- 01Tumas FID pushed beyond Q4 2026 amid weak equity markets.
- 02Cash funds ongoing site works.
- 03Updated economics and funding plans are underway.
Deep Yellow (ASX: DYL) has withdrawn its target of making a final investment decision on the Tumas uranium project in Namibia during the fourth quarter of 2026, citing weak equity market conditions.
The developer intends to continue its current civil and concrete works, with the expenditure fully covered by existing cash reserves despite the delay to its broader investment commitment.
Contractors have installed approximately 170 tonnes of reinforcing steel across the processing plant site, where foundation preparation and concrete pouring are progressing.
Deep Yellow is also nearing completion of project optimisation and an updated value model that will inform its next development and financing decisions.
The update is expected to set out revised project economics and the technical and commercial basis for the next phase of Tumas.
Funding Decision on Hold
The company maintains its intention to complete Tumas, but has determined that present equity market conditions do not support proceeding with FID on the original timetable.
It has not nominated a replacement decision date, leaving the timing of full-scale project execution dependent on further financing progress and an improved funding environment.
“Despite the compelling global uranium market fundamentals, challenging equity market conditions continue to constrain funding options for uranium developers,” managing director Greg Field said.
“Against this backdrop, we believe it is prudent to defer FID beyond Q4 2026 while maintaining construction momentum and progressing our funding strategy to ensure Tumas is well positioned to advance when market conditions improve.”
Processing Plant Works
Two concrete contractors are established on site, with work spanning the counter current decantation (CCD), clarification, leaching, and beneficiation areas of the planned processing plant.
All seven CCD centre bosses and the clarifier centre boss have been shuttered and approved for pouring, with concrete campaigns now underway.
Blinding concrete has been placed for six leach tank and two cold leach feed tank ring beams, allowing reinforcing steel installation and formwork to follow.
Elsewhere, excavation for the run-of-mine bin has been completed, while foundation preparation for the primary, fine, and coarse mills is advancing.
Off-site precasting of retaining wall panels in Swakopmund remains on schedule, with 26% of the panels completed and the six leach tank ring beams targeted for completion by December.
Local Contracts and Approvals
Four contracts totalling N$42.1 million (A$3.7m) have been awarded to Namibian businesses, covering fuel, raw water, waste management, and dust suppression for ongoing construction.
Two commissioned concrete batching plants and water storage capacity of 200,000 litres are in place to support concrete production as site activity increases.
Namibia’s Environmental Commissioner renewed environmental clearance certificates (ECCs) for the Tumas project area, powerline, and water pipeline on 2 October.
The project area and water pipeline ECCs remain valid until 26 September 2029, while the powerline certificate extends to 27 September of the same year.
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