Deep Yellow Limited achieves significant upgrade in Tumas 3 Measured Mineral Resource

Deep Yellow Limited (ASX:DYL) has announced the successful achievement of an updated Mineral Resource Estimate (MRE) for the Tumas 1, 1 East, 2 and 3 Deposits in Namibia. The Tumas 3 Measured Mineral Resource has been upgraded to 22.5 Mlb at 300 ppm eU3O8, with a total Measured and Indicated Mineral Resources of 102.1 Mlb at 268 ppm eU3O8. This upgrade follows a 660 hole, 12,727 m RC resource infill drill program completed in June 2024, enabling the Company to achieve its targeted +30-year Life-of-Mine.

Executive Commentary on Tumas Project and Mineral Resource Estimate

Tumas is a standout, Tier-1, long-life Project and the team continues to tick all the boxes as we progress with project financing and marketing ahead of a final investment decision (FID) later this year. Delivery of the Tumas Mineral Resource upgrade across the areas earmarked for the initial six years of mining highlights the potential of the mineralised system identified at Tumas to deliver quality uranium resources. Remarkably, even with the detailed infill drilling on the Tumas 3 deposit to convert resources from Indicated to the more stringent Measured category, the quantity and quality of the Tumas 3 resource has remained well within the acceptable range.

Summary of Tumas Project and Outlook

The upgraded Mineral Resource Estimate for the Tumas 1, 1 East, 2 and 3 Deposits demonstrates Deep Yellow's commitment to achieving its targeted Life-of-Mine and supporting project financing. The Company is confident that the reserve update will extend the operating life of Tumas to over 35 years. The detailed engineering for the Project, currently underway, will provide a control capital estimate and detailed execution schedule. Ongoing resource drilling is planned to continue to the west of Tumas 3 during FY2025, with the Company seeking a further 30 Mlb to add to the Tumas resource base. Deep Yellow's dual-pillar growth strategy positions it well for further growth through development of its highly prospective exploration portfolio, with ongoing M&A focused on high-quality assets should opportunities arise that best fit the Company's strategy.