Deep Yellow Announces Major Construction Contracts for Tumas Project

Deep Yellow continues to make steady progress at the Tumas Project, with recent contract awards strengthening project readiness ahead of Final Investment Decision

Deep Yellow Limited (ASX: DYL)

Deep Yellow Limited (ASX: DYL), on 20 July 2026, announced the award of two major civil and concrete construction contracts for its flagship Tumas Project (Tumas or the Project) in Namibia. The contract awards represent another important step in Deep Yellow’s disciplined project execution strategy which ensures that critical construction capability is secured ahead of major development activities while maintaining flexibility as the Company is progressing towards a Final Investment Decision (FID) anticipated in Q4 of 2026.

Deep Yellow's commitment towards developing sustainable local capability and maximising in-country economic benefits from the Project.

The first contract by the company has been awarded to Namibia Construction Pty Ltd. The estimated contract value is approximately $18.5 million and is on terms consistent for construction contracts of this nature. The scope of this contract includes reinforced concrete construction within the beneficiation, leach feed thickening and tailings transfer facilities, fabrication and installation of precast concrete elements across the processing plant and the design and construction of the reinforced earth retaining wall supporting the Run-of-Mine stockpile.

The second contract has been awarded to Nexus Building and Civils Contractors Pty Ltd. The estimated contract value is approximately $15.5 million and is on terms consistent for construction contracts of this nature. This contract includes construction of reinforced concrete foundations, plinths, slabs and associated embedded infrastructure throughout the balance of plant.

Both contracts have been awarded to well-established and highly regarded Namibian-owned contractors which are expected to be executed using predominantly Namibian workforces. The awards reflect Deep Yellow's commitment to developing sustainable local capability and maximising in-country economic benefits from the Project.

Getting the contractors ready before making the Final Investment Decision

By awarding these contracts ahead of the Final Investment Decision(FID), Deep Yellow is improving project readiness. While the overall construction timeline remains unchanged, this proactive approach enhances execution efficiency, reduces scheduling risks and strengthens confidence in delivering the Tumas Project on time and within budget.

Conclusion

Deep Yellow’s recent developments reinforce the commitment to bringing the Tumas Project into production through a disciplined and well-planned execution strategy. Although the timing of the Final Investment Decision remains a key uncertainty, the company is steadily reducing execution risks and strengthening project readiness. The positive market response, with the stock surging approximately 7.3% at the time of writing on 20 July 2026, following the announcement reflects growing investor confidence in management’s execution strategy. With a market capitalisation of approximately $1.19 billion and favourable long-term uranium market fundamentals, Deep Yellow remains well positioned to capitalise on future opportunities as the project advances.  

(Source: Company Announcements)