Deep Yellow to make Tumas investment decision in March

Deep Yellow has announced that it intends to make a final investment decision (FID) for its Tumas project in March, and has described it as one of the most advanced greenfield uranium developments around.

The prospective, which is situated approximately 80 kilometres east of the Port of Walvis Bay, is estimated to hold 67.3 million pounds and will require up to US$372 million to develop according to Mining and Technology.

Providing an update to the market, Deep Yellow MD John Borshoff said the prospective miner had to differ its FID owing to delays in receiving final costings and quotes for detailed engineering work.

Tumas is one of the most advanced greenfield uranium development projects available and

provides an incredible value generation opportunity for the Company and our stakeholders.

“The company has a clear outlook from both a project and uranium market standpoint on how to best ensure the right platform is established for long-term success. Following delays in receiving final costing and quotes for detailed engineering work, along with the opportunity to complete newly identified project optimisation works, the Board made the decision to defer FID consideration on Tumas until March 2025,” Borshoff said.

According to him, the delay was minor in the scheme of the long-term aspirations for the Tumas project and Deep Yellow’s project and is in the best interest of the Project and our shareholders.

Borshoff said the delay in reaching a FID would also not affect the project’s implementation and production commencement.

“The overall project schedule is also being refined and optimised as part of FID preparation; however the board remains of the view that this relatively small delay will not have a material impact on the Tumas project’s overall timeline and objective of commencing production in the second half of 2026, subject to the overriding factor of a sufficient uranium price incentivisation.”