Deep Yellow has taken another significant step towards developing its flagship Tumas uranium project in Namibia by awarding two major civil and concrete construction contracts worth a combined A$34 million, signalling growing confidence that the project is moving steadily towards a final investment decision later this year.
The contracts, announced on 16 July, have been awarded to Namibia Construction Pty Ltd and Nexus Building and Civils Contractors Pty Ltd, both 100% Namibian-owned companies, following a competitive tender process.
Mobilisation is scheduled to begin in August 2026, allowing construction activities to advance toward the company’s targeted final investment decision (FID) in the fourth quarter of 2026.
Although Deep Yellow stressed that the awards do not constitute a decision to build the mine, they form part of a deliberate strategy to reduce execution risk by securing critical construction capability before the project enters its full development phase.
The approach is intended to ensure that once the board gives formal approval to proceed, major construction work can begin without unnecessary delays.
The larger of the two contracts, valued at approximately A$18.5 million, was awarded to Namibia Construction.
The company will undertake reinforced concrete works within the beneficiation, leach feed thickening, and tailings transfer facilities; fabricate and install precast concrete elements across the processing plant; and construct the reinforced earth retaining wall supporting the run-of-mine stockpile.
The second contract, worth about A$15.5 million, was awarded to Nexus Building and Civils Contractors. Its scope includes construction of reinforced concrete foundations, plinths, slabs and associated embedded infrastructure throughout the balance of the processing plant.
Deep Yellow Managing Director and Chief Executive Officer Greg Field said the awards reflected the company’s long-standing strategy of progressively removing project risks before committing to construction.
“These awards represent another important milestone in our disciplined approach to project development. Our objective has always been to systematically remove execution risk, secure high-quality contractors and ensure the Project is positioned for efficient delivery as we advance toward FID towards the end of this year,” Field said.
He noted that civil and concrete works underpin every major processing facility and securing contractors at this stage would allow multiple construction work fronts to operate simultaneously once development begins, improving flexibility and confidence in project delivery.
Equally significant is Deep Yellow’s decision to award both contracts to Namibian companies.
The company said the works are expected to be carried out predominantly by Namibian employees, reinforcing its commitment to local content and ensuring more of the economic benefits generated by the Tumas project remain within the country.
“Developing Tumas in partnership with local industry is central to our strategy and reflects our commitment to delivering long-term value for Namibia alongside our shareholders,” Field said.
The contract awards represent another milestone in Deep Yellow’s phased development strategy, which has seen the company progressively secure engineering, procurement and construction packages while continuing technical optimisation work ahead of FID.
By awarding key contracts before construction formally begins, the company is attempting to shorten the time between board approval and project execution without altering the planned 24-month construction schedule.
The announcement also provides another indication that Tumas remains one of Namibia’s most advanced undeveloped uranium projects.
If the final investment decision proceeds as expected in the fourth quarter of 2026, the project will become one of the country’s next uranium mines, adding to Namibia’s expanding production pipeline at a time when global demand for nuclear fuel continues to strengthen.
