Deep Yellow appoints new chairman to lead the company through next growth phase
Deep Yellow has discovered uranium mineralisation in the untested Tumas 1 East tributary channel area, with 67% of drilling returning >100ppm uranium oxide over 1m.
Advanced uranium explorer Deep Yellow (ASX: DYL) has appointed the “highly experienced” Chris Salisbury to its board as chairman to lead the company through its next growth phase.
Mr Salisbury has replaced Rudolf Brunovs in the chairman role, with Mr Brunovs to remain on the board as non-executive director while also retaining the chair position of the audit committee.
Deep Yellow managing director and chief executive officer John Borshoff said the appointment of Mr Salisbury strengthened the board and was an “excellent outcome” for the company.
“To attract someone of Chris’ calibre is a strong reflection of where we are heading as a company and the progress of our strategy over the past 12 months.”
Mr Borshoff added Mr Salisbury has “highly valuable” and “extensive” experience running world class uranium operations in Australia and Namibia.
Mr Salisbury is a metallurgical engineer with a career spanning more than 30 years’ in mining, strategy and operations across a range of commodities.
He previously held senior roles working in uranium with Rio Tinto (ASX: RIO) and Energy Resources of Australia (ASX: ERA).
At Rio, Mr Salisbury was head of country for its Rossing operation in Namibia.
Energy Resources operated the Northern Territory-based ranger uranium mine and is a former ASX 100 company.
At Energy Resources, Mr Salisbury held positions of general manager, chief executive officer and non-executive director.
Progressing uranium strategy
Deep Yellow is advancing the Tumas uranium project in Namibia.
The company is actively drilling at the project to firm up an updated mineral resource, which is due later this month.
Drilling is also supporting key objectives of a definitive feasibility study for the project where it is targeting a mine life exceeding 20 years.
A pre-feasibility study was published in February and indicated a gross life of mine revenue of US$1.89 billion based on a break-even uranium price of US$47.33 per pound.
The life of mine revenue is estimated to generate undiscounted after-tax cash flow of US$447.4 million.
Mr Borshoff said Deep Yellow was in the strongest position it has ever been underpinned by its uranium portfolio and strong cash balance.