Deep Yellow Limited says detailed engineering work at its flagship Tumas Project has reached 68% completion, while bulk earthworks are now 91% complete as the uranium developer moves closer to a final investment decision.
The company also confirmed that tendering for 79% of major process plant equipment packages has been completed, clearing a path for procurement once construction begins.
According to the company’s quarterly report, the project made significant technical progress during the three-month period and continues to move steadily towards a final investment decision.
“Deep Yellow entered the March 2026 quarter with clear momentum across the business, underpinned by continued advancement of our flagship Tumas development project and a disciplined focus on creating long-term shareholder value. During the quarter, major engineering, procurement and early development activities progressed to reflect the quality of the asset and the capability of our team,” said Managing Director and Chief Executive Officer Greg Field.
The company also completed an infill drilling programme at the Tinkas Prospect, located 8km north-west of the Tumas Project, in mid-March.
The 133-hole programme confirmed uranium mineralisation, indicating further potential within the wider Tumas district.
Deep Yellow Limited reported a cash balance of approximately N$2.04 billion (A$171.6 million) as of 31 March 2026.
The funds are expected to support ongoing development costs, which totalled N$141 million (A$11.9 million) during the quarter, while a further N$29.6 million (A$2.5 million) was allocated to exploration and evaluation activities.
The quarter also marked a leadership transition, with Greg Field taking over as managing director and chief executive officer in February.
The executive team was further strengthened by the appointments of Jen Mintz as chief legal officer and Andrew McLean as head of strategy as the company prepares to transition from developer to producer.
“Since joining Deep Yellow in February, I have focused on meeting our team in both Australia and Namibia, visiting our portfolio of exceptional assets and introducing myself to some of our key stakeholders. I am excited about what the future holds for Deep Yellow,” Field said.
The update comes as global uranium markets remain tight, with prices reaching N$1,542 (US$93 per pound) by the end of the quarter amid renewed global interest in nuclear energy and projected supply shortages.
“We remain deliberate in our approach to project execution and capital deployment. In a uranium market where long-term fundamentals continue to strengthen, our priority is not simply to move quickly but to move strategically, preserving optionality, protecting returns and ensuring we are ready to act at the right time,” he said.
