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2026-11-06
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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
—
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

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$144.7M2026-06-30: 159,634,408 A$2026-09-30: 144,661,000 A$ Finite
Debt A$0 Net cash A$144.7M
Basic shares 974.4MFY2025A: 972,900,148FY2026A: 973,915,095 2026-10-08
Runway 9.6 quarters Cash 144.66m divided by September 2026 quarter operating plus investing outflow 15.08m (company basis in its Appendix 5B: 10.3 quarters on operating plus exploration outflow 14.03m). Excludes Tumas construction capital.

Liquidity

Financial position

Debt free with A$144.7m cash, enough for about 2.4 years of the current development, exploration and corporate burn but far short of the roughly US$0.5bn Tumas build; project debt is unapproved and an equity raising is the swing factor.

Capital structure

Ownership and dilution

Ordinary shares
974.4M
Fully diluted
982.6M

975,534,715 shares before the employee buy-back (Appendix 3C, 7 May 2026) + 135,707 issued 26 Jun - 1,755,327 cancelled 30 Jun = 973,915,095 at 30 Jun 2026; + 287,196 (5 Aug) = 974,202,291 at 12 Aug (annual report p123); + 42,900 (3 Sep) + 194,526 (8 Oct) = 974,439,717. Performance rights 6,041,974 at 30 Jun + 2,526,461 issued - 524,622 exercised = 8,043,813 (September quarter report). Includes about 26.1m legacy loan plan shares that are in issue but subject to vesting and loan repayment.

Security classes2
ClassTypeQuantityStrikeExpiry
Unquoted performance rights under the Awards Plan (nil exercise price)Performance Right8M——
Unquoted zero exercise price options (44,444 and 44,445 expiring July 2028)Option88.9KA$02028-07-01

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2025AAFY2026AA
Operations
Tumas plant feed (100%)Mt0.000.00
Tumas head gradeppm U3O80.000.00
Tumas U3O8 produced (100%)lb0.000.00
Profit and loss
Revenue (uranium and vanadium)AUDm0.00.0
Site operating costs and royaltiesAUDm0.00.0
Corporate, personnel and exploration-expensed costs not in the DCFAUDmFY2025A: 14,743,454 AUDFY2026A: 18,326,855 AUD14.718.3
EBITDAAUDmFY2025A: -14,743,454 AUDFY2026A: -18,326,855 AUD(14.7)(18.3)
Depreciation and amortisationAUDmFY2025A: 746,420 AUDFY2026A: 814,273 AUD0.70.8
Net interest and other incomeAUDmFY2025A: 11,476,736 AUDFY2026A: 7,320,856 AUD11.57.3
Impairment reversals, netAUDmFY2025A: 11,170,498 AUDFY2026A: 25,152,722 AUD11.225.2
Income tax expense (cash tax from the DCF)AUDm0.00.0
Net profit after taxAUDmFY2025A: 7,157,360 AUDFY2026A: 13,332,450 AUD7.213.3
Cash flow
Operating cash flowAUDmFY2025A: 4,603,799 AUDFY2026A: -4,022,441 AUD4.6(4.0)
Capital expenditure incl. development and explorationAUDmFY2025A: 49,783,558 AUDFY2026A: 63,149,452 AUD49.863.1
Free cash flowAUDmFY2025A: -45,179,759 AUDFY2026A: -67,171,893 AUD(45.2)(67.2)
Grants, term deposits and other investing flowsAUDmFY2025A: 83,286,360 AUDFY2026A: 3,721,028 AUD83.33.7
Equity issued, net of costsAUDmFY2025A: 1,775,122 AUDFY2026A: 5,200,781 AUD1.85.2
Debt drawn less repaid and lease paymentsAUDmFY2025A: -294,384 AUDFY2026A: -318,496 AUD(0.3)(0.3)
Exchange differences on cashAUDmFY2025A: 278,546 AUDFY2026A: 833,875 AUD0.30.8
Net change in cashAUDmFY2025A: 39,865,885 AUDFY2026A: -57,734,705 AUD39.9(57.7)
Balance sheet
Cash and cash equivalentsAUDmFY2025A: 217,369,113 AUDFY2026A: 159,634,408 AUD217.4159.6
Borrowings (excluding leases)AUDm0.00.0
Net debt (negative = net cash)AUDmFY2025A: -217,369,113 AUDFY2026A: -159,634,408 AUD(217.4)(159.6)
Total equityAUDmFY2025A: 633,183,234 AUDFY2026A: 660,844,580 AUD633.2660.8
Per share
Ordinary shares on issue, period endm sharesFY2025A: 972,900,148 sharesFY2026A: 973,915,095 shares972.9973.9
Earnings per share (period-end shares)AUD/shareFY2025A: 0.01 AUD/shareFY2026A: 0.01 AUD/share0.010.01
Dividends per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY2025A: -37.66 xFY2026A: -30.30 x(37.7)(30.3)
P / E (x, current market cap)xFY2025A: 97.34 xFY2026A: 52.26 x97.352.3
FCF yield (current market cap)%FY2025A: -0.06 fractionFY2026A: -0.10 fraction-6.5%-9.6%
EBITDA margin%——
Net debt / EBITDA (x)xFY2025A: 14.74 xFY2026A: 8.71 x14.78.7

KPI history

Operating metrics

Comparable series use a shared scale

Cash and cash equivalents · Company · Point In Time

AUD

2 periods
  1. Jun 2026159,634,408 AUD
    Reported
  2. Sep 2026 quarter144,661,000 AUD
    Reported
Operating metric source table5
MetricProjectPeriodPeriod typeValueStatus
Cash and cash equivalentsCompanyJun 2026Point In Time159,634,408 AUDReported
Cash and cash equivalentsCompanySep 2026 quarterPoint In Time144,661,000 AUDReported
BorrowingsCompanySep 2026 quarterPoint In Time0 AUDReported
Development expenditure (Tumas), operating cash flowCompanySep 2026 quarterQuarter7,600,000 AUDReported
Exploration and evaluation expenditureCompanySep 2026 quarterQuarter4,600,000 AUDReported
Company guidance2
MetricProjectPeriodLowHighStatus
Final Investment Decision TimingtumasQ4 2026—— quarterWithdrawn
Design U3O8 Output (2025 DFS)tumassteady state—3.6 Mlb per yearCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-30Ann. 2026-05-07BuybackDyl Ordinary Fully Paid (Legacy Loan Plan Shares)A$01.8M—CompletedEmployee share scheme buy-back and cancellation of 1,755,327 forfeited loan plan shares on 30 June 2026.Max 1.8M · Period 2026-05-07 to 2026-06-30 · Nil cash; consideration offset against employee limited-recourse loans

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-28

Built from the annual report subsequent events, tenement schedule notes, the September 2026 quarterly and the 2025 DFS; no royalty, stream, offtake or hedge contract is disclosed (the chair notes full offtake flexibility); the terms of the Oponona subscription and the NamPower and NamWater agreements were not read.

Local Namibian partner holds 5% of the company that owns the Tumas mining licence, a local-ownership requirement; deep Yellow attributable share of Tumas is therefore 95% and any free carry would be a further burden.

Joint Venture · Active
Counterparties
Oponona Investments (Pty) Ltd
Applies to
Tumas Project (Tumas 1, 1 East, 2, 3 and Tubas), Namibia · Uranium
Economic direction
Burden
Period
From 2026-08-26; no end date stated
Key terms
Oponona shareholding in Reptile Uranium Namibia (holder of ML237): 5 %
Funding of the 5% (carry or pro rata) and subscription price: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Aussinanis is held 85% by Deep Yellow with Epangelo (5%) and Oponona (10%) as minority partners.

Joint Venture · Active
Counterparties
Epangelo Mining (Pty) Ltd · Oponona Investments (Pty) Ltd
Applies to
Aussinanis calcrete project, Namibia · Uranium
Economic direction
Burden
Period
Dates not stated
Key terms
Deep Yellow interest in Yellow Dune Uranium (MDRL3498): 85 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Core Energy can earn up to 51% of the Nova JV (Tumas North and Chungochoab licences, 65% owned) by spending A$5m, becoming manager; the other shareholders are free-carried until then; no resource is attached to Nova so no value is ascribed.

Earn In · Announced
Counterparties
Core Energy Minerals Limited · Nova Energy (Africa) (Pty) Ltd · Sixzone Investments (Pty) Ltd
Applies to
Company-wide · Uranium
Economic direction
Mixed
Period
From 2026-09-02; no end date stated
Key terms
Phase 1: Core earns 25% for expenditure within 18 months: 2,000,000 AUD
Phase 2: Core earns a further 26% for expenditure within 24 months of phase 1: 3,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

50% of two exploration licence applications covering 810 km2 next to Alligator River, managed by Cameco; early stage, no resource.

Joint Venture · Active
Counterparties
Cameco Australia Pty Ltd (40%, manager) · Sutton Motors Pty Ltd (10%)
Applies to
Alligator River Project incl. Angularli and Cooper Creek JV, Northern Territory · Uranium
Economic direction
Benefit
Period
From 2026-09-09; no end date stated
Key terms
Deep Yellow participating interest (acquired from ERA for A$648,000): 50 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Statutory royalty and export levy payable on Tumas sales, modelled in the project cash flow.

Royalty · Active
Counterparties
Government of Namibia
Applies to
Tumas Project (Tumas 1, 1 East, 2, 3 and Tubas), Namibia · Uranium
Economic direction
Burden
Period
Dates not stated
Key terms
State royalty plus export levy as modelled in the 2025 DFS: 3.22 % of gross revenue
How it affects our valuation

No valuation treatment is available for this arrangement.

Utility supply agreements for the Tumas power line and water pipeline; the DFS operating cost estimate already carries power and purchased water, so no separate valuation line.

Other · Active
Counterparties
Namibia Power Corporation (NamPower) · Namibia Water Corporation (NamWater)
Applies to
Tumas Project (Tumas 1, 1 East, 2, 3 and Tubas), Namibia · Uranium
Economic direction
Burden
Period
From 2025-12-01; no end date stated
Key terms
Transmission power supply agreement (Dec 2025) and water supply agreement (26 Aug 2026): —
How it affects our valuation

No valuation treatment is available for this arrangement.