Deep Yellow has postponed its planned final investment decision (FID) for the Tumas Uranium Project in Namibia beyond the fourth quarter of 2026, without announcing a new date, citing unfavourable equity market conditions despite construction activities already being underway.
The company announced on 16 October 2026 that current equity market conditions do not support proceeding with the investment decision before the end of the year, although it remains committed to completing the project and has sufficient cash reserves to finance the civil and concrete works currently underway.
The postponement means Deep Yellow will continue selected construction activities at Tumas without committing to the full development expenditure required to bring the uranium mine into production.
The company is also finalising an updated project assessment, which it intends to release once completed.
The assessment is expected to provide further information on the project’s development plans, although Deep Yellow has not announced when it expects to make a new investment decision.
Despite the postponement, Deep Yellow has awarded four supporting contracts worth a combined N$42.1 million to Namibian contractors involved in construction activities at Tumas.
The contracts cover fuel supply, raw water, waste management and dust suppression services required for the ongoing civil works programme.
The company reported that two concrete contractors had established operations at the project, with construction progressing in the counter-current decantation, clarification, leaching and beneficiation areas of the proposed uranium processing plant.
Approximately 170 tonnes of reinforcing steel have been installed, while preparations for concrete pouring have advanced.
Foundations for seven counter-current decantation thickeners and one clarifier have been prepared and approved for concrete pouring, with concrete work already underway.
Construction preparations are also progressing on foundations for six leach tanks and two cold leach feed tanks.
Deep Yellow expects the six leach tank foundation ring beams to be completed before the end of December 2026.
Excavation for the run-of-mine bin has been completed, while foundation work for the primary, fine and coarse mills is progressing.
In Swakopmund, the manufacture of precast retaining wall panels is continuing, with approximately 26% of the panels completed.
The company has also commissioned two concrete batching plants and established a 200,000-litre water storage system to support concrete production.
The ongoing work is being financed from Deep Yellow’s existing cash reserves, allowing the company to maintain construction activities while the final investment decision remains outstanding.
Deep Yellow has also secured renewed environmental clearance certificates for the Tumas project area and its associated water and electricity infrastructure.
The renewals were approved by Namibia’s Environmental Commissioner on 2 October 2026.
The certificates covering the project area and water pipeline remain valid until 26 September 2029, while the powerline certificate expires on 27 September 2029.
The company said the associated environmental management plans had been updated to guide construction and development activities.
As work continues, Deep Yellow has completed 440 safety inductions for contractors and employees, covering occupational health and safety, environmental management, radiation protection and the prevention of fatal incidents.
Deep Yellow is finalising an updated assessment of Tumas as it considers the next steps in the project’s development.
The company intends to publish the assessment once completed, providing further information on its approach to advancing the uranium project.
However, the announcement does not establish a new date for the final investment decision or indicate when the company expects to proceed with full-scale construction.
The continuation of civil works means that development activity is taking place at Tumas despite the postponement, but the broader investment commitment remains outstanding.
The next major milestone will be the release of the updated project assessment, followed by clarification of the company’s financing arrangements and a revised investment decision timetable.
For now, Deep Yellow is continuing the construction work it can finance from existing resources while delaying the decision on the project’s full development beyond 2026.
