CHAMWE KAIRA
The Vanguard Group of Australia has become a substantial shareholder in Deep Yellow the company that is developing the Tumas project in the Erongo Region after it acquired 48 million shares with a voting right of 5.003%.
The development was confirmed by Deep Yellow Managing Director and CEO, John Borshoff. Vanguard Group is the manager of various Mutual funds and accounts and in that capacity has the power to dispose of the shares.
Deep Yellow is progressing its dual-pillar strategy to establish a multi-mine company with capacity to produce 10 million pounds of uranium per annum. The company has acquired and developed a portfolio of geographically diverse exploration, early-stage and advanced uranium projects.
Deep Yellow has two advanced projects, Tumas and Mulga Rock (Western Australia). Both projects are located in Tier-1 uranium jurisdictions and have a potential production capacity of more than seven million pounds per annum, Tumas 3.6 million pounds per annum and a potential 30+ year Life of Mine (LoM) and Mulga Rock, 3.5 million per pound and 15 plus year LoM.
In late 2023, the company completed a review of the 2023 Tumas Definitive Feasibility Study (DFS), which generated excellent results and strengthened the Project’s status as a long-life, world-class uranium operation. Shortly after this, Deep Yellow received the mining licence for Tumas and remains on track for a final investment decision to be made in the fourth quarter of this year, with operations scheduled to commence in 2026.
The company is also well-positioned for continued organic growth through development of its highly prospective exploration portfolio which comprises Omahola (Namibia) and Alligator River (Northern Territory) and inorganic growth through further consolidation of targeted high-quality uranium assets.
Deep Yellow believes that the shift in global thinking and sentiment towards the adoption of nuclear energy continues to generate strong momentum for the uranium sector. The company believes that most major economies are in full alignment demanding more nuclear, as it is the only 24/7 clean energy source that can provide baseload power supply and numerous other vital applications, while achieving zero emissions.
Deep Yellow explained that the need for more nuclear was highlighted at COP28, where over 20 countries signed to the goal of tripling nuclear energy capacity to achieve zero emissions by 2050.
The company believes that this has created an exciting opportunity for the uranium market, expected to result in exceptional growth and value generating opportunities for Deep Yellow, as the company is well-placed to provide production optionality, security of supply and geographic diversity to a growing market.
