Deep Yellow Progresses Namibia’s Tumas Uranium Project Amid Market Rebound and FID Delay
Deep Yellow Advances Tumas Project Development Despite Delayed Investment Decision
ASX-listed Deep Yellow reports continued strong progress across all key aspects of development at its flagship Tumas uranium project in Namibia, including engineering, procurement, site preparation, operational planning, and financing.
The company’s decision to defer the final investment decision (FID) earlier this year has been “vindicated” by the recent surge in uranium prices, according to Managing Director and CEO John Borshoff.
In April, Deep Yellow postponed its FID, citing its belief that the uranium price at the time did not adequately reflect shareholder value or incentivise the development of greenfield projects. Since then, the uranium market has strengthened, reinforcing the company’s strategic position.
“We made the best decision for the company and our shareholders, positioning ourselves to fully capitalise on Tumas in a stronger market,” said Borshoff.
Despite the delay, the company is actively advancing the project to ensure readiness for full construction and operations once market conditions are optimal. This includes:
Detailed engineering and procurement, with 92% of direct capital packages well-advanced
Certified vendor data secured for long-lead items and critical infrastructure
Contracts nearing finalisation for essential power and water utility services
Completion of the early works programme, preparing the site for large-scale construction
A comprehensive operational readiness plan, covering pre-production mining, process plant commissioning, and production ramp-up
In parallel, project financing efforts are progressing to ensure the company can move quickly once the investment decision is approved.
Deep Yellow’s methodical and forward-looking approach, combined with improving uranium fundamentals, places the company in a strong strategic position to maximise the value of the Tumas project when the market fully supports development.
