Deep Yellow Advances Tumas Uranium Project with 91% Earthworks Complete

Tumas Project Nears Construction Readiness

Deep Yellow Limited (ASX:DYL) has made substantial strides advancing its Tumas uranium project in Namibia, with detailed engineering now 68% complete and bulk earthworks reaching 91%. This progress de-risks the project as it moves closer to a final investment decision (FID), positioning Tumas as a Tier 1 uranium asset ready to capitalise on improving market fundamentals.

With civil construction slated to commence next quarter, the company has tendered 79% of major process plant equipment packages and awarded most long-lead orders, subject to FID conditions. Early works have included extensive earthmoving to prepare the site, including excavation, terracing, and infrastructure for water runoff, underscoring the methodical approach Deep Yellow is taking to project execution.

Exploration Success at Tinkas Prospect Supports Resource Potential

Exploration drilling at the Tinkas Prospect, located approximately 8 km northwest of Tumas, has confirmed uranium mineralisation in both calcretised palaeochannel sediments and fractured basement rocks. The reverse circulation program completed 133 holes over 1,363 metres, validating the prospect’s potential and prompting plans for further infill drilling to define a resource.

This drilling success adds to the broader regional upside around Tumas and complements Deep Yellow’s ongoing evaluation of the S-Bend and Aussinanis prospects. The company’s exploration efforts in Namibia continue to underpin its growth strategy by targeting additional calcrete mineralisation within structurally favourable settings. These developments build on earlier positive results reported in the 133-hole reverse circulation drilling program announced days prior.

Mulga Rock Project Advances Feasibility and Cost Optimisation

In Western Australia, Deep Yellow’s Mulga Rock Project is progressing trade-off studies following successful pilot plant testing that confirmed forecast recoveries of uranium, critical minerals, and rare earths. These tests have also contributed to lowering estimated operating costs, an encouraging sign for the project’s economic viability.

The company is reviewing mining methods to optimise the approach in line with updated resource inventories, aiming to sequence Mulga Rock’s production approximately two years after Tumas commences. This measured development strategy reflects Deep Yellow’s focus on managing technical and organisational resources prudently to avoid overextension.

Seismic Survey Identifies Drill Targets at Alligator River

Deep Yellow’s Alligator River Project in the Northern Territory saw progress with a high-resolution 2D reflection seismic survey at the Condor Prospect. This work, supported by a $100,000 Northern Territory Government grant, has mapped Cretaceous cover sediments and identified several prospective basement faults, resulting in five priority drill targets for the upcoming 2026 exploration season.

These targets are considered highly prospective for Ranger-style uranium mineralisation, and the integration of seismic data with existing geophysical and drilling datasets positions Deep Yellow to refine its exploration model. Drilling is targeted to commence in Q2 2026, reflecting an active exploration calendar ahead.

Financial Position and Leadership Strengthen Strategic Execution

Deep Yellow closed the quarter with a robust cash balance of A$171.6 million, supporting its disciplined and staged project execution. Development expenditure of A$11.9 million was primarily directed toward Tumas, while exploration and evaluation activities accounted for A$2.5 million.

Leadership enhancements include the appointment of Greg Field as Managing Director and CEO in February 2026, bringing three decades of mining industry experience and a track record of delivering large-scale projects. The company also bolstered its executive team with Jen Mintz as Chief Legal Officer and Andrew McLean as Head of Strategy and Enterprise Enablement, reflecting a focus on governance, compliance, and digital transformation as Deep Yellow transitions from developer to producer.

These moves build on the leadership transition reported earlier in the year, following the departure of long-serving Executive Director Gillian Swaby, who played a key role in advancing flagship projects. The company’s strategic positioning and experienced team are critical as it navigates a uranium market showing increased demand and price strength.

Uranium Market Dynamics Support Long-Term Growth

The uranium market continues to firm, with long-term prices rising from US$80/lb in mid-2025 to US$93/lb by the end of March 2026. This upward trend is underpinned by growing commitments to new large reactors and emerging Small Modular Reactor technologies, alongside concerns about future supply shortages.

Deep Yellow’s staged approach to development, combined with its Tier 1 asset base and strong balance sheet, positions it to capture value as utilities increase long-term uranium procurement to cover uncovered requirements. However, geopolitical volatility, particularly in the Middle East, injects uncertainty around energy costs, freight, and supply chains, factors the company is actively monitoring and incorporating into its planning.