[Namibian] Deep Yellow Limited has submitted the final technical documentation for its Tumas Uranium Project in Namibia to independent experts to pave the way for financing the multimillion-dollar development.

Namibia’s position as a global uranium powerhouse is set to strengthen as Deep Yellow Limited advances its flagship Tumas Project toward a critical final investment decision. New details revealed in the company’s quarterly activities report highlight significant progress in engineering, procurement, and site preparation at the Erongo region site, signaling

Chamwe Kaira  Deep Yellow Limited is preparing to begin mining at its Tumas Project in the Erongo Region by late 2026.  The company is finalising negotiations with prequalified mining contractors before awarding contracts and starting operations. The update follows progress on early infrastructure works and detailed engineering at Tumas, located within ML237.  In April, Deep Yellow delayed its Final Investment Decision (FID), citing uranium prices that did not offer sufficient value to shareholders or justify new greenfield development. The company now says the rise in uranium prices since then has confirmed the logic behind that decision. Despite the FID delay, Deep Yellow continues to advance the project’s development. This includes work on engineering, procurement, site preparation, operational readiness, and financing. “The decision to defer FID on Tumas was a strategic and value-driven call, and one that has been vindicated by the subsequent strengthening of the uranium market,” said Managing Director and CEO John Borshoff.  “We made the best decision for the company and our shareholders, positioning ourselves to fully capitalise on Tumas in a stronger market. In the meantime, we continue to make solid progress across all key areas of project development.” The company said contracts for key utilities and related infrastructure are at an advanced stage. Early works at the site have largely been completed, and the operational readiness plan is progressing toward pre-production mining, process plant commissioning, and a ramp-up to full production. NamPower and NamWater have issued draft supply offers for power and water. A Build, Own, Operate, and Transfer (BOOT) solar array will supply at least 30% of the project’s power needs. The solar component is expected to reduce both electricity costs and the project’s carbon footprint. Supply contracts with NamPower and NamWater are expected to be finalised within the current quarter. The project will build infrastructure for both utilities and later transfer it to the respective state entities for operation and maintenance.  These contracts are being handled by locally based engineering firms.

ASX-listed Deep Yellow continues to make “solid progress” across all key areas of project development at its flagship Tumas project, in Namibia, including engineering, procurement, site preparation, operational readiness and financing, while its strategic decision to defer final investment decision (FID) for the project has been “vindicated” by the recent

CHAMWE KAIRA  Deep Yellow, which is developing the Tumas Project in Erongo Region, has said the construction schedule has increased from 18 to 24 months and production ramp-up has also increased from six months to a more conservative case of 15 months.  The company said this schedule estimates wet commissioning will be completed within 24 months after Final Investment Decision (FID) decision, with ore processing and production ramp-up commencing thereafter.  Deep Yellow said the first product into drums is anticipated approximately two months after ore processing commences.  “The schedule estimated for Tumas is considered to be conservative and will be a target for further refinement during the ongoing detailed engineering,” the company said.  Importantly, Deep Yellow remains in a strong financial position with a cash balance of A$227 million as at 31 March.  “Even with the anticipated spend on the early works infrastructure and detailed engineering, a group cash balance of A$170-180 million is expected at 31 December 2025.”  Deep Yellow Limited, Managing Director, John Borshoff said Deep Yellow will continue to move ahead with early works infrastructure development and detailed engineering, however full-scale project development will be delayed allowing for what the board believes will be the inevitable improvements in global uranium prices due to increasing demand and the precarious nature of the supply outlook.  “We are at an extraordinary stage in the uranium supply sector. We have a situation where the long-term uranium market is essentially broken. This is due to more than a decade of sector inactivity, persistently depressed uranium prices, and utility offtake contracting practices which are yet to support the development of greenfields uranium production. Although the Tumas Project is economic at current long-term uranium prices, these prices do not reflect or support the enormous amount of production that needs to be brought online to meet expected demand. Also, we can expect from experience that supply shortages will only be exacerbated by likely delays and underperformance of the sector generally.”  He said Deep Yellow is in an enviable position having one of the most rigorously evaluated greenfield projects in the world ready to hit the go button.  Borshoff said the Tumas Project is ready to take the next step but said the consistently stated, a healthy prevailing uranium market is a key prerequisite.  He said there are limited greenfield uranium deposits available for start-up globally over the next 10 years to satisfy projected demand, and new uranium supply will be virtually impossible to achieve in the current price environment.  “Nuclear utilities cannot ignore the fact that unless uranium prices increase to appropriate levels and large amounts of capital become available to the supply sector, those greenfields projects will remain undeveloped. It is against this backdrop that we are comfortable with our decision to carefully progress areas of the project such as early works infrastructure and detailed engineering but not commit the capital to construct the process plant at this time.”  Tumas Project has reserves of 79.3 million pounds of uranium oxide and a US$100 per uranium price for the Tumas deposits. The company said substantial increase in ore reserves confirms that Tumas can support a 30-year life of mine.

Australia-listed Deep Yellow has deferred the final investment decision (FID) for its flagship Tumas project, in Namibia, to fully capitalise on its upside potential and to protect shareholder value, as the uranium market does not currently support this. As previously reported, the company earlier this year deferred the FID to

Deep Yellow delays Namibia project on uranium price  The Northern Miner

Deep Yellow delays decision on Namibia uranium project again  Mining.com

Niël Terblanché The Vrede Rede Primary School in Swakopmund has undergone upgrades to its infrastructure, thanks to a N$61 631 donation from uranium exploration company Deep Yellow Limited and its Namibian subsidiary, Reptile Mineral Resources and Exploration (RMR). The funds were used to repair cement walkways between classrooms and reconstruct a sports field for netball and soccer. According to RMR’s public relations officer, Sugnet Smit, the initiative was part of the company’s ongoing commitment to corporate social responsibility and its aim to foster a safe and supportive learning environment for children. “Recognising that quality education is the foundation of a thriving community, RMR invested in improving the school’s infrastructure, including walkways and a sports field. The upgrades create a safe learning environment, reduce the risk of injury, and promote physical health and wellness among the students,” she said. The company’s support included efforts to ensure that pupils can participate in physical education and extracurricular activities safely and with confidence. “Access to well-maintained sports facilities is crucial for students’ overall well-being, helping them build teamwork skills and encouraging a healthy lifestyle,” she said. Smit added that the school improvements are part of a broader approach to create social value in the areas where the company operates. RMR’s support of Vrede Rede Primary School is part of a broader strategy to drive positive social impact in Namibia.  “By addressing pressing infrastructural issues, the company strengthens its relationships with the broader Swakopmund community, demonstrating its dedication to long-term sustainability and social responsibility,” she explained. According to Smit, the upgrades were carried out by local contractor Thaleni Construction. RMR’s exploration manager, Katrin Kärner, said the company sees its role in the community as going beyond mineral exploration. “By investing in Vrede Rede Primary School, we are not only improving infrastructure but also fostering a brighter future for these young learners. Both education and sport play a vital role in shaping communities, and we are proud to contribute to their advancement,” she said. The school in Swakopmund is one of several educational institutions in the Erongo region that have benefited from partnerships with private companies in support of local development.