Deep Yellow states that it will establish Tumas as the fourth uranium mine in Namibia upon the execution of the current development schedule.
The schedule covers detailed engineering, early infrastructure works, schedule optimisation, and preparation of debt financing.
Ausenco Services Pty Ltd has been appointed to lead the process plant design, while Deep Yellow’s Owner’s Team is responsible for non-process infrastructure, including power, water, roads, site offices, and communications. By the end of FY2025, the 3D plant model had achieved a 44% completion rate, with early construction works already underway.
The Tumas Project, located in the Erongo region, was granted a 20-year mining licence (ML237) in 2024, expiring in September 2043.
This marked a key step towards establishing Tumas alongside Namibia’s three operating uranium mines: Rössing Uranium, one of the world’s longest-running uranium operations; Husab Mine, the largest in Namibia and among the biggest globally; and Langer Heinrich Mine, which recently restarted production under Paladin Energy.
Together, these mines anchor Namibia as the world’s third-largest uranium producer.
With Tumas advancing, Namibia is expected to add two more uranium projects before 2030 — Bannerman Energy’s Etango-8 Project, which has cleared the mining licence stage and is progressing towards financing, and Elevate Uranium’s Koppies Project, which is still in the exploration and development phase.
Both are referenced in the government’s Sixth National Development Plan (NDP6), which emphasises uranium as a cornerstone of Namibia’s mining-led growth strategy.
The first half of FY2025 was occupied with the commencement of detailed engineering and optimisation studies.
The Final Investment Decision (FID), initially scheduled for December 2024 and later rescheduled for March 2025, was deferred again in April 2025 due to unfavourable uranium market conditions.
The board approved a staged development approach, maintaining momentum through engineering, off-site infrastructure development and optimisation work.
Resource and reserve upgrades have underpinned progress.
A late FY2024 drilling campaign added confidence to the deposit, resulting in Measured, Indicated and Inferred Mineral Resources of 118.2 million pounds of uranium at 255 ppm eU3O8.
Ore Reserves now stand at 79.5 million pounds grading 298 ppm, supporting a 30-year life of mine with potential for extension through conversion of additional resources and further drilling across untested portions of the palaeochannel system.
Between August 2024 and April 2025, a 42,848-metre reverse circulation drilling programme confirmed mineralisation within the planned open pits.
This programme delineated the orebody in detail ahead of initial mining. Mine scheduling is now undergoing optimisation to align grade, tonnage and production rates.
The 2025 re-costed feasibility study reaffirmed Tumas as a robust project. At a uranium price of US$82.50 per pound, the operation is expected to deliver cash operating margins of nearly US$3 billion, with net present values ranging from US$570 million to US$1.15 billion across various price scenarios.
Planned production is expected to reach 3.6 million pounds of U3O8 annually, with mining scheduled to commence six months before the process plant’s ore commissioning.
Tumas maintains positive margins and strong economics across all uranium price scenarios, according to the 2025 annual report.
At US$75/lb, the project carries a post-tax NPV of US$570 million and a 27% IRR, while at US$82.50/lb — the base case — the post-tax NPV stands at US$577 million with a 19% IRR.
At a higher price of US$110/lb, the post-tax NPV increases to US$972 million with a 25% IRR, and under an optimised financing scenario (FAM 2), the NPV rises to US$1.15 billion with a 29% IRR.
Gross revenues range from US$4.95 billion at the low case to over US$8.1 billion under FAM 2. Cash operating margins span US$2.46 billion to US$4.91 billion, after accounting for Namibian royalties and export levies.
Site operating costs remain consistent at approximately US$2.9 billion across most scenarios, while all-in sustaining costs average US$39–45 per pound, which is competitive with global peers.
Initial capital expenditure is estimated at US$452 million, including pre-production operating costs, with sustaining capital and closure costs set at US$192 million.
Payback is expected within 5–6 years from the construction start date, or 3–4 years from the production start date.
The maximum project drawdown is capped at approximately US$490 million.
Non-process infrastructure is advancing in tandem. NamPower and NamWater have provided firm supply offers, with contracts expected to be executed by the end of 2025. Debt financing has also progressed, with Nedbank Limited being mandated as the lead arranger, and independent due diligence is underway.
Namibia’s NDP6 sets an explicit goal of leveraging uranium and other energy minerals to drive industrialisation, foreign direct investment, and sustainable employment.
The plan highlights uranium as critical to both domestic electricity ambitions and global clean-energy markets.
If all six projects — Rössing, Husab, Langer Heinrich, Tumas, Etango-8 and Koppies — are producing by 2030, Namibia’s uranium capacity could exceed 12–14 million pounds of U3O8 per year.
Based on current guidance, Rössing is expected to continue producing around 5.5–6 million pounds per year, Husab around 10–12 million pounds per year, and Langer Heinrich around 6 million pounds per year once fully ramped.
Tumas would add 3.6 Mlb/yr, while Etango-8 is projected to deliver 3.4–3.5 Mlb/yr.
Koppies remains at the resource stage, but if advanced to production, it could provide further upside.
This scale of output would not only reinforce Namibia’s position as the world’s third-largest uranium supplier but could allow it to challenge Kazakhstan and Canada in the global rankings.
Deep Yellow continues to position Tumas as one of the largest undeveloped uranium deposits globally.
With a mining licence secured, reserves confirmed, and infrastructure development underway, the company has moved the project to shovel-ready status, awaiting a final investment decision once market conditions improve.
Managing Director and CEO John Borshoff said Tumas demonstrates the scale and quality Namibia can deliver. “We have advanced this project through detailed engineering, licensing and financing preparation despite volatile markets.
“The staged approach keeps momentum and ensures Tumas will be development-ready when uranium prices provide the signal for investment. This is a world-class deposit, and its development will secure Namibia’s role as a key player in global nuclear fuel supply for decades to come.”
