Deep Yellow Limited says it spent A$4.12 million (approximately N$50 million) on exploration and evaluation activities during the December 2025 quarter, with the expenditure directed toward advancing its Namibian uranium portfolio, as the company continued to derisk the Tumas Project ahead of a future development decision.
According to the company’s December 2025 Quarterly Activities Report, work in Namibia during the period focused on both project-scale development at Tumas and near-mine exploration aimed at strengthening the long-term production profile.
A reverse circulation drilling programme was completed at the Tinkas Prospect, immediately adjacent to the Tumas Project, where uranium mineralisation of up to 11 metres thickness from surface was identified.
The results confirmed the presence of favourable palaeochannel-hosted mineralisation and provided further confidence in the broader mineralised system beyond the defined resource areas.
Additional broad-spacing drilling was carried out west of the main Tumas palaeochannel, with 39 holes drilled for a total of 1,801 metres.
The programme successfully confirmed the continuation of palaeochannel architecture and favourable sedimentary fill, supporting the geological model underpinning the Tumas deposits.
The work forms part of Deep Yellow’s strategy to incrementally expand the resource footprint while maintaining a disciplined approach to capital deployment.
Beyond exploration drilling, the company continued to progress technical workstreams tied directly to development readiness at Tumas.
Detailed engineering advanced further during the quarter, bulk earthworks continued, and key infrastructure and power arrangements moved closer to execution.
Deep Yellow said these activities are central to reducing execution risk and improving cost certainty as the project advances toward a potential final investment decision when market conditions permit.
From a cashflow perspective, Deep Yellow’s Appendix 5B Quarterly Cashflow Report for the quarter ended 31 December 2025 confirms that the A$4.12 million (≈N$50 million) exploration and evaluation spend was recorded under investing activities, reflecting fieldwork, drilling and geological assessment undertaken in Namibia.
Total net cash used in operating activities for the quarter amounted to A$15.79 million (about N$190 million), while development-related cash outflows reached A$14.02 million (about N$170 million), consistent with the company’s active derisking phase.
Deep Yellow ended the quarter with A$187.15 million in cash and cash equivalents (approximately N$2.25 billion), providing a substantial funding buffer to continue exploration, engineering and early works across its Namibian portfolio through 2026.
The company said this level of liquidity supports its ability to advance Tumas in a measured manner while maintaining flexibility around project timing.
The December quarterly results reinforce Deep Yellow’s focus on Namibia as a core jurisdiction, with exploration and technical programmes at Tumas aimed at underpinning a long-life uranium operation aligned with growing global demand for nuclear fuel.
