Australian-listed Deep Yellow Limited spent approximately N$85.3 million (A$7.6 million) on development activities primarily associated with its Tumas uranium project in Namibia during the three months ended 30 September 2026, as preparations for a final investment decision (FID) and construction continued.
The expenditure covered engineering design, procurement preparations, mine planning, metallurgical testing and environmental compliance, alongside early works intended to prepare the project for construction.
According to Deep Yellow’s September quarterly activities report, the company continued investing in technical and preparatory work at Tumas despite not having made a final commitment to proceed with full-scale construction.
The company described its expenditure as part of a disciplined, staged approach to project execution, with spending concentrated on completing the engineering and technical requirements necessary before construction can begin.
Detailed engineering work progressed during the quarter, including the preparation of design specifications and procurement documentation required to support the completion of engineering activities.
The company also spent money on vendor data packages, which provide technical information from equipment suppliers and contractors to support engineering decisions and the selection of equipment for the proposed uranium operation.
Mining engineering and mine planning activities continued, while metallurgical testing and process optimisation work were undertaken to refine the project’s proposed mineral processing arrangements.
The expenditure also covered environmental studies, compliance monitoring and rehabilitation activities, alongside safety systems and radiation monitoring programmes required for the development of a uranium mining operation.
Deep Yellow engaged technical consultants and specialist advisers to support the work, while approved early works and site readiness activities continued during the quarter.
The company said the expenditure reflected its efforts to prepare Tumas for construction while maintaining a staged approach to project development ahead of the investment decision.
Although the project remains in the development phase, no mining production activities were undertaken during the quarter.
Deep Yellow also reported approximately N$51.7 million (A$4.6 million) in exploration and evaluation expenditure across its Namibian exploration portfolio and its Mulga Rock and Alligator River projects in Australia.
However, the company did not provide a separate figure for expenditure incurred exclusively on exploration activities in Namibia, making it impossible to establish the full amount invested in its Namibian projects during the quarter.
The exploration and evaluation spending was directed towards identifying opportunities for mineral resource growth, reducing technical uncertainties and preparing projects for potential future development.
The Tumas expenditure therefore represents the clearest identifiable amount associated with Deep Yellow’s Namibian uranium development activities, although the company described the approximately N$85.3 million (A$7.6 million) as primarily, rather than exclusively, related to the project.
Deep Yellow’s immediate priorities at Tumas remain the completion of detailed engineering, technical studies, procurement preparations and site readiness activities required before a final investment decision can be made.
The September quarter expenditure illustrates the financial commitments being made to prepare the Namibian uranium project for construction, even though the company has not yet commenced production or announced a final investment decision.
