Deep Yellow (DYL) Q2 2026 TU earnings summary

Executive summary

• Staged development of the Tumas Project in Namibia is advancing, with detailed engineering over 60% complete and bulk earthworks 24% finished as of December 2025.

• Power supply agreement executed and independent technical due diligence completed, supporting project debt financing for Tumas.

• Exploration at the Tinkas Prospect adjacent to Tumas identified uranium mineralisation up to 11m thick from surface.

• Mulga Rock Project in Western Australia progressed with trade-off studies and completion of ground gravity and passive seismic surveys.

• Alligator River Project in Northern Territory completed 4,660m of drilling, identifying significant hydrothermal alteration at the Q14 anomaly.

• Group cash balance at 31 December 2025 was A$187.1 million.

• Leadership transition underway, with new CEO and Managing Director appointments effective early 2026.

Financial highlights

• Cash balance decreased to A$187.1 million from A$203.5 million in the previous quarter.

• A$14.0 million spent on Tumas development and A$4.1 million on exploration and evaluation activities during the quarter.

• No mining production activities conducted during the quarter.

Outlook and guidance

• Tumas Project is being prepared for a final investment decision, pending supportive uranium market conditions.

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

• Uranium market outlook remains strong, with spot and term prices rising and global demand expected to increase.