Deep Yellow Limited announced the completion of a Scoping Study focused on the Reptile Project Tumas palaeochannel calcrete deposits. Importantly, the Tumas Scoping Study has delivered encouraging results, which provided the Board with the confidence to proceed directly to a Pre-Feasibility Study. The Board has made this decision to proceed to a Pre-Feasibility Study based on the economic benchmarks indicated in the Tumas Scoping Study. The Tumas palaeochannel system is located within the Company's 100% owned Reptile Project (EPLs 3496 and 3497) in Namibia. At the commencement of the exploration campaign, initiated in 2016 by the new management team, the Company announced an Exploration Target of between 100Mlb to 150Mlb in the grade range of 300ppm to 500ppm U3O8 for the Reptile projects. This Exploration Target was based on Deep Yellow management's extensive and acknowledged experience, from exploration to successful mining and production, of these surficial calcrete associated and channel-related deposits. Deep Yellow Managing Director, Mr. John Borshoff and the management and technical team involved in development of the Tumas Scoping Study were also instrumental in the successful development of Paladin Energy Ltd. This team is the only group to have established two successful, conventional uranium operations in two countries on the African continent after a 20-year global uranium industry hiatus. One of these operations was Paladin's Langer Heinrich uranium operation in Namibia, which successfully mined deposits similar to those which occur in the Tumas palaeochannel system. Consequently, the Company is confident with the expertise this team is able to bring to these studies. Continued success over the past three years through various exploration programs has seen the resource base from this highly prospective palaeochannel increase threefold to a total calcrete/palaeochannel related Measured, Indicated and Inferred Mineral Resource of 92.5Mlb eU3O8, grading 303ppm. To date, only approximately half of the 125km Tumas palaeochannel system has been properly tested and the consequent trebling of the Mineral Resources over a 3-year period reinforces the Company's confidence that the announced Exploration Target will be achieved during future exploration work.