Deep Yellow Limited more than doubled its exploration and evaluation spending in Namibia to N$788 million (US$48.4 million) during the 2026 financial year as it accelerated preparations for a Final Investment Decision (FID) on its Tumas Uranium Project.
The expenditure increased from N$344 million (US$21 million) in 2025, as the uranium developer advanced engineering, infrastructure, construction and financing work ahead of a targeted FID in the fourth quarter of 2026.
“During the year, activities continued to focus on derisking the Tumas Project to ensure readiness for a Final Investment Decision anticipated in Q4 2026, subject to market conditions,” Deep Yellow said in its 2026 annual report.
“Upon execution of the current development schedule, Deep Yellow will establish Tumas as another critical uranium mine in Namibia.”
Despite advancing the project towards construction, Deep Yellow said it does not currently have sufficient funding to fully develop Tumas and will need to raise additional capital.
Nedbank has been appointed Mandated Lead Arranger for project financing and is awaiting confirmation of the required debt facility size before proceeding to market.
Deep Yellow has meanwhile secured key power and water arrangements for the project. A power supply agreement was signed with NamPower in December 2025, while a long-term water supply agreement with NamWater was concluded on 26 August 2026 to support construction and future operations.
Bulk earthworks have been completed, while civil and concrete works commenced in August.
The company has also awarded two civil and concrete construction contracts worth approximately N$394 million (A$34 million) to 100% Namibian-owned contractors.
Detailed engineering was 79% complete at the end of the financial year, while tendering had been completed for 76% of major process plant equipment packages.
“More than 76% of all major equipment for the process plant has now been tendered and most of the long-lead equipment packages have been awarded,” the company said.
Deep Yellow said the project execution schedule, capital estimate, mining schedule and financial model were being updated ahead of the investment decision, including adjustments to capital and operating cost estimates to reflect current market conditions.
The company has also finalised an agreement with local partner Oponona Investments to establish a 5% Namibian shareholding in Reptile Uranium Namibia, meeting local ownership requirements.
Deep Yellow reported total Namibian mineral resources of 624.1 million tonnes at an average grade of 210 parts per million, containing 290.5 million pounds of U₃O₈.
Total Namibian ore reserves stood at 120.1 million tonnes at 298 parts per million, containing 79.5 million pounds of U₃O₈.
The company also flagged financing, regulatory and project-development risks associated with Tumas, saying changes to Namibia’s mining regulations and fiscal regime could affect the project’s economics.
It said successful development remains dependent on securing financing and progressing through FID, construction, commissioning and ultimately commercial production.
