CHAMWE KAIRA
Deep Yellow, which is developing the Tumas uranium project, has continued to work closely with its mandated lead arranger, Nedbank Limited, to progress the financing strategy for Tumas.
The company disclosed that completion of the Independent Technical Expert review satisfies the lenders initial due diligence requirements.
Nedbank is now waiting on Deep Yellow to advise the required debt facility amount, which will be determined as part of the optimal funding structure closer to the Final Investment Decision (FID).
Deep Yellow has continued to advance the staged development of the Tumas Project, achieving key milestones that further de-risk execution, and improve construction readiness as the company progresses towards an FID anticipated in the last quarter of this year subject to market conditions.
In terms of power and water supply infrastructure, the company has continued to make progress across the critical enabling infrastructure required to support Tumas.
Detailed design activities have advanced for the 220 kV grid connection in collaboration with NamPower.
Negotiations with NamWater on long-term water supply and associated infrastructure agreements are approaching completion, the company has disclosed.
The delivery strategy for the water pipeline has now been established, with tenders for the supply of pipeline materials issued during the quarter, ending June.
Commenting on the June quarter activities, Deep Yellow managing director and chief executive officer, Greg
Field said: “The June quarter marked another period of disciplined execution as we continued to systematically de-risk the Tumas Project and build momentum ahead of our anticipated FID in the fourth quarter of 2026. Since quarter-end, we have awarded two significant civil and concrete construction contracts to experienced Namibian contractors, an important milestone that strengthens construction readiness and reflects the quality of execution across the project.”
The average reported long-term uranium price reached a new record high of US$95.50/lb (per pound) U₃O₈ (uranium oxide) by 30 June 2026, an increase of 19% over the previous 12 months.
The average spot uranium price also continued to strengthen, increasing 8% year-on-year to US$85.00/lb U₃O₈ on 30 June 2026.
Long-term contracting activity also continued to recover with a reported approximately 33 Mlb (million pounds) of uranium oxide equivalent contracted during the first half of 2026, compared with approximately 27 Mlb during the corresponding period in 2025.
Consistent with recent years, market participants expect contracting activity to accelerate during the second half of 2026.
Support for nuclear energy also continued to broaden during and after the quarter with Australia and India finalizing the administrative arrangements necessary to enable the long-term export of Australian uranium to India, opening an important new market for Australian producers and further strengthening Australia’s position as a trusted supplier of strategic energy minerals.
