Deep Yellow Namibia (Pty) Ltd

Deep Yellow Namibia (Pty) Ltd is a wholly owned subsidiary of Australian Deep Yellow Limited (DYL), an advanced stage uranium exploration company which is listed on both the ASX and NSX. In Namibia, Deep Yellow Namibia manages and operates a group of Namibian subsidiary companies which hold the following interests:

  • ML 237, and EPLs 3496, 3497 and 3498, strategically located amongst the major uranium mines in the Erongo region covering an area of more than 1,100 km2 in total.
  • A 65% interest in the Nova Joint Venture (JV) Project (EPLs 3669 and 3670). The JV partner is JOGMEC, the minerals exploration arm of the Japanese government, funding N$45,000,000 over a 4-year period.

Following the completion of the Pre-Feasibility Study (PFS) for it’s Tumas project in early 2021, Deep Yellow Namibia immediately commenced with a Definitive Feasibility Study (DFS) for the project. Intensive resource upgrade drilling continued resulting in an ore reserve increase for Tumas, and an increase in the life-of-mine.

Ongoing work, the February 2023 release of the DFS, and environmental approvals received resulted in the Ministry of Mines and Energy issuing Mining Licence (ML) 237 in December 2023. The license is valid for 20 years, expiring in September 2043, and allowing Deep Yellow Namibia to progress towards production, establishing Tumas as the next uranium mine in Namibia. The Tumas 3 mineral resource comprises Indicated Mineral Resources of 27 500 t at 325ppm U3O8. The total Indicated Mineral Resources within ML 237 account for some 50 000 t at 265ppm U3O8. A re-costing study of the DFS released in December 2023 fully validated the CAPEX and OPEX assumptions and forms the basis of the ongoing project debt financing discussions. Deep Yellow Namibia plans to develop the Tumas Mine to produce 1 600 t of U3O8 per annum, with an anticipated life of mine in excess of 30 years.

In addition, a follow-up drill program was completed at Barking Gecko on EPL 3669 towards the end of 2023. The positive results are now allowing for first economic valuations considering the recent, rapid increase in uranium prices. Drilling also continued exploring for basement related uranium targets both on the wholly owned Deep Yellow Namibia licences and on those owned in joint venture with JOMEG of Japan.

Following the grant in 2024 of a 20-year mining licence, (ML237, expiring 21 September 2043), Deep Yellow Namibia is progressing its flagship Tumas Project towards a Final Investment Decision (FID). Importantly, upon execution of the current development schedule, Deep Yellow will establish Tumas as the next uranium mine in Namibia. The first half of 2025 was occupied with commencement of detailed engineering, with selection of Ausenco Services Pty Ltd (Ausenco) as the engineering group to carry out this critical phase of work aiming to establish and freeze the project scope, and determine the total cost of development and the construction schedule to provide the base for the FID. FID has been deferred due to the identification of further project optimisation opportunities which were considered to have an important bearing on the Project outcome. The Board has approved continuing the staged development approach with detailed engineering and off-site infrastructure development.

The March 2025 optimisation work generated robust results at a uranium price of US$ 82.50 per pound U3O8, further endorsing the Project’s economics and standing as a Tier-1, long-life uranium operation. The detailed engineering, procurement and operational planning work has progressed well, and at the end of March 2026, the 3D model progress for the plant achieved total weighted progress of >65%. Ausenco, as lead engineer, has responsibility for delivering the process plant and the Deep Yellow Owner’s Team has responsibility for establishing and delivering all non-process infrastructure. Early works to prepare for the commencement of construction are at an advanced stage. In parallel, debt financing has been mandated with Nedbank Limited, and this is progressing well. Bulk earth works have been completed, and civil engineering works will commence in the second quarter of 2026. Tendering is now complete for 79% of all major process plant equipment packages, supporting procurement readiness and capital execution planning.

A key outcome of the detailed engineering and optimisation was the update to the financial model based on revised capital and operating expenses estimates and using various uranium pricing points, with a comparison made against the base case set out in the December 2023 Detailed Feasibility Re-Costing Study. This update underlined the robustness of the Tumas Project as a major greenfield uranium project. Based on the updated Mineral Resource, the Ore Reserve Estimate now includes Proven and Probable Ore Reserves of 36 053 t U3O8 in 120.1 million t of ore at a grade of 298 ppm, using a 100 ppm U3O8 cut-off, with an average waste to ore ratio of 2.2 to 1. Last, not least, exploration drilling at the Tinkas Prospect and the S-Bend Prospect, north-east of Tumas, is ongoing. Results continue to demonstrate the potential to add further value within the broader Tumas district.