Key activities and developments in June 2024 quarter

Deep Yellow Limited (ASX: $DYL) has reported significant progress in the June 2024 quarter, with key highlights including the selection of Ausenco Services Pty Ltd as the preferred EPCM contractor for the flagship Tumas Project. The company also appointed Nedbank Limited as the Mandated Lead Arranger and Bookrunner for project financing. Additionally, a hydrological drilling program has commenced at the Mulga Rock Project to define water management parameters for mining, along with several remaining evaluation programs underway.

Executive commentary on project developments and market outlook

The Company is pleased with the progress made on the Tumas Project, with the selection of Ausenco Services Pty Ltd as the preferred EPCM contractor marking a significant milestone. The appointment of Nedbank Limited for project financing is a positive step towards advancing the project. The commencement of the hydrological drilling program at the Mulga Rock Project demonstrates our commitment to thorough planning and preparation. The recent rise in the uranium term and spot markets provides an encouraging environment for project development and product marketing. We remain optimistic about the outlook for uranium and critical minerals extraction, despite the challenges in the uranium market.

Summary of key project developments and future outlook

Deep Yellow Limited has made substantial progress in the June 2024 quarter, particularly with the selection of Ausenco Services Pty Ltd as the preferred EPCM contractor for the Tumas Project and the appointment of Nedbank Limited for project financing. The company's focus on project development and financing, along with the commencement of key drilling programs, reflects its commitment to advancing its flagship projects. The outlook for the uranium market, despite challenges, remains positive, and the Company is well-positioned to capitalize on the encouraging market conditions. With a strong cash position and ongoing project advancements, Deep Yellow is poised for further growth and development in the coming quarters.