Africa)#5 EPL3670 Nova Energy (Namibia)(Pty) Ltd Chungochoab 65% 18/12/2026 10% Sixzone#6 ML176 Shiyela Iron (Pty) Ltd Shiyela 95% 05/12/2027 5% Oponona#4 ML237#1 Reptile Uranium Namibia (Pty) Ltd Tumas Project 95% 21/09/2043 - #1 5% right granted to Oponona#4 in 2009 to participate in any projects which develop from these EPLs and ML. #2 Renewal pending. #3 Epangelo Mining (Pty) Ltd. #4 Oponona Investments (Pty) Ltd. #5 Nova Energy (Africa) Pty Ltd. #6 Sixzone Investments (Pty) Ltd. For personal use only