Deep Yellow Limited is pleased to provide an update on key developments at its flagship Tumas Project.
Deep Yellow Acting Chief Executive Officer Mr. Craig Barnes commented: “The execution of the power supply agreement with NamPower is another important step in advancing our preparation for the construction of the Tumas Project. Our strategy for the development of Tumas is unchanged, we will continue with the orderly derisking of the Project and ensure we are ready to reach FID when we are satisfied that the uranium market supports development of a greenfield project like Tumas.”
Power and water infrastructure
Power supply
Deep Yellow’s wholly owned subsidiary, Reptile Uranium Namibia (Pty) Ltd., and Namibia Power Corporation (Pty) Ltd. (NamPower) executed the Transmission Power Supply Agreement for the Tumas Project (Power Supply Agreement). The Power Supply Agreement is subject to conditions precedent, including a final investment decision (FID) in relation to the Tumas Project.
The Tumas Project will be connected to the Namibian regional grid through a purpose-built dedicated 22 km 220 kV power line with capacity of 4 MVA (the NamPower minimum design standard for 220 kV overhead power lines). Deep Yellow is responsible for the design and construction of the overhead power line, 220 kV switching yard and 220 kV to 11 kV transformer/substation located at the Tumas Project process plant site, which will be handed over to NamPower after commissioning.
The power line will be supplemented by an onsite solar farm installed and operated by an independent power producer under a Build, Own, Operate and Transfer (BOOT) arrangement. The solar farm is designed to supply up to the full project electrical power demand during daylight hours, when power charges from NamPower are at their peak, accounting for at least 30% of the total electrical power required for the operation.
The Project area has been assessed as particularly suitable for power supplementation using solar, with little cloud cover throughout the year and high solar irradiation. The installation is not intended to include any battery component, thereby maximising the economic return of the system.
Negotiations are continuing with a preferred supplier for the solar farm BOOT contract and detailed design for the power supply connection has commenced.
Water supply
Fresh water for the Tumas Project will be supplied from the Swakopmund Reservoir managed by the Namibia Water Corporation Ltd. (NamWater), via a 2.5 GL per year 65 km water pipeline running parallel to the C28 highway.
A draft water supply agreement and draft development agreement have been received from NamWater and negotiations on these agreements will now take place. The Company will be responsible for the design and construction of the water pipeline and associated infrastructure. The preliminary design of the water pipeline has been completed and tenders for a design and construction contract have been received.
Detailed engineering and procurement
The staged development approach for Tumas is progressing well with ongoing detailed engineering to ensure the Project is ready for construction to enable a lower risk, fast response following FID.
Detailed engineering for the Project is more than 60% complete (3D engineering model more than 65% complete) and orders for vendor data have been placed for all long lead equipment items. Over 70% of all major equipment for the process plant has now been tendered.
The Project execution schedule, capital estimate, mining schedule and financial model are being updated as improved data for each Project element becomes available and in preparation for the Project’s FID.
Early works
Bulk earthworks
The bulk earthworks for the Tumas Project commenced on site in October 2025 and are currently 24% complete. These include excavating to competent ground conditions, backfilling, terracing for the process plant and construction of laydown areas as well as perimeter access roads and are expected to be completed in March 2026.
Temporary construction facilities
All temporary site facilities for construction are in place, including roads, water for construction, offices and communications.
Project financing
We are pleased to report that the Independent Technical Expert has completed their environmental and social due diligence report on the Tumas Project on behalf of Nedbank Limited, the Mandated Lead Arranger. This now concludes an independent, rigorous and comprehensive review of the Project and marks completion of the first major milestone to securing project debt financing. Importantly, it paves the way for a faster transition into the documentation phase of the project debt financing.
