Deep Yellow gains on 'significant progress' at Tumas project
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The news: Uranium explorer Deep Yellow's shares lifted after it announced "significant progress" on the development of its flagship Tumas project in Namibia.
The numbers: Deep Yellow shares were up 2.1% to $1.23 by 2:10pm AEST, having gained more than 90% in the last 12 months.
The context: In its quarterly activities report, the Perth-based miner noted that it has further advanced the project financing for Tumas with the appointment of financial services group Nedbank earlier this month.
Product marketing for the uranium product has started and the recent rise in the uranium term and spot markets "offers an encouraging environment" for this part of the project development, Deep Yellow said.
Resource upgrade drilling activities at Tumas 3 have been completed and final results are due in early in Q3 of 2024. The company expects to complete project financing and marketing and establish a control capital cost estimate and schedule during the second-half of the current calendar year.
The development will then be prepared for the commencement of major site works early in CY25, after final investment decision, with ore commissioning scheduled for August 2026.
The source: ASX announcement
