Deep Yellow says engineering work on its flagship Tumas uranium project in Namibia has reached 79% completion, with the company remaining on track to make a Final Investment Decision (FID) in the fourth quarter of 2026.
In its quarterly update, the ASX-listed uranium developer said the integrated 3D engineering model had reached 81% completion by the end of June, while procurement and early construction activities continued to gather pace.
Deep Yellow Managing Director and CEO Greg Field said 76% of major process plant equipment had been tendered, with most long-lead equipment packages conditionally awarded, subject to the company issuing a notice to proceed.
The company also completed bulk earthworks at the Tumas site during the quarter. Following quarter-end, it awarded two major civil and concrete construction contracts to Namibian contractors, with contractor mobilisation scheduled for August 2026.
Field said the contract awards improve construction readiness, increase schedule flexibility and reduce execution risk ahead of the planned FID, while supporting local content and employment.
“The June quarter marked another period of disciplined execution as we continued to systematically de-risk the Tumas Project and build momentum ahead of our anticipated FID in Q4 2026. Since quarter-end, we have awarded two significant civil and concrete construction contracts to experienced Namibian contractors, an important milestone that strengthens construction readiness and reflects the quality of execution across the project,” Field said.
The company said it also continued optimising the mine plan through further evaluation of mineral resource and ore reserve models, mining methods, pit shell configurations and production scheduling.
According to Deep Yellow, the optimisation programme is aimed at improving project economics by accelerating cash flows over the life of the mine while maintaining operational flexibility.
Progress was also made on key supporting infrastructure, with detailed design work for the 220kV grid connection continuing in collaboration with NamPower.
Deep Yellow said negotiations with NamWater on long-term water supply and related infrastructure agreements are nearing completion, while the delivery strategy for the project’s water pipeline has been finalised and tenders for pipeline materials were issued during the quarter.
