Deep Yellow Limited announces updated Mineral Resource Estimate for Mulga Rock Project

Uranium developer Deep Yellow Limited (ASX: $DYL) has announced an updated Mineral Resource Estimate (MRE) for the Ambassador and Princess deposits, part of its 100%-owned Mulga Rock Project located in Western Australia's eastern goldfields. The total contained uranium in the Mulga Rock East Project has increased by 26% to 71.2 Mlb U3O8 at a 100 ppm U3O8 cut-off grade, with a substantial uplift also achieved in critical mineral value, including Rare Earth Oxide. The updated MRE justifies a more expansive Definitive Feasibility Study revision to commence in Q2/2024.

Executive Commentary on Mulga Rock Project

Deep Yellow Managing Director and CEO John Borshoff expressed satisfaction with the updated Mineral Resource Estimate, stating, 'The updated MRE has delivered an impressive 26% increase in the uranium resource and more than doubled the critical minerals' inventory. This fully justifies proceeding with the DFS revision, which will kick off in Q2 2024, to determine the overall viability of the polymetallic resource that has been delineated with uranium still remaining the key value driver of the Project.' Borshoff also highlighted the potential value uplift that could be captured by the integrated development approach.

Summary of Mulga Rock Project Announcement

The updated Mineral Resource Estimate for the Mulga Rock Project has demonstrated a significant increase in the uranium resource and critical minerals' inventory. This has justified the decision to proceed with a more expansive Definitive Feasibility Study revision, which is set to commence in Q2 2024. Deep Yellow aims to become a geographically diversified, multi-mine uranium producer in the coming years, with assets planned for production by 2026 at Tumas and 2028 at Mulga Rock. The company's portfolio contains the largest uranium resource base of any ASX-listed company, positioning it for further growth through development of its highly prospective exploration portfolio.