Key Milestone Achieved for Deep Yellow Limited

Deep Yellow Limited (ASX:DYL) has achieved a significant milestone as Namibia's Ministry of Mines and Energy issued a mining licence for the Company's flagship Tumas Project. The licence, valid for 20 years, paves the way for Deep Yellow to progress towards production, establishing Tumas as the 4th uranium mine in Namibia. This development also allows the Company to maintain its timeline for a Final Investment Decision (FID) to be made in Q3 2024.

Executive Commentary on Tumas Project's Mining Licence

Deep Yellow CEO and Managing Director John Borshoff expressed his delight at receiving the mining licence for the Tumas Project, emphasizing its significance in the progress to develop this significant uranium asset. He highlighted the Company's objective of building Deep Yellow into a reliable, geographically diverse, and long-term uranium producer. Borshoff also stressed that the mining licence ensures Deep Yellow can move forward on its stated development schedule, make a FID in Q3 2024, and establish economic benefits for both Namibia and the Deep Yellow shareholders.

Summary of Tumas Project's Progress and Outlook

The issuance of the mining licence for Deep Yellow's Tumas Project marks a crucial step towards production and the Company's objective of becoming a globally significant uranium producer. With the licence valid for 20 years, Deep Yellow plans to progress the Project towards production, aiming to establish Tumas as the 4th uranium mine in Namibia. The recent completion of the Tumas Re-Costing Study has delivered an uplift in project Net Present Value (NPV) and Internal Rate of Return (IRR), further strengthening the economic outlook. Looking ahead, Deep Yellow's focus is on project financing, product marketing, and detailed engineering work to maintain the timeline for a FID to be made in Q3 2024, demonstrating the Company's commitment to its corporate strategy and the Tumas Project's advancement.