Deep Yellow says its flagship Tumas uranium project in Namibia advanced during the March quarter, with engineering now more than 60% complete, but the company will remain deliberate on project execution and capital deployment.
The ASX-listed group’s Quarterly Activities Report, released on 28 April 2026, shows continued site works, new exploration success near Tumas and a strong cash position, leaving the company ready to move quickly when uranium prices improve.
Managing director and chief executive Greg Field said the company entered the quarter with strong momentum as work on the Namibian project continued.
“Deep Yellow entered the March 2026 quarter with clear momentum across the business, underpinned by continued advancement of our flagship Tumas development project and a disciplined focus on creating long-term shareholder value,” Field said.
Tumas, located in the Erongo Region, is one of Namibia’s most advanced undeveloped uranium projects and is expected to become the country’s fourth uranium mine if sanctioned.
The company said detailed engineering for Tumas is now more than 60% complete, while bulk earthworks are 24% complete, indicating that early-stage development work is continuing despite the delayed final investment decision.
Field said major engineering, procurement and early development activities progressed during the quarter.
“During the quarter, major engineering, procurement and early development activities progressed to reflect the quality of the asset and the capability of our team,” he said.
Deep Yellow also confirmed that a power supply agreement has been executed and that an Independent Technical Expert report has been completed, both key milestones in preparing the project for future debt financing.
Field said the company would remain disciplined on project timing and capital allocation rather than rushing into production.
“We remain deliberate in our approach to project execution and capital deployment,” he said.
“In a uranium market where long-term fundamentals continue to strengthen, our priority is not simply to move quickly but to move strategically preserving optionality, protecting returns and ensuring we are ready to act at the right time.”
He added that recent tensions in the Middle East had introduced fresh uncertainty into global markets.
“Recent geopolitical developments in the Middle East have added volatility across global equity and commodity markets while also creating uncertainty around energy costs, freight and supply chains. We continue to monitor these developments closely and incorporate them into our planning and capital allocation frameworks.”
Beyond project readiness, Deep Yellow also reported encouraging exploration results around the broader Tumas area.
At the Tinkas Prospect, located near the main project, reverse circulation drilling intersected uranium mineralisation up to 11 metres from surface, supporting the potential to add future feed sources near the planned operation.
The company also completed 39 drill holes for 1,801 metres, testing the Tumas palaeochannel west of the main deposit, part of efforts to identify additional mineralised zones.
Financially, Deep Yellow remains well funded, ending the quarter with A$187.1 million in cash, enabling it to continue engineering, permitting, and exploration work while awaiting improved uranium pricing.
Field said the company’s balance sheet and asset base gave it the flexibility to time its next move carefully.
“Deep Yellow is in the strong position of having a portfolio of Tier 1 uranium assets and a strong balance sheet with significant cash reserves, which means we can make the right decisions.”
The report also reaffirmed the appointment of Zebra Kasete as Managing Director – Namibia, strengthening in-country leadership as the company advances one of the country’s most strategically watched uranium developments.
