Level 1, 329 Hay Street, Subiaco WA 6008 PO Box 1770 Subjaco WA 6990

Tel: 08 9286 6999 Fax: 08 9286 6969 [email protected] www.deepyellow.com.au

ABN 97 006 391 948

21 December 2006

The Companies Announcement Office Australian Stock Exchange Limited Level 10 Exchange Centre 20 Bond Street SYDNEY NSW 2000

Dear Sirs

SHARE ISSUE TO SATISFY SECOND TRANCHE COMPLETION ON ACQUISITION OF RAPTOR MINERALS LIMITED

The Directors have resolved to issue 82 million ordinary shares in Deep Yellow, pursuant to the terms of the acquisition by the company of all the issued shares in Raptor Minerals Limited, as previously announced and described in the Prospectus dated 3 November 2006 (as supplemented). The shares are issued at a price of 13.5 cents per share and represent the second and final of two tranches to be issued in consideration for the acquisition.

Please find attached the relevant Appendix 3b applying for quotation of the shares.

Yours faithfully

In Etello

MARK PITTS Company Secretary

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 177/96. Origin: Appendix 5. Amended 177/98, 179/99, 177/2000, 30/9/2001, 11/3/2002, 171/2003.

Name of entity

DEEP YELLOW LIMITED

ABN

97 006 391 948

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

$\mathbf{1}$ ⁺Class of ⁺securities issued or to be issued

Ordinary Shares

• $\overline{2}$ Number of ⁺securities issued or to be issued (if known) or maximum number which may be issued
• Principal terms of the ⁺securities 3 (eg, if options, exercise price and date; if partly paid expiry *securities, the amount outstanding and due dates for payment; if securities, +convertible the conversion price and dates for conversion)

82,000,000

$\overline{N/A}$

⁺ See chapter 19 for defined terms.

⁺ See chapter 19 for defined terms.

Part 2 - Bonus issue or pro rata issue

⁺ See chapter 19 for defined terms.

• Amount of any handling fee 24 payable to brokers who lodge acceptances or renunciations on behalf of *security holders
• $25$ If the issue is contingent on *security holders' approval, the date of the meeting
• 26 Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled

27 If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders

• Date rights trading will begin (if 28 applicable)
• Date rights trading will end (if 29 applicable)
• 30 How do *security holders sell their entitlements in full through a broker?
• How do *security holders sell part $31$ of their entitlements through a broker and accept for the balance?
• How do *security holders dispose 32 of their entitlements (except by sale through a broker)?
• 33 *Despatch date

$+$ See chapter 19 for defined terms.

Part 3 - Quotation of securities
You need only complete this section if you are applying for quotation of securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

Entities that have ticked box 34(b)

$\overline{\text{+ See chapter 19 for defined terms.}}$

• 41 Reason for request for quotation now Example: In the case of restricted securities, end of restriction period (if issued upon conversion of another security, clearly identify that other security)
• 42 Number and ⁺class of all +securities quoted on ASX (including the securities in clause 38)

Quotation agreement

• $\mathbf{1}$ *Ouotation of our additional *securities is in ASX's absolute discretion. ASX may quote the *securities on any conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
• The issue of the *securities to be quoted complies with the law and is not for $\bullet$ an illegal purpose.
• There is no reason why those *securities should not be granted *quotation.
• An offer of the "securities for sale within 12 months after their issue will not require disclosure under section $707(3)$ or section $1012C(6)$ of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any "securities to be quoted and that no-one has any right to return any "securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the *securities be quoted.
• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the *securities to be quoted, it has been provided at the time that we request that the "securities be quoted.
• If we are a trust, we warrant that no person has the right to return the $\bullet$ *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the "securities be quoted.

⁺ See chapter 19 for defined terms.

• $\overline{3}$ We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• $\overline{4}$ We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before +quotation of the *securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

AnElike

21 December 2006

Sign here:

...................................... (Director/Company secretary)

Print name:

Mark Pitts .......................................

⁺ See chapter 19 for defined terms.