2025/10/20 – 09:30:00 – 1086127167504384528
Leadership Transition
Deep Yellow Limited
Registration No. ABN 97 006 391 948
Registered as an external company in Namibia
ISIN Code: AU000000DYL4
NSX Share Code: DYL
LEADERSHIP TRANSITION
The Board of Deep Yellow Ltd (Deep Yellow, or the Company) (ASX: DYL) announces that Mr John
Borshoff will step down from the role of Managing Director and Chief Executive Officer of Deep
Yellow effective 20 October 2025. John will remain with the Company as an advisor to ensure a
smooth leadership transition process, until the end of November 2025.
John has been with the Company since 2016, and under his leadership, Deep Yellow has grown from
a junior explorer to an ASX200 Company, on the verge of becoming a multi-asset, multi- geography
uranium producer.
Besides his invaluable leadership of Deep Yellow, the Board wishes to sincerely thank John for his five
decades of contribution to the global uranium industry. His work has spanned from exploration to
mine construction and production, including founding Paladin Energy Limited. John has been influential
in shaping the broader uranium industry through his work in many industry advocacy forums and has
been a persuasive advocate for the role of nuclear energy in the global decarbonisation challenge.
John leaves an incredible legacy at Deep Yellow having built one of the most experienced uranium
mining leadership teams in the industry.
The Board wishes John well and thanks him wholeheartedly for his commitment to Deep Yellow over
the last nine years and the broader uranium industry over his long career.
A global search for a replacement Managing Director and Chief Executive Officer for Deep Yellow is at
an advanced stage and a further announcement will be made when this process has concluded.
In the interim, Deep Yellow’s Chief Financial Officer (CFO), Mr Craig Barnes, will lead the
organisation as Acting Chief Executive Officer, and will work closely with the Board to ensure a
smooth transition. Mr Barnes is an experienced mining executive and has been in the role of CFO since
August 2024. He has more than twenty years of experience in the resources sector, including five years
as the CFO of Paladin Energy Limited.
In addition, the Non-Executive Chairman of the Board, Mr Chris Salisbury, will step into a temporary
Executive Chair role to support Mr Barnes and the organisation during this transitional period. Chris
has extensive business leadership experience from his long career at Rio Tinto, including Chief
Executive Energy Resources of Australia, and Managing Director Rössing uranium.
Mr Barnes will receive a temporary exertion fee of $20,156 per month for the period he is in the Acting
Chief Executive Officer role. Mr Salisbury will receive a temporary exertion fee of $6,875 per month for
the period he is in the Executive Chair role. The exertion fees will be in addition to normal salary/director
fees as applicable, all other employment terms and conditions for Mr Barnes and Mr Salisbury remain
unchanged.
The Board of Deep Yellow remain confident and excited about the future of Deep Yellow as the
Company works towards the strategic vision of transitioning to a global, multi-project uranium
producer through the near-term Final Investment Decision of the flagship Tumas Project,
progressing the Definitive Feasibility Study process for the Mulga Rock Project, and further
exploration progress and development at the Alligator River Project.
The announcement can be viewed at the following link:
https://api.investi.com.au/api/announcements/dyl/3410453c-f7b.pdf
CHRIS SALISBURY
Executive Chair Deep
Yellow Limited
20 October 2025
Registered Office
Reptile Uranium Namibia (Pty) Ltd
Registration no. 2004/511
48 Hidipo Hamutenya Street
Swakopmund
Namibia
Sponsor
IJG Securities (Pty) Ltd
Member of the NSX
4th floor 1@steps, C/O Grove and Chasie Street
Kleine Kuppe
P O Box 186, Windhoek, Namibia
Registration No. 95/505
Date: 20-10-2025 09:30:00
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Namibia Securities Exchange – NAM News