Highlights

• Deep Yellow advanced Tumas toward investment readiness while maintaining a debt-free balance sheet and substantial cash reserves.
• FY26 net profit rose, driven largely by a AU$25.2m non-cash impairment reversal on the Omahola Project.
• Tumas remains the key near-term catalyst, with a Final Investment Decision targeted for Q4 2026, subject to market conditions.

FY26 Performance Reflects Continued Project Advancement

Deep Yellow Limited (ASX: DYL) released its 2026 Annual Report on 16 September 2026, covering the financial year ended 30 June 2026. The uranium developer continued progressing its flagship Tumas Project in Namibia while advancing Mulga Rock in Western Australia and exploration opportunities across its broader portfolio. The Group recorded net profit after tax of AU$13.33 million for FY26, compared to AU$7.16 million in the previous year. Cash and at-call deposits stood at AU$159.63 million at year-end, while net assets increased to AU$660.84 million from AU$633.18 million. Deep Yellow remained debt free, preserving financial flexibility as its development portfolio moves closer to construction. No dividend was recommended for FY26.

Tumas Moves Closer to Investment Decision

Tumas remained the company’s primary development focus. By the end of FY26, Tumas engineering work was 79% complete, with the project’s 3D design model reaching 81%. Tendering had also been completed for over 76% of key process-plant equipment, while most long-lead items had moved to the award stage.

Deep Yellow also completed bulk earthworks, progressed project financing work and secured key infrastructure arrangements. The company expects a Final Investment Decision in Q4 2026, although timing remains dependent on market conditions.

Resource Base Supports Long-Term Strategy

At 30 June 2026, Deep Yellow reported total Mineral Resources of 428.2 million pounds of U3O8 and Ore Reserves of 121.8 million pounds. The portfolio spans Namibia and Australia, providing geographic diversification across several uranium development and exploration assets.

Outlook

Management’s longer-term strategy targets uranium production exceeding 10 million pounds annually, anchored by Tumas and Mulga Rock. Near-term attention remains on finalising Tumas readiness, funding arrangements and project economics before FID. Progress at Mulga Rock and exploration across Alligator River and Omahola could provide additional growth options beyond the initial development phase.

Note- All data presented is based on information available at the time of writing.

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