Deep Yellow will release the final investment decision for the Tumas uranium project in Q3 of 2024.
The Tumas project has Tumas 1, 2, 3, Tumas Central, and Tumas 1 East.
The company says the Tumas project will be Namibia’s fourth uranium mine, with one of Namibia’s largest known paleochannel-hosted calcrete uranium deposits and an indicated mineral resource of 108.5 Mlb at 265 ppm eU3O8.
Deep Yellow plans to develop Tumas to produce 3.6 mlb of U3O8 per year, with an anticipated life of over 30 years.
The second phase of the drill program completed in September 2023, delivered an 11% uplift in indicated mineral resources to 60.6 mlb at 325 ppm eU3O8, using a 100-ppm cut-off grade.
Tumas 3 is within EPLs 3496 and 34974.
The drill program also identified 1.2 Mlb of inferred mineral resources in the same area.
The Tumas project under Deep Yellow’s subsidiary Reptile Uranium Namibia received a 20-year mining licence (237) in December 2023.
The company also received environmental approvals for the Tumas project, water pipeline, and powerline in early October 2023.
The power line was approved on September 29, 2023, and the ECC was issued on October 6, 2023.
Commenting on the licence in December 2023, Deep Yellow CEO John Borshoff said Deep Yellow could move forward on its stated development schedule, make a final investment decision in Q3 2024, and establish economic benefits for both Namibia and the shareholders.
