Deep Yellow (DYL) H2 2025 earnings summary

Executive summary

• Transitioned from late-stage project developer to near-operational uranium miner, with Tumas Project in Namibia advancing toward production pending uranium market conditions and Mulga Rock Project in Australia progressing through feasibility updates.

• Deferred Final Investment Decision (FID) on Tumas to await improved uranium prices, maintaining strong cash reserves and staged development to optimize project value.

• Achieved significant safety milestones with an All Injury Frequency Rate of 4 and no environmental or heritage non-compliances.

• Enhanced exploration and resource delineation across Namibian and Australian assets, including Alligator River Project.

Financial highlights

• Net profit after tax for FY2025 was $7.16 million, reversing a prior year loss of $10.64 million, mainly due to an $11.24 million reversal of previous exploration impairment.

• Cash and cash equivalents increased to $217.4 million (2024: $177.5 million), with net assets at $633.2 million (2024: $614.6 million).

• Capitalised mineral exploration and evaluation expenditure at $326.0 million; property, plant, and equipment rose to $96.1 million due to Tumas Project development.

• Earnings per share improved to 0.74 cents (2024: -1.31 cents).

Outlook and guidance

• Tumas Project FID deferred; staged development continues with readiness to accelerate when uranium prices improve.

• Mulga Rock Project revised DFS underway, targeting completion in early FY2027, with expanded resource and process flowsheet.

• Production ramp-up at Tumas expected in Q3 CY2027, Mulga Rock to follow from mid-CY2029.

• Positive uranium market outlook driven by global nuclear expansion and supply-demand gap.