Chamwe Kaira
Deep Yellow Limited chairman Chris Salisbury said the company made steady progress across its project pipeline during the 2025 financial year.
He said detailed study work continued to reinforce the value of the Tumas project in Namibia.
“Although engineering works and limited early site activities have begun, the board opted to delay full-scale construction until uranium market prices rise sufficiently to support long-term, sustainable greenfield development,” Salisbury said.
He said ongoing engineering work will reduce project risk, while delaying the final investment decision positions shareholders to benefit from expected uranium price increases as global supply tightens.
Negotiations with NamPower and NamWater to secure infrastructure inputs are moving forward, along with financing discussions with Nedbank.
Management is expected to provide more technical details at the upcoming annual general meeting.
Deep Yellow needs about US$350 million in debt financing to build the Tumas project.
Simultaneously, the Mulga Rock Project’s testwork and flowsheet optimisation are progressing faster than expected. Early results show potential upside in the recovery of uranium, base metals and rare earth elements.
A definitive feasibility study remains on track for completion in the second half of 2026. Mulga Rock is one of Australia’s largest undeveloped uranium projects.
Salisbury also pointed to continued exploration at the Alligator River region, which the board sees as a promising medium- to long-term opportunity.
The Alligator River Project was acquired through the merger with Vimy Resources in August 2022 and is the largest granted uranium exploration package in the Alligator River province in the Northern Territory.
Deep Yellow reaffirmed its focus on ESG performance, with expanded sustainability reporting due before year-end.
Salisbury said global nuclear energy growth remains strong, supported by rising numbers of reactors operating, under construction or planned worldwide.
He said growing demand from AI and hyperscale data centres is lifting the need for clean, reliable baseload power, which nuclear energy can supply.
With two near shovel-ready projects, strong cash reserves and firm uranium markets, Salisbury said Deep Yellow is in its strongest position yet. “We remain prepared to move the Tumas Project into construction when conditions are right,” he said. “The future ahead is exciting.”
Salisbury also disclosed that Deep Yellow’s largest shareholder, Paradice Investment Management, is acting in concert with two other investors regarding a possible call for an extraordinary general meeting to discuss board composition.
Caption
Deep Yellow is holding financing discussions with Nedbank for the Tumas project in the Erongo Region.
- Photo: Contributed
