Australian uranium project developer Deep Yellow Limited (ASX: DYL) has released its activities report for the June Quarter period to 30 June 2026.
Deep Yellow is focused on advancing its portfolio of high-quality uranium projects in Namibia and Australia, led by the shovel-ready Tumas asset.
Highlights
Tumas Project, Namibia
- Deep Yellow continued to advance the staged development of the Tumas Project, achieving key milestones that further de-risk execution, and improve construction readiness as the Company progresses towards a Final Investment Decision (FID) anticipated in Q4 2026, subject to market conditions.
- Detailed engineering advanced to 79% complete, providing greater cost and execution certainty.
- Bulk earthworks were completed, marking the successful completion of a major early works milestone.
- Subsequent to quarter-end, Deep Yellow awarded two civil and concrete construction contracts to experienced Namibian contractors, a significant step that enables multiple construction fronts, increases schedule flexibility, and further de-risks project execution ahead of FID.
Namibia Exploration
- Ground radiometric surveys commenced at the S-Bend Prospect, with drilling scheduled to begin next quarter as exploration momentum builds across the Namibian portfolio.
Mulga Rock Project, Western Australia
- Value optimisation continued through processing trade-off studies, to simplify the process flowsheet and improve project economics, in preparation for the revised feasibility study.
- Development of a revised geometallurgical model commenced, providing a stronger technical foundation for future development decisions.
Alligator River Project, Northern Territory
- King River Camp was established, positioning the project for the commencement of the 2026 drilling campaign in August.
- Deep Yellow strengthened its strategic position in the Alligator River Uranium Province by entering into a binding agreement to acquire Energy Resources of Australia Limited’s 50% interest in the Cooper Creek Joint Venture.
Corporate
- Cash and cash equivalents of A$160.0 million at 30 June 2026, providing a strong balance sheet to continue advancing the Company’s portfolio.
Commenting on the June Quarter activities, Deep Yellow managing director Greg Field said:
“The June Quarter marked another period of disciplined execution as we continued to systematically de-risk the Tumas Project and build momentum ahead of our anticipated FID in Q4 2026. Since Quarter-end, we have awarded two significant civil and concrete construction contracts to experienced Namibian contractors — an important milestone that strengthens construction readiness and reflects the quality of execution across the project.
“Our team continues to challenge every aspect of the project through a comprehensive optimisation and value enhancement program. This is about ensuring that when we make the investment decision, we will do so with the highest possible confidence in the project’s economics, the execution plan and the ability to deliver long-term value for shareholders.
“Since our decision to defer the Tumas FID in April 2025, both term and spot uranium prices have strengthened materially, reinforcing the value of capital discipline and patience. We believe the structural outlook for uranium is strong and strengthening further, underpinned by growing demand for reliable, carbon free baseload power, and constrained new supply.
“While advancing Tumas remains our priority focus, I am also delighted with the progress made during the Quarter across our other projects in Australia and Namibia. We have a high-quality portfolio of assets that have the potential to deliver significant value for shareholders.”
