Deep Yellow is weighing six funding options for its Tumas uranium project, which carries a latest published initial capital requirement of US$474 million, as it works towards a final investment decision (FID) anticipated in the fourth quarter of 2026.
The company has identified convertible financing, government funding, bonds, debt, strategic financing, and equity as options under consideration as it works to finalise the funding package for Tumas.
The funding options are contained in a Deep Yellow presentation prepared for the World Nuclear Association Symposium in London from 9 to 11 September 2026.
Tumas is currently in the pre-FID development stage, although physical development has advanced significantly, with Deep Yellow confirming on 27 August that bulk earthworks were complete and major civil and concrete construction works had commenced.
Deep Yellow’s latest published project economics put initial capital at US$474 million, including US$22.7 million in pre-production operating costs.
The project has a C1 operating cost of US$38.60/lb U₃O₈ and an all-in sustaining cost of US$44.50/lb under the US$82.50/lb uranium-price case.
The company is, however, reviewing both operating and capital costs as part of its current optimisation programme, meaning those published cost estimates could be updated before FID.
Deep Yellow says it will assess its financing options based on flexibility, certainty, cost of capital, attractiveness, risk management and the need to minimise shareholder dilution, to maximise shareholder value.
The latest presentation does not identify a preferred funding route or indicate whether the eventual package will comprise one source or a combination of the available options.
Finalising the funding package is one of two outstanding workstreams identified before FID, with the other being the completion of project optimisation.
Detailed engineering had reached 79% and procurement 76% as at 30 June 2026. Deep Yellow also said 76% of all major process plant equipment had been tendered and the majority of long-lead equipment packages had been conditionally awarded, subject to notices to proceed.
Deep Yellow had already completed an Independent Technical Expert report for project debt financing by the end of December 2025, showing that preparations for debt funding were underway well before the latest financing options were disclosed.
Physical development at Tumas has continued while financing and optimisation work proceeds.
Deep Yellow announced on 27 August that major civil and concrete construction works had commenced following the completion of bulk earthworks.
The company also signed a long-term water supply agreement with NamWater covering construction, commissioning and future operations.
The company has also finalised its local ownership arrangements with Oponona Investments, whose share of historical and future Tumas expenditure will be loan-carried and repayable from future dividends.
The latest presentation shows that the site office area has been developed, power infrastructure and contractor establishment earthworks are complete, processing plant earthworks are complete, and run-of-mine roadways have been constructed.
Tumas is fully permitted and has a 79.5 million pound U₃O₈ reserve, with Deep Yellow currently putting the project’s mine life at about 30 years.
Deep Yellow expects Tumas to require about 1,200 workers during construction and approximately 600 workers during operations.
