Deep Yellow (DYL) Q1 2027 TU earnings summary

Executive summary

• Tumas development advanced, but FID was deferred from Q4 2026 because equity market conditions did not support proceeding; commitment to the project remains.

• Quarter-end cash was A$144.7 million, supporting continued staged development and portfolio advancement.

Financial highlights

• Cash and cash equivalents were A$144.7 million at 30 September 2026, down from A$160.0 million at 30 June 2026.

• Development expenditure was A$7.6 million, primarily for Tumas; exploration and evaluation expenditure was A$4.6 million across Namibia and Australian projects.

• No mining production activities occurred during the quarter.

Outlook and guidance

• A comprehensive Tumas project update, including revised execution and mining schedules, capital and operating costs, and financial model, is expected once optimisation work is complete.

• Water pipe supply contract award is expected before end-2026; a tender for pipeline installation is expected in Q1 2027.

• Revised Mulga Rock study work remains on schedule; first product is planned approximately two years after Tumas production commences.

• S-Bend drilling was scheduled to begin in October 2026; Mulga Rock hydrogeological drilling is planned for Q1 2027, followed by pumping tests in Q2 2027.