Deep Yellow Limited says it is close to securing project financing for its flagship Tumas uranium project in Namibia, with Nedbank acting as the mandated lead arranger.
According to the company’s quarterly report for the period ending 30 September 2025, an updated draft report from the Independent Technical Expert was received in mid-October, marking a major step towards finalising the project’s debt funding package.
“The Company continues to work closely with Nedbank as the Mandated Lead Arranger to coordinate and arrange the project debt financing for Tumas. In mid-October, an updated draft report from the Independent Technical Expert was received and the Company is close to finalising this report,” Deep Yellow stated.
Responding to a query from Namibia Mining & Energy on the financing arrangement, Nedbank said it was bound by confidentiality agreements.
“Due to confidentiality undertakings, we are not permitted to share any details of the project financing of the Tumas Project with third parties, other than publicly available information,” the bank said.
The Tumas Project, located in the Erongo Region, remains on track for first production in the third quarter of 2027. Deep Yellow said detailed engineering work is more than 60% complete, and bulk earthworks have already commenced.
The company confirmed that negotiations with NamPower and NamWater are ongoing to finalise power and water supply agreements, while evaluations of tenders for the water pipeline, powerline and solar farm installations are under way.
Deep Yellow also reported encouraging exploration results at the nearby S-Bend Prospect, where shallow drilling identified four clusters of higher-grade mineralisation. The best intersections included 2 metres at 1,217 parts per million eU₃O₈ from surface.
“The potential to add to the current resource base at Tumas and extend beyond the presently stated 30-year Life of Mine is further enhanced with discoveries such as those identified at the S-Bend Prospect,” the company said.
Deep Yellow ended the quarter with a cash balance of N$2.31 billion (A$203.5 million), which it said positions the company well to advance both its Namibian and Australian uranium projects amid tightening global supply and strengthening market conditions.
