Deep Yellow Updates Tumas Project in Namibia
Key points
- Deep Yellow delays Final Investment Decision for Tumas Project due to weak equity market conditions
- Tumas Project construction progresses with civil works, reinforcing steel installation, and concrete pouring
- Company awarded key contracts to local Namibian contractors
- Environmental Clearance Certificates renewed for Tumas Project
- Safety inductions completed for contractors and employees
Full summary
Deep Yellow Limited (ASX: DYL) has announced an update on its Tumas Uranium Project in Namibia, marking a significant step along its pathway to production. Despite the compelling global uranium market fundamentals, the company has decided to defer the Final Investment Decision (FID) for the Tumas development beyond Q4 2026 due to weak equity market conditions. The company remains committed to completing construction of Tumas, a world-class greenfields uranium project, and has sufficient cash reserves to fund current civils and concrete works. Construction momentum continues with civil works safely commenced on schedule, reinforcing steel installation, and concrete pouring. The company has also awarded key contracts to local Namibian contractors, securing fuel, raw water, waste management, and dust suppression services. Environmental Clearance Certificates for the Tumas Project Area and associated powerline and water pipeline have been renewed by Namibia's Environmental Commissioner.
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