Deep Yellow (DYL) Q3 2025 TU earnings summary

Executive summary

• Final investment decision for the Tumas Project deferred due to insufficient uranium price incentives; staged development approach adopted with continued engineering and early works.

• Tumas Project confirmed as a robust, long-life operation with updated feasibility and reserve estimates supporting a 30-year mine life.

• Mulga Rock Project mini-pilot work progressing, with focus on beneficiation and extraction processes for uranium, base metals, and rare earth elements.

• Strong financial position maintained with group cash balance of A$227 million at quarter end.

Financial highlights

• Tumas Project NPV post-tax: US$577M; IRR post-tax: 19%; initial CAPEX: US$474M.

• C1 OPEX for first 20 years: US$24.52/t ore treated, US$35.02/lb U3O8.

• Group cash balance at quarter end: A$227.4M; expected additional A$11.4M from R&D and VAT refunds and loan repayments in FY25/26.

• Quarterly development spend: A$13.3M at Tumas, A$2.3M on Mulga Rock and Alligator River projects.

Outlook and guidance

• Tumas Project development to proceed with early works and engineering, but full-scale construction delayed until uranium prices improve.

• Mulga Rock Project to commence revised DFS update in H2 CY2025, with ongoing hydrogeology, mining, and metallurgy studies.

• Project financing for Tumas advancing, with due diligence nearing completion and lender engagement to follow.