Deep Yellow (DYL) Q1 2026 TU earnings summary

Executive summary

• Advanced engineering and infrastructure work continues at the flagship Tumas Project, targeting first production in Q3 CY2027.

• Drilling at the S-Bend prospect identified four clusters of higher-grade uranium mineralisation, enhancing the potential to extend Tumas' 30-year Life of Mine.

• Mulga Rock Project's mini-pilot resin testwork successfully demonstrated recovery of uranium, base metals, and rare earth elements, with a revised Definitive Feasibility Study progressing.

• Alligator River Project fieldwork and drilling programs are underway, with results pending.

• Leadership transition underway following the Managing Director's resignation, with the CFO acting as interim CEO.

Financial highlights

• Group cash balance at 30 September 2025 was A$203.5 million.

• Expected to receive approximately A$8 million in FY2026 from R&D refunds, VAT refunds, and loan repayments.

• Quarterly expenditure: A$11.1 million on Tumas development and A$3.8 million on exploration and evaluation activities.

• Payments to related parties and associates totaled approximately A$890K for the quarter.

Outlook and guidance

• Tumas Project remains on track for first production in Q3 CY2027.

• Mulga Rock Project aims for first product approximately two years after Tumas commences production.

• Uranium market outlook is positive, with supply deficits projected through 2040 and increasing demand from data center growth and nuclear energy needs.