Deep Yellow Limited has spent N$156 million on development activities at its Tumas Uranium Project over the past three months.
The Australian company’s December quarterly report released yesterday, outlines its development at Tumas, as well as exploration activities at its nearby Tinkas Prospect.
“Activities were focused on derisking the Tumas Project to ensure readiness to reach a final investment decision when the uranium market supports development of a greenfield project like Tumas,” the report says.
The Tumas project is located near Namib Naukluft Park in the Erongo region, and is known to have significant uranium oxide deposits.
Deep Yellow reports that detailed engineering at Tumas is 60% complete, and bulk earthworks – which prepares sites for construction – are 24% complete.
In addition, the company reached an agreement with the Namibia Power Corporation through its wholly-owned subsidiary, Reptile Uranium Namibia, to provide the bulk of power to the project. The company also plans to build a supplementary solar power plant.
Deep Yellow was expected to make a final investment decision last year, but delayed it due to the low price of uranium. However, the company expects prices to rise in 2026.
“Entering the new year, escalating uranium demand pressures coupled with reduced uranium supply availability are expected to place further upward pressure on uranium market prices, both spot and term,” the report says.
The company also has exploration rights over the Tinkas Prospect (exclusive prospecting licence 3498), which borders its Tumas mining licence.
Explorations at Tinkas since October have found uranium deposits near the surface, within a system of ancient riverbeds (paleochannels).
In total, the company reports spending A$14.0 million (approximately N$156 million) on development at Tumas, and A$4.1 million (N$45.6 million) on exploration in Namibia and its other Australian sites.
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