Deep Yellow Limited is making significant and steady strides in the development of its flagship Tumas uranium project in the Erongo Region, firmly positioning the venture on track for its targeted first production in the third quarter of 2027. According to the company’s Quarterly Activities Report for the period ending 30 September 2025, detailed engineering and critical infrastructure planning are advancing at a promising pace, signalling a wave of economic and industrial activity for the local region and reinforcing Namibia’s stature as a premier global uranium jurisdiction.
The report outlines substantial progress across key areas of the Tumas Project, which is located on Mining Licence 237. The detailed design for the process plant is a central focus, with engineering models for key plant areas now over 60% complete. Furthermore, orders for vendor data have been placed for all major equipment items, a crucial step in the procurement chain. On the ground, bulk earthworks have already commenced at the site. This preparatory work paves the way for the main civil works contract, which is expected to begin in early 2026. All necessary temporary site facilities, including construction roads, water supply, offices, and communications infrastructure, are now in place, creating a functional operational hub in the desert.
A critical element for the project’s success lies in securing reliable off-site power and water. The company confirmed that negotiations with NamPower and NamWater for the execution of long-term supply agreements are ongoing. While this process is noted to be taking longer than initially anticipated, Deep Yellow emphasises that aligning the schedule of this key infrastructure with the overall project timeline is paramount. In a positive development, tenders for the design and installation of the water supply pipeline, the overhead powerline, and an associated solar farm have been received and are currently under evaluation, pointing towards a hybrid energy solution for the operation.
Adding a new layer of excitement and potential to the Tumas region is the success of recent exploration at the nearby S-Bend prospect. Following the end of the quarter, Deep Yellow announced the completion of a shallow reverse circulation drill program comprising 452 holes over 3,361 metres. The results were highly encouraging, identifying four distinct clusters of higher-grade mineralisation that are deemed worthy of follow-up drilling.
Notable drill intersections from the S-Bend program include a standout result of 2 metres at 1,217 parts per million of equivalent uranium oxide from surface, and another intercept of 8 metres at 332 ppm from a depth of just 1 metre. The mineralisation is described as shallow, with an average thickness of about 2 metres. Importantly, this potential new resource is situated within Exclusive Prospecting Licence 3497, adjacent to the main Tumas project area. The company states that these discoveries significantly enhance the potential to not only add to the Tumas resource base but also to extend the operation beyond its currently projected 30-year Life of Mine.
“The potential to add to the current resource base at Tumas and extend beyond the presently stated 30-year Life of Mine is further enhanced with discoveries such as identified at the S-Bend prospect,” the report noted, underscoring the long-term prospects for uranium extraction in the area.
On the financial front, the project’s funding structure is also taking shape. Deep Yellow is working closely with Nedbank, the Mandated Lead Arranger, to coordinate and arrange the necessary project debt financing. The company received an updated draft report from an Independent Technical Expert in mid-October and is close to finalising this document, a key step in securing the financial underpinnings for the project’s construction phase. The broader Deep Yellow Group remains in a strong financial position, with a robust cash balance of A$203.5 million as of 30 September 2025.
The development of the Tumas project occurs against a backdrop of a strengthening global uranium market. The report references a September 2025 World Nuclear Association study that clearly evidences supply deficits from the short to the long term. This expected shortfall, exacerbated by the soaring electricity demands of data centres powering artificial intelligence, underscores the growing need for new uranium production. Deep Yellow argues that these market fundamentals highlight the need for a “scarcity premium” for uranium, a factor they believe is not fully appreciated by the downstream industry.
The company also underwent a significant leadership transition during the period. John Borshoff stepped down from his role as Managing Director and Chief Executive Officer on 20 October 2025. In the interim, Chief Financial Officer Craig Barnes has assumed the role of Acting Chief Executive Officer, while Non-Executive Chairman Chris Salisbury will serve as temporary Executive Chair to ensure a smooth transition. The global search for a permanent replacement is reported to be at an advanced stage.
For Namibia, the continued advancement of the Tumas project represents more than just corporate progress; it signifies substantial investment, job creation, and the strengthening of the nation’s mining sector. The methodical steps being taken—from detailed engineering and earthworks to exploration that points to a longer mine life—paint a picture of a well-managed, long-term enterprise. As the project moves closer to its 2027 production goal, the Tumas project is poised to become a cornerstone of Namibia’s economy and a key contributor to the global clean energy fuel supply, cementing the country’s role in the international nuclear energy landscape.
