Deep Yellow is 92% through procurement on its Tumas uranium project in Namibia and has submitted its information set to the independent technical expert—positioning the company to go to market for project financing very shortly.
This was revealed by Andrew Mero, Head of Business Development at Deep Yellow Limited, during the company’s presentation at the 2025 Diggers and Dealers Mining Forum held this week in Kalgoorlie, Australia. Mero was joined by Daryl Butcher, Head of Project Development, as they outlined the company’s uranium-focused strategy in Namibia and Australia.
Deep Yellow’s flagship Namibian asset, the Tumas Project, is a calcrete-hosted uranium deposit located in the Erongo Region, southwest of Swakopmund. The project lies within the highly prospective “Alaskite Alley” uranium corridor and was initially discovered by Reptile Uranium. It forms part of Deep Yellow’s 100%-owned Reptile Project, which covers over 1,100 km².
A revised Definitive Feasibility Study (DFS), completed in April 2025, outlines annual production of 3.6 million pounds of uranium oxide (U₃O₈) over a 30-year mine life.
Despite strong economics, including a US$577 million net present value (NPV), a 19% internal rate of return (IRR), and a projected capital expenditure of US$474 million, the company has deferred the Final Investment Decision (FID). The move is aimed at waiting for long-term uranium prices to reflect tightening supply and more vigorous contracting activity.
In the meantime, Deep Yellow is progressing with early works, including water and power lines, access roads, and a pre-construction camp.
Omahola, located adjacent to Tumas in the same uranium-rich province, is a hard-rock Rossing-style deposit with basement-hosted uranium mineralisation. The project comprises three deposits—Inca, Ongolo and MS7—with a combined JORC resource of over 45 million pounds of U₃O₈.
While not yet as advanced as Tumas, Omahola is seen as a valuable growth option that could extend Namibia’s uranium production horizon for the company.
Deep Yellow’s leadership team is no stranger to Namibian uranium. CEO John Borshoff previously led Paladin Energy through the development of the Langer Heinrich mine. Butcher noted that the same technical team has now delivered a 330% resource upgrade at Tumas since acquiring the project.
“This is the only team globally to have developed two conventional uranium mines in the past three decades,” Butcher said. “And they’ve now quadrupled the JORC resource at Tumas.”
With nuclear energy gaining traction as a base-load, carbon-free power source, Deep Yellow believes its Namibian projects are positioned to benefit from an expected long-term supply deficit.
In Mero’s words, “We have deep expertise, deep assets, and a clear runway to become one of the lowest-cost producers globally, starting in Namibia.”
