Deep Yellow Limited says debt financing discussions for its Tumas uranium project in Namibia are progressing towards credit approvals, with Nedbank Limited coordinating the funding arrangements required to support full-scale construction of the mine.
The Australian uranium developer disclosed in its September 2026 quarterly activities report, released on 28 October, that it continued working with Nedbank, its mandated lead arranger, to progress the financing process.
“Discussions are progressing towards finalising the necessary credit approvals, with financial close remaining subject to customary conditions precedent, including completion of definitive financing documentation,” the company said.
The update follows Deep Yellow’s earlier disclosure that Nedbank was awaiting confirmation of the amount the company intended to borrow before approaching prospective lenders.
Although the latest report indicates progress in financing discussions, it does not disclose the proposed debt facility, identify participating lenders or specify when financial close could be achieved.
Deep Yellow’s 2025 definitive feasibility study estimated the pre-production capital requirement for Tumas at US$474 million, although the company is reviewing the project’s capital and operating costs, mining schedule and financial model before releasing updated project economics.
The financing discussions are continuing as Deep Yellow progresses construction preparations at Tumas, approximately 80 kilometres from Swakopmund and Walvis Bay.
Detailed engineering reached 85% completion during the September quarter, while the project’s three-dimensional engineering model was approximately 88% complete.
More than 85% of major processing plant equipment had been tendered, and the company continued executing or conditionally awarding contracts for long-lead equipment, subject to notices to proceed.
Two major civil and concrete construction contracts awarded to Namibian contractors were also under execution, with work commencing on site during the quarter.
The company previously disclosed that the two contracts were worth approximately A$34 million combined.
Deep Yellow ended September with A$144.7 million in cash and cash equivalents, down from A$160 million at the end of June, while development expenditure during the quarter amounted to A$7.6 million, primarily associated with Tumas.
Managing director and chief executive Greg Field said the company remained committed to developing Tumas while pursuing the financing needed to proceed with full construction.
“In the short term, our task remains clear: continue the approved work at Tumas, build on the progress achieved by our people and partners and pursue the funding arrangements needed to move confidently into full construction of this world-class uranium project,” Field said.
Deep Yellow is also negotiating infrastructure development agreements with NamPower and NamWater, while detailed design work continues on the proposed 220-kilovolt electricity connection.
The company expects to award a contract for the supply of water pipeline materials before the end of 2026, followed by a tender for pipeline installation during the first quarter of 2027.
Despite the progress in engineering, procurement and financing discussions, Deep Yellow has not announced a new timetable for its final investment decision after withdrawing its fourth-quarter 2026 target.
The company said it would release a comprehensive update on Tumas once its review of project economics, capital requirements and development arrangements was completed.
