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2026-11-06
◂ Monitor DYL ASX (also NSX Namibia; OTCQX DYLLF)

Deep Yellow Limited

DFS Unfunded Developer · Uranium · NA · AU Rating locked: sign in to view v8.1 · dyl-20261031t172754-full
Last 2026-11-06
A$0.755
1D
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1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$735.7M
EV
A$594.3M
Cash
A$144.7M
Debt
A$0

Portfolio detail

Assets

5 assets

Core asset

Tumas Project (Tumas 1, 1 East, 2, 3 and Tubas), Namibia

NA

DFS Unfunded Developer95% ownedUranium

Fully permitted (ML237 to 2043), 2025 DFS complete, detailed engineering 85%, bulk earthworks done, civil and concrete works started; FID deferred beyond Q4 2026 because equity markets do not support it; project debt (Nedbank mandated lead arranger) still awaiting credit approvals and a facility size; Oponona Investments holds 5% of Reptile Uranium Namibia from 26 Aug 2026.

Developer · DFS unfunded developer
Study
Definitive Feasibility Study (2025 DFS, revised March 2025)
Post-tax NPV (study prices, attributable)
US$548.1md
NPV restated at our deck (attributable)
Locked
IRR
19%s
Initial capex (100%)
US$474.0ms
Capital intensity
US$194/(lb/yr)d
LoM AISC
A$71.29/lbs
Mine life
30.0 yrss
Published study economicsIssuer or study metrics
NPVUS$577M8% discount
IRR19%Published return
Initial capexUS$474MPublished capital estimate
Operating cost38.6USD/lb U3O8 (C1 after vanadium credit)
NPVUS$972M8% discount
IRR24.8%Published return
Initial capexUS$474MPublished capital estimate
Operating cost38.61USD/lb U3O8 (C1 after vanadium credit)

Real post-tax, 100% project, constant US$82.50/lb U3O8 and US$5.00/lb V2O5, 8% discount rate, 2025 DFS March 2025

Real post-tax, 100% project, TradeTech FAM-2 deck (average realised US$104/lb), 8% discount rate

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred (Tumas 1, 1 East, 2, 3)118.2 Mlb U3O8255 ppm U3O8 (210.1 Mt, 100 ppm cut-off)Uranium2026-06-30
Mineral ResourceIndicated and Inferred (Tubas Red Sand and Calcrete)18.8 Mlb U3O8207 ppm U3O8 (41.4 Mt)Uranium2026-06-30
Ore ReserveProved and Probable79.5 Mlb U3O8298 ppm U3O8 (120.1 Mt, 100 ppm cut-off)Uranium2026-06-30
Tenements2
ml237Granted— None · 2043-09-21
epl3497Granted— None · 2028-09-28
Milestones4
  1. Tumas final investment decision (company target of Q4 2026 withdrawn on 28 Oct 2026)

    Delayed · High materiality

  2. Detailed engineering 85% complete; procurement over 85% of major plant equipment tendered

    Achieved · Medium materiality

  3. NamPower transmission power supply agreement executed December 2025; NamWater water supply agreement executed August 2026

    Achieved · Medium materiality

  4. Comprehensive project update with revised schedule, capital and operating costs and financial model (undated)

    Pending · High materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
Mining licence ML237 and environmental clearance certificateNamibiaGranted2043-09-21No
High Court review proceedings by third-party applicants (Hoffman / Tumas Granite) naming subsidiaries as respondentsNamibiaPending—Yes
Economic studies1
StudyStageStatusDateSummary
Tumas 2025 DFS (Addendum 1, March 2025)DFSCurrent2025-04-0830-year life, 4.2 Mtpa and up to 3.6 Mlb a year U3O8; initial capex US$474m; post-tax NPV US$577m at US$82.50/lb real and US$972m at the FAM-2 deck; IRR 19%; C1 US$38.60/lb.

Material

Mulga Rock Project (Ambassador, Princess, Shogun, Emperor), Western Australia

AU

Resource Stage100% ownedUraniumCopperCobaltNickelZincRare Earths

State ministerial approval and substantial commencement achieved; revised feasibility study under way (flowsheet simplification, geometallurgical model, hydrogeology; first product about two years after Tumas production starts); 2017-18 reserve and DFS predate the current resource; base metals and rare earths in the 2024 resource not yet in any economic model.

Resource / scoping · Resource stage
Contained metal (attributable)
104.8m lbd
Resource grade
415 ppm
% Measured + Indicated
61.4%d
Resource tonnes
115.10 Mt
Our value per attrib. contained unit
Locked
Mining method
—
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred104.8 Mlb U3O8415 ppm U3O8 (115.1 Mt)Uranium2026-06-30
Ore ReserveProved and Probable42.3 Mlb U3O8845 ppm U3O8 (22.7 Mt, 150 ppm cut-off)Uranium2026-06-30
Tenements1
mulga-m39-1104Granted— None · 2037-10-18
Milestones2
  1. Hydrogeological drilling and bore installation (Q1 2027) then groundwater test pumping (Q2 2027)

    Pending · Medium materiality

  2. Revised feasibility study (undated; first product about two years after Tumas production)

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
WA ministerial approval and substantial commencementWestern AustraliaGranted—No

Material

Omahola basement project (Inca, Ongolo, MS7), Namibia

NA

Resource Stage100% ownedUranium

Large low-grade basement-hosted resource on EPL3496; independent market-based valuation lifted its carrying value in FY2026 (impairment of A$25.2m fully reversed); palaeochannel drilling for Tumas-style calcrete on the same licence.

Resource / scoping · Resource stage
Contained metal (attributable)
125.4m lbd
Resource grade
190 ppm
% Measured + Indicated
60.4%d
Resource tonnes
298.20 Mt
Our value per attrib. contained unit
Locked
Mining method
—
Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred125.4 Mlb U3O8190 ppm U3O8 (298.2 Mt)Uranium2026-06-30
Tenements1
epl3496Granted— None · 2028-09-28

Other

Aussinanis calcrete project, Namibia

NA

Resource Stage85% ownedUranium

Calcrete resource 28.1 Mlb (Indicated 4.5, Inferred 23.6); DYL 85% with Epangelo 5% and Oponona 10%; licence renewal pending; FY2027 exploration focus alongside S-Bend.

Resource / scoping · Resource stage
Contained metal (attributable)
23.9m lbd
Resource grade
170 ppm
% Measured + Indicated
16%d
Resource tonnes
74.40 Mt
Our value per attrib. contained unit
Locked
Mining method
—
Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated and Inferred28.1 Mlb U3O8170 ppm U3O8 (74.4 Mt)Uranium2026-06-30
Tenements1
mdrl3498Renewal Pending— None · 2025-01-05

Other

Alligator River Project incl. Angularli and Cooper Creek JV, Northern Territory

AU

Discovery Drill Stage100% ownedUranium

Angularli high-grade unconformity-style Inferred resource; 2026 field season delayed by wet-season rain, King River camp opened mid-June and drilling started October 2026; 50% of the Cooper Creek JV (810 km2 of licence applications, Cameco manager) acquired from ERA for A$648,000 on 9 Sep 2026; tenure and prospective tenure 4,820 km2.

Resource / scoping · Resource stage
Contained metal (attributable)
32.9m lbd
Resource grade
1.09e+04 ppm
% Measured + Indicated
NM
Resource tonnes
1.37 Mt
Our value per attrib. contained unit
Locked
Mining method
—
Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceInferred32.9 Mlb U3O81.09% U3O8 (1.37 Mt, 1,500 ppm cut-off)Uranium2026-06-30
Tenements2
el25064Granted— None · 2027-07-04
ela23311Application— None · No expiry supplied
Milestones1
  1. 2026 Alligator River drilling campaign (started October 2026)

    Pending · Medium materiality

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
Tubas Red Sand and Calcrete resources (inside Tumas ML237 area) · Resource / scoping · Resource stage
Contained metal (attributable)
17.9m lbd
Resource grade
207 ppmd
% Measured + Indicated
21.8%d
Resource tonnes
41.40 Mtd
Our value per attrib. contained unit
Locked
Mining method
—