Deep Yellow Limited (ASX: DYL) (Deep Yellow or Company) is pleased to announce that Namibia's Ministry of Mines and Energy (MME) has issued Reptile Uranium Namibia (Pty) Ltd, a 100% subsidiary of Deep Yellow, with a mining licence (ML 237) for the Company's flagship Tumas Project (Tumas or Project).
The award of ML 237 is another key step towards production at Tumas and allows the Company to maintain its current timeline for a FID, scheduled to be made in Q3 2024.
Deep Yellow CEO and Managing Director John Borshoff said: 'We are delighted to have received the mining licence for our Tumas Project. This represents another key accomplishment in the progress to develop this significant uranium asset and our overall objective of building Deep Yellow into a reliable, geographically diverse and long-term uranium producer.' 'This ensures Deep Yellow can move forward on its stated development schedule, make a FID in Q3 2024 and establish economic benefits for both Namibia and the Deep Yellow shareholders.'
The Tumas Project hosts one of the largest known paleochannel-hosted calcrete uranium deposit in the country, with a contained Indicated Mineral Resource of 108.5Mlb at 265ppm eU3O8. 1 Since the initial discovery of uranium mineralisation in the Tumas palaeochannel in 2006 and refocused exploration with new concepts starting in 2016, probable reserves of 67.3Mlb of U3O8 have been defined.
The ML 237 is valid for 20 years and will enable the Project to move into production, establishing Tumas as the 4th uranium mine in Namibia and Deep Yellow as an emerging, globallysignificant uranium producer. Deep Yellow plans to develop Tumas to produce 3.6Mlb of U3O8 per annum, with an anticipated life in excess of 30 years. With the timely and positive results from the Re-Costing Study of the January 2023 Detailed Feasibility Study 2 , the grant of ML 237 is another key milestone achieved. The Re-Costing Study and the uranium market re-assessment together resulted in a material increase in base case (US$75/lb U3O8) NPV8 and IRR to US$570.0M (A$838.2M) and 27.0% respectively. This recent work provides a strong platform for the Company to proceed with project financing, product marketing and detailed engineering work, to maintain a timeline for a FID to be made in Q3 2024.
Contact:
Tel: +61 466 984 953
Email: cgilenko@citadelmagnus.com
About Deep Yellow Limited
Deep Yellow Limited is successfully progressing a dual-pillar growth strategy to establish a globally diversified, Tier-1 uranium company to produce 10+Mlb p.a. The Company's portfolio contains the largest uranium resource base of any ASX-listed company and its projects provide geographic and development diversity. Deep Yellow is the only ASX company with two advanced projects - flagship Tumas, Namibia (Final Investment Decision expected in Q3 2024) and Mulga Rock, Western Australia (advancing through revised DFS), both located in Tier-1 uranium jurisdictions. Deep Yellow is well-positioned for further growth through development of its highly prospective exploration portfolio - Alligator River, Northern Territory and Omahola, Namibia with ongoing M&A focused on high-quality assets should opportunities arise that best fit the Company's strategy. Led by a best-in-class team, who are proven uranium mine builders and operators, the Company is advancing its growth strategy at a time when the need for nuclear energy is becoming the only viable option in the mid-to-long term to provide baseload power supply and achieve zero emission targets. Importantly, Deep Yellow is on track to become a reliable and long-term uranium producer, able to provide production optionality, security of supply and geographic diversity
About Namibia
Namibia is a stable democracy located in southwest Africa. It has a long and continuous history of mining and exporting uranium concentrate since the mid 1970's and a broader, established mining and industrial base. The country has well established and reliable utilities and infrastructure to support this existing, and expected future, mining and industrial base.
Mineral Resource Estimate
The information in this announcement that relates to the Tumas Mineral Resource Estimate is based on work completed by Mr David Princep, M.Sc. Geology, who is a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person in terms of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code 2012 Edition). Mr Princep consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. The information in this announcement as it relates to other Mineral Resource estimates and Ore Reserves was compiled by Mr Martin Hirsch, a Competent Person who is a Professional Member of the Institute of Materials, Minerals and Mining (UK) and the South African Council for Natural Science Professionals. Mr Hirsch, who is currently the Manager, Resources & Pre-Development for RMR, has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hirsch consents to the inclusion in this announcement of the matters based on the information in the form and context in which it appears. M Hirsch holds shares in the Company. The Company confirms that it is not aware of any new information or data that materially affects the information included in previous announcements and in particular the announcement released to the market on 2 February 2023 entitled 'Strong Results from Tumas Definitive Feasibility Study'. All material assumptions and technical parameters underpinning the Mineral Resource and Ore Reserve estimates continue to apply and have not materially changed. Where the Company refers to JORC 2004 resources in this report, it confirms they have not been updated to comply with JORC 2012 on the basis that the information has not materially changed since it was last reported, however these are currently being reviewed to bring all resources up to JORC 2012 standard.
DEEP YELLOW LIMITED 
