Deep Yellow (DYL) Diggers & Dealers Mining Forum 2025 summary

Corporate and market overview

• Holds a globally diversified portfolio with two advanced uranium assets: Tumas (Namibia) and Mulga Rock (Western Australia), plus high-value exploration projects in Australia and Namibia.

• Aims to produce over 10 million lbs of uranium per year within the next decade through sequential project development.

• Team has extensive uranium sector experience, including building and operating major mines like Langer Heinrich and Kayelekera.

• Market cap stands at $1.6 billion with $217 million in cash as of June 30; included in the ASX 200.

• Led by a management team with over 500 years of collective uranium experience.

Project development and strategy

• Tumas project targets 3.6 million lbs annual production over 30 years, with robust economics: 19% IRR, $577M NPV, $474M CapEx.

• Final Investment Decision for Tumas deferred until uranium prices reflect structural supply deficit; detailed engineering and early works continue.

• Mulga Rock is the only uranium project in Western Australia with a granted mining lease and development approval, holding a 105 million lbs resource.

• Mulga Rock's resource and life of mine have been significantly upgraded, with critical minerals (base and rare earths) identified as valuable byproducts.

• Revised Definitive Feasibility Study for Mulga Rock underway, targeting completion in Q3 next year, with a whole-of-ore approach and innovative processing.

Industry trends and uranium market outlook

• Uranium prices have seen significant volatility, peaking at $106/lb in early 2024, influenced by supply concerns and geopolitical factors.

• Global momentum for nuclear energy is at an all-time high, with governments and tech companies driving new reactor builds and policy shifts.

• 31 countries committed to tripling nuclear capacity by 2050; U.S. and China aim to replicate current global fleet size by 2050.

• Demand forecasts for uranium by 2030 range from 185M to 248M lbs, while supply is expected to lag significantly, requiring dozens of new projects.

• New uranium mines face technical, regulatory, and economic challenges, making future supply shortfalls likely.