Chamwe Kaira
Deep Yellow Limited says it continues to monitor developments in the global uranium market as it advances its flagship Tumas uranium project in Namibia.
The company said supply and demand imbalances and growing interest in nuclear energy remain key factors influencing the timing of a final investment decision for the project.
During the six months ended 31 December 2025, Deep Yellow focused on its strategy to position itself as a diversified uranium producer.
Work during the period included progress on the Tumas Project in Namibia, metallurgical test work and feasibility studies at the Mulga Rock Project in Western Australia, and exploration across its uranium portfolio, including the Alligator River Project in Australia’s Northern Territory.
At the end of the reporting period, the group reported cash and at-call deposits of Australian dollar (AUD) 187.15 million, about N$2.25 billion. This was down from AUD217.37 million, about N$2.61 billion, recorded in June 2025.
Capitalised mineral exploration and evaluation expenditure increased to AUD334.83 million, about N$4.02 billion, from AUD325.98 million, about N$3.91 billion, in June 2025.
Property, plant and equipment were valued at AUD125.48 million, about N$1.51 billion. Around N$1.43 billion of this amount relates to the Tumas Project.
The Tumas Project remained the company’s main development focus during the half-year period. Work continued to reduce project risks ahead of a final investment decision, which will be taken once uranium market conditions support the construction of new projects.
In December 2025, an independent technical expert completed due diligence on the Tumas Project and reported no material issues. Deep Yellow said the review is an important step toward securing project debt financing and will support the next stage of project documentation.
Engineering and early works also progressed during the period. More than 60% of detailed engineering had been completed by the end of December 2025. Bulk earthworks were about 24% complete, while vendor data for all long-lead equipment items have been ordered.
More than 70% of major process plant equipment has also been tendered.
Key infrastructure agreements progressed during the period. A power supply agreement was signed in December 2025, while negotiations on a draft water supply agreement are ongoing.
Deep Yellow said it will continue to focus on reducing risks and preparing the Tumas Project for development.
