Deep Yellow has scheduled the execution of the Tumas uranium project in early 2025, with commissioning in the second half of 2026.
Upon executing the current development schedule, Deep Yellow will establish Tumas as the 4th uranium mine in Namibia.
The Tumas Project, under license 237 within EPLs 3496 and 3497, is 100% owned by Deep Yellow’s Reptile Uranium Namibia.
It has a 20-year license that expires in 2043
Deep Yellow says its full-year activities focused on progressing the Tumas Project towards a final investment decision in Q4 2024.
The Tumas 3 project’s indicated mineral resources increased to 60.6 Mlb at 325 ppm eU3O8, using a 100-ppm cut-off grade after a two-phase reverse circulation program in November 2023.
The reverse circulation expansion and infill drilling program also identified 1.2 Mlb U3O8 of inferred mineral resources in the same area.
Ongoing resource drilling is planned to the west of Tumas 3 during FY25, focusing on identifying an additional 30 Mlb U3O8 to achieve a +35-year life of mine.
The company states in its 2024 annual report that the Tumas project received all environmental clearance certificates for the Tumas project.
The environmental approvals for the project, water pipeline, and powerline were granted in late September/early October 2023, with the ECCs for the project and the water pipeline received on September 28, 2023.
The approval of the powerline was received on September 29, 2023, with the ECC issued on October 6, 2023.
The grant of license 237 was subject to the provision of all relevant ECCs for the project and associated infrastructure.
Deep Yellow says the issue of license 237 is a crucial step towards Deep Yellow proceeding towards financial investment decision in Q4 of 2024.
After re-costing the definitive feasibility study in November 2023, Deep Yellow appointed Ausenco as the preferred engineering, procurement, and construction management (EPCM) contractor.
Deep Yellow retained Ausenco in June 2024 to deliver detailed engineering and EPCM services.
In July 2024, Deep Yellow announced the appointment of Nedbank (acting through its Nedbank Corporate and Investment Banking Division) as the mandated lead arranger and bookrunner to coordinate and arrange the project financing.
Deep Yellow did not conduct field activities at Omahola, comprising the Ongolo, MS7, and Inca basement-related deposits.
Reptile Uranium Namibia holds Omahola project EPL 3496. Deep Yellow says the project presents a compelling exploration growth opportunity, potentially developing a Rössing/Husab-style basement-related operation should sufficient resources be discovered and delineated.
There were also no field activities at the Aussinanis Project under the Yellow Dune Joint Venture.
Deep Yellow has an 85% interest through Reptile Uranium Namibia, Epangelo Mining holds 5%, and Oponona Investments has 10%.
The evaluation of the recent drilling program at the Nova Joint Venture indicated that the resource potential at the Barking Gecko Prospect is limited.
Subsequently, Japan Oil, Gas, and Metals National Corporation (JOGMEC) advised of its intention to withdraw from the Nova Joint Venture, with documentation currently in process to facilitate this.
The project equities will revert to Deep Yellow at 65%, Toro at 25%, and Sixzone at 10%.
Deep Yellow has agreed with Toro to evaluate opportunities with other parties interested in exploring the prospective Nova JV tenements.
The total mineral resource estimate for the Namibian projects is 624.1 Mt at 210 ppm for 290.5 Mlb U3O8.
