Deep Yellow recorded A$52 million, or about N$600 million at current exchange rates, in capital expenditure on its Tumas uranium project in Namibia during the year to June 2026 as the company continued development work ahead of a planned final investment decision later this year.
The Australian-listed uranium developer’s 2026 annual report shows capital expenditure attributed to Tumas increased from A$37.6 million in the previous financial year, up A$14.4 million, or about 38%.
At current exchange rates, the latest expenditure is equivalent to roughly N$600 million, compared with about N$433 million for the previous year’s A$37.6 million if converted at the same rate.
Deep Yellow defines capital expenditure as additions to property, plant and equipment, assets under construction, right-of-use assets and exploration and evaluation expenditure.
Tumas accounted for the largest share of Deep Yellow’s A$66.9 million in total capital expenditure during the financial year, with the Namibian project representing about 78% of the group’s total.
The expenditure came as Deep Yellow continued early works and engineering at Tumas, despite deferring its final investment decision in April 2025.
By the end of June, bulk earthworks were complete, detailed engineering was 79% complete, and the project’s 3D engineering model had reached 81%.
Deep Yellow said tendering had also been completed for more than 76% of major process plant equipment, while most long-lead equipment packages had been awarded.
The company’s accounts show that the carrying value of Tumas expenditure classified as assets under construction had reached A$142.3 million by 30 June.
Further project commitments have followed since the end of the financial year.
On 20 July, Deep Yellow awarded two major civil and concrete construction contracts for Tumas with a combined estimated value of about A$34 million. Civil and concrete works commenced in August.
Those contracts were awarded after the 30 June reporting date and therefore fall outside the financial year covered by the A$52 million capital expenditure figure.
Deep Yellow is targeting a final investment decision on Tumas in the fourth quarter of 2026, subject to market conditions.
The company is continuing to update the project execution schedule, capital estimate, mining schedule and financial model ahead of that decision.
The 2025 definitive feasibility study estimated pre-production capital for Tumas at US$474 million, although Deep Yellow says it is updating its capital and operating cost estimates to reflect current market conditions.
Tumas is designed to produce about 3.6 million pounds of uranium oxide annually and has an ore reserve of 79.5 million pounds of U3O8.
Preparations for financing the development are also continuing. Deep Yellow said an independent technical expert completed initial due diligence on Tumas in December 2025 and found no material issues.
Nedbank, appointed as the mandated lead arranger for the project financing, is awaiting Deep Yellow’s determination of the size of the debt facility before taking the financing to market.
