Deep Yellow says despite the leadership change, its strategy for the Tumas uranium project remains firmly on track, even as the company prepares to appoint a new managing director and CEO.
The board has described the leadership transition as a strengthening move, aimed at reinforcing the company’s execution capability as Tumas advances from feasibility work into the construction-ready phase.
In Namibia, the company has already bolstered its leadership structure through the appointment of Zebra Kasete as managing director.
The company says Kasete’s operational background, combined with Deep Yellow’s longstanding local relationships, provides confidence that Tumas can be delivered safely, efficiently and in line with national expectations.
The board stressed that while the leadership refresh is significant, the company’s strategic direction remains unchanged.
At the core of that strategy is the continued derisking of Tumas. Detailed engineering on the processing plant and associated infrastructure has surpassed 60 percent completion, procurement of essential components has reached more than 90 percent of direct capital items, and agreements on power and water supply are nearing finalisation.
A final investment decision remains deferred until the uranium price provides a sufficient incentive for a new greenfield mine, but Deep Yellow says its overall timeline remains intact.
The Tumas definitive feasibility study, finalised in April 2025, outlined a 30-year mine life with annual production of 3.6 million pounds of U₃O₈. At a uranium price of US$82.50 per pound, the project carries a post-tax NPV of roughly N$17 billion and an internal rate of return of 19 percent.
Initial capital expenditure of US$474 million translates to approximately N$8.5 billion, while operating costs were estimated at US$38.60/lb. The company notes that project readiness is being advanced through a staged approach that preserves liquidity while maintaining progress on the critical path.
Alongside Tumas, Deep Yellow’s second major Namibian asset—the Omahola Basement Project—has emerged as a significant long-term opportunity. Omahola hosts a measured, indicated and inferred resource base of 125.4 million pounds of U₃O₈ at an average grade of 190 ppm across the Ongolo, MS7 and Inca deposits. The project is situated within “Alaskite Alley,” the same uranium-rich geological corridor that hosts Swakop Uranium’s Husab mine, one of the world’s largest producers.
Omahola covers a 35-kilometre prospective zone, and recent shallow drilling—approximately 200 holes totalling 7,100 metres—has identified three new high-priority targets. According to Deep Yellow, about half of Omahola’s basement prospective zone remains untested, giving the company substantial room for resource expansion in an area known for its metallogenic continuity and favourable geology.
Deep Yellow remains well funded to advance its Namibian growth strategy. As of September 2025 the group held A$203 million (around N$2.4 billion) in cash, providing a strong buffer as the company continues to prepare Tumas for development while expanding Omahola’s exploration footprint.
Significant institutional support underpins this financial position, including the backing of Sprott Inc., which holds more than eight percent of the company and has increased its influence as confidence in the uranium cycle strengthens.
The company says the broader uranium market continues to move in its favour. Spot prices are trading at a sixteen-year high, driven by renewed nuclear-power commitments, reactor restarts and growing interest from energy-intensive industries seeking reliable, low-carbon baseload power. With long-term contracting volumes still far below global utility requirements, Deep Yellow believes supply constraints will continue to tighten—creating a favourable environment for new African production.
Deep Yellow says its focus in Namibia is clear: maintain discipline, keep advancing Tumas, continue unlocking Omahola’s potential and position the company as a future, reliable source of uranium supply in a market characterised by growing scarcity. The leadership transition, the board insists, is aligned with this ambition and designed to strengthen—not redirect—the company’s strategic path.
