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Deep Yellow stated in its 28 October quarterly report that current equity-market conditions did not support a final investment decision for the Tumas uranium project in Namibia during the fourth quarter of 2026. The company remains committed to developing the project, but the previously targeted decision window is no longer supported by its funding assessment.
Detailed engineering reached 85% completion during the September quarter. Civil and concrete works also began, with the company describing them as preparation for additional construction fronts and greater schedule flexibility. Early works and engineering progress are separate from approval of full project investment and commencement of the complete construction programme.
The company held A$144.7 million in cash and cash equivalents at 30 September. It also continued value optimisation and geometallurgical modelling at Mulga Rock in Western Australia, aiming to simplify the flowsheet and improve the basis for a revised feasibility study. Those optimisation objectives do not establish revised project economics before the study is completed.
In Namibia, ground radiometric surveys continued at S-Bend, with drilling scheduled for the next quarter. At Alligator River in the Northern Territory, the King River camp was established and drilling began in October. The portfolio update therefore separates completed study and field activities from planned exploration, while leaving the timing of Tumas’s investment decision subject to future conditions.