Perth, Australia, Oct 28, 2026 - (ABN Newswire) - Australian uranium project developer, Deep Yellow Limited (ASX:DYL) (FRA:JMI) (OTCMKTS:DYLLF) has provided a summary of key activities completed in the September 2026 quarter (Quarter).
HIGHLIGHTS
Tumas Project, Namibia
- Deep Yellow remains committed to completing development of Tumas, which is a world-class greenfield uranium project, but has determined that current equity market conditions do not support a Final Investment Decision (FID) in Q4 2026.
- The Company continued toadvance the staged development of Tumas, achieving key milestones that further de-risk execution and improve construction readiness ahead of a FID and commencement of full construction activities.
- Detailed engineering advanced to 85% complete,providing further capital cost and execution certainty.
- Civil and concrete works commenced during the Quarter, which will enable multiple construction fronts, increased schedule flexibility and further de-risk future project execution.
Namibia Exploration
- Ground radiometric surveys continued at the S-Bend Prospect, with drilling scheduled to begin next quarter as exploration momentum builds across the Namibian portfolio.
Mulga Rock Project, Western Australia
- Value optimisation continued, aimed at simplifying the process flowsheet, maximising income from all value metals in the Mineral Resource and improving project economics in preparation for completion of the revised Feasibility Study.
- Development of a revised geometallurgical model, which will provide a stronger technical foundation for future development decisions, also continued.
Alligator River Project, Northern Territory
- King River Camp was established to position the project for the commencement of this year's exploration campaign, with drilling commencing in October 2026.
Corporate
- Cash and cash equivalents of A$144.7 million at 30 September 2026, providing a strong balance sheet to continue advancing the Company's portfolio with discipline.
Commenting on the September 2026 quarter activities, Deep Yellow Managing Director and CEO, Greg Field, said:
"Deep Yellow continued to make tangible progress during the Quarter towards the development of Tumas while maintaining discipline around the timing and funding of our investment decisions.
We have determined that current equity market conditions do not support a FIDfor Tumas in Q4 2026, which was a target set by us. Deferring FID is a significant decision and we recognise the importance of this decision to our shareholders, employees and partners. Our commitment to building this worldclass greenfield uranium project remains resolute.
This commitment is reflected in the work underway on the ground. Detailed engineering reached 85% completion and civil and concrete works commenced during the Quarter. These activities are strengthening construction readiness, creating greater flexibility for future construction activities and progressively reducing execution risk ahead of a FID.
I want to particularly acknowledge the outstanding contribution of our team in Namibia and our contract partners. Their expertise, energy and collaboration are turning plans into physical progress.
The milestones safely achieved at Tumas this Quarter reflect an enormous amount of work, which the teams should be very proud of.
Across the broader Deep Yellow portfolio, we continued value optimisation and geometallurgical work at Mulga Rock, advancedexploration at S-Bend in Namibia and established King River Camp ahead of drilling at Alligator River in October.
With A$144.7 million in cash and cash equivalents at Quarter end, we remain focused on disciplined capital allocation and progressing our priorities with a firm eye to the future and our long-term vision to generate sustained value for all stakeholders. 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."
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/511A110A
About Deep Yellow Limited:
Deep Yellow Limited (ASX:DYL) (OTCMKTS:DYLLF) is progressing a dual-pillar growth strategy aimed at establishing a globally diversified, leading uranium producer with a targeted production profile of more than 10Mlb per annum.
The Company’s development portfolio is anchored by two advanced uranium projects located in Tier1 mining jurisdictions — the flagship Tumas Project in Namibia and Mulga Rock Project in Western Australia — both positioned to support future long-term production growth.
Deep Yellow’s future growth is underpinned by its highly prospective exploration portfolio – Alligator River, Northern Territory and Omahola, Namibia, with ongoing M&A focused on high-quality assets should opportunities arise that best fit the Company’s strategy.
Led by a best-in-class team with a proven track record of building and operating uranium mines, Deep Yellow is advancing its growth strategy at a time when nuclear energy is increasingly recognised as an essential component of the global energy mix, supporting reliable baseload power generation and long-term decarbonisation objectives. Importantly, Deep Yellow is on track to becoming a reliable and long-term uranium producer, able to provide production optionality, security of supply and geographic diversity.
Contact:
Investors:
Greg Field
Managing Director - CEO
+61 8 9286 6999
info@deepyellow.com.au
Media:
Peter Klinger
Director - Purple
+61 411 251 540
pklinger@purple.au
Source:
Deep Yellow Limited
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