Deep Yellow Advances Tumas Project with 92% Procurement Complete, $217M Cash Backing

Progress at Tumas Project

Deep Yellow Limited has reported encouraging developments at its flagship Tumas uranium project in Namibia, with detailed engineering, procurement, and early works advancing steadily. The company has achieved over 90% progress in procurement of direct capital packages, with contracts for power and water utilities nearing finalisation. Early site preparation is largely complete, setting the stage for major onsite works and pre-production mining activities.

Operational readiness planning is well underway, focusing on commissioning the process plant and ramping up to full production. Recent grade control drilling has reinforced confidence in the mineral resource, enabling optimisation of mine scheduling and tailings management ahead of the final investment decision (FID). The involvement of experienced engineering partners such as Ausenco Services Pty Ltd underscores the technical robustness of the project.

Mulga Rock Pilot Study and DFS Revision

In Western Australia, the Mulga Rock Project has completed a successful three-month resin mini-pilot study, confirming effective separation of uranium and critical minerals into marketable streams. This breakthrough supports a revised DFS currently underway, which will incorporate updated process flowsheets, ore reserve estimates, and mining methods.

The revised DFS aims to capitalise on the project's critical mineral byproducts, potentially reducing uranium production costs and enhancing project economics. The testwork demonstrated uranium recoveries of approximately 85%, alongside significant recoveries of nickel, cobalt, copper, zinc, and rare earth elements. These findings position Mulga Rock as a potentially more diversified and economically resilient operation.

Exploration and Corporate Strength

Exploration activities continue across Deep Yellow’s portfolio, including the Alligator River Project in the Northern Territory, where government co-funding grants have been secured to support geophysical surveys and drilling programs. In Namibia, ongoing drilling and hydrogeological studies support environmental management and resource definition.

Financially, Deep Yellow maintains a strong position with a group cash balance of A$217.4 million at quarter-end. The company is actively advancing project financing discussions, notably with Nedbank as the mandated lead arranger for the Tumas Project. Development and exploration expenditures remain focused on advancing key projects toward production readiness.

Strategic Outlook

Deep Yellow’s dual-pillar growth strategy, leveraging geographic and development diversity, is progressing well. The company’s focus on becoming a Tier-1 uranium producer is supported by its technical expertise, robust project pipeline, and financial strength. As global demand for nuclear energy intensifies amid decarbonisation efforts, Deep Yellow is positioning itself to provide secure, long-term uranium supply with optionality and critical mineral co-products.