Deep Yellow Limited says its flagship Tumas Uranium Project in Namibia is nearing full construction readiness, with detailed engineering work led by Ausenco Services now well advanced.
According to the company, key plant areas have reached approximately 50% completion, with total weighted progress at 44%.
The process design has been finalised, and core documents – including flow diagrams and plant layouts – have reached the “approved for construction” stage.
Although the company deferred its Final Investment Decision (FID) in April 2025 due to weak uranium prices at the time, it has continued to advance the project.
Deep Yellow said the decision to delay was strategic, and recent improvements in uranium prices had since validated the move.
“We continue to make solid progress across all key areas of project development, including engineering, procurement, site preparation, operational readiness and financing,” said John Borshoff, Deep Yellow’s Managing Director and CEO.
“This approach ensures we are well prepared to move decisively when the time is right and fully unlock the value of the Tumas Project.”
According to Borshoff, procurement is also progressing well. Of the 43 major project packages, which account for 92% of direct capital costs, eight have been awarded, four are ready for award subject to FID, and vendor data has been ordered for 11 key long-lead packages, including mills, thickeners and crushers.
Utility arrangements are also nearing completion. Borshoff confirmed that power and water supply contracts with NamPower and NamWater are in advanced stages of finalisation.
In addition, a Build, Own, Operate and Transfer (BOOT) solar facility is expected to supply at least 30% of the project’s electricity needs, reducing both emissions and operating costs.
Early site works have largely been completed. These include the construction access road, a borefield for dust suppression and process water, as well as temporary office facilities and communication infrastructure.
Borshoff said an operational readiness plan is being developed to support pre-production mining, plant commissioning, and eventual ramp-up to full production. This includes staffing, logistics, safety and supply chain planning. Some key personnel have already been appointed.
“This work and the re-costing of reagents and consumables as part of the operational readiness programme will be used to further optimise the project outcomes in preparation for FID,” he said.
Mining operations are being prepared for a late 2026 start. Mine scheduling and tailings storage planning are being updated following a grade control drilling campaign carried out between August 2024 and April 2025. A total of 3,127 holes (42,848 metres) were drilled to refine the Ore Reserves Estimate, which is currently under review.
Additional environmental and hydrogeological work has also been undertaken, including groundwater monitoring, soil sampling, and pump testing to guide the development of water infrastructure.
On the financing front, Deep Yellow confirmed that it is working with Nedbank as its Mandated Lead Arranger. Borshoff said the full 2025 Definitive Feasibility Study (DFS) had been submitted to the Independent Technical Expert to support final due diligence.
“Deep Yellow has now provided the full Tumas 2025 DFS to the Independent Technical Expert covering all works and results carried out up to the end March 2025,” he said.
“This information is regarded sufficient to allow them to conclude their due diligence work for Nedbank.”
The Tumas Project, located in Namibia’s Erongo Region, is one of the country’s most advanced uranium developments and forms a central part of Deep Yellow’s strategic growth portfolio.
