Highlights

  • Deep Yellow closed at 2.17 AUD, down 11.79% on heavy trading volume.
  • Half-year loss increased to 7.78M AUD, up from 2.47M AUD in December 2024.
  • Key uranium projects in Namibia and Australia progressed with exploration and feasibility work.

Deep Yellow Limited (ASX:DYL) recorded a last price of 2.17 AUD on 6 March 2026, representing a decline of 0.29 AUD or 11.79% for the day. Trading volume was 7,387,884 shares with the bid/offer range between 2.17–2.19 AUD. Over the past five days, the stock declined 15.56%, while six-month performance showed a 10.71% increase. Long-term performance remains significant, with a five-year gain of 233.85% and all-time growth of 210.00%.

Interim Financial Results

The half-year ended 31 December 2025 saw Deep Yellow report a consolidated loss from continuing operations after income tax of 7.78M AUD, compared with 2.47M AUD for the same period in 2024. Total expenses for the half-year were 11.79M AUD, up from 8.77M AUD in December 2024. At the end of the reporting period, cash and at-call deposits stood at 187.15M AUD, down from 217.37M AUD in June 2025.

Capitalised mineral exploration and evaluation expenditure increased to 334.83M AUD, while property, plant, and equipment reached 125.48M AUD, including 119.30M AUD for the Tumas Project.

Leadership Transition and Corporate Developments

During the reporting period, executive changes included the resignation of former MD/CEO John Borshoff in October 2025. Greg Field was appointed MD/CEO effective 2 February 2026, bringing operational and project execution experience. Additionally, Zebra Kasete was appointed Managing Director – Namibia in November 2025 to support in-country project delivery.

Project Focus: Tumas Project, Namibia

The Tumas Project continued as the primary development focus. Work progressed toward derisking and preparing for a final investment decision (FID) when market conditions permit. Detailed engineering was over 60% complete, and bulk earthworks advanced to approximately 24%. Vendor orders were placed for long-lead items, and more than 70% of major process plant equipment was tendered.

A comprehensive independent due diligence review confirmed no material issues, marking a critical step for potential project debt financing. Key infrastructure agreements progressed, with a power supply agreement executed in December 2025 and water supply negotiations ongoing.

Exploration Activities in Namibia

Exploration at S-Bend, Tinkas, and Omahola projects confirmed uranium mineralisation and palaeochannel structures suitable for future resource expansion. RC drilling programs identified higher-grade clusters at S-Bend and confirmed shallow uranium mineralisation at Tinkas. The Omahola project drilling confirmed a previously untested 7 km section of the Tumas palaeochannel.

Mulga Rock Project, Western Australia

Work at the Mulga Rock Project focused on trade-off studies and development of a revised process flowsheet following successful pilot programs for uranium, base metals, and rare earth element recovery. The revised DFS is expected to complete in Q3 CY2026.

Ground gravity and passive seismic surveys were completed in October 2025 to explore extensions of the Mulga Rock East deposits, integrating geochemical survey data to guide development planning.

Alligator River Project, Northern Territory

Field and drilling programs at the Alligator River Project confirmed the prospectivity of Condor prospect corridor and structural targets consistent with unconformity-related uranium mineralisation. Drilling across Such Wow, TP14, Q14, and Angularli prospects intersected significant structural features, enhancing the exploration model. A total of 4,660 m of drilling supported future exploration planning.

Uranium Market Observation

The company monitored global uranium market developments, noting supply-demand imbalances and ongoing interest in nuclear energy within energy transition frameworks. Market conditions remain a determining factor for the timing of FID at Tumas.

Outlook and Next Steps

Deep Yellow remains focused on advancing Tumas toward readiness for development and progressing DFS at Mulga Rock. Exploration continues across ARP and other assets, targeting potential increases in uranium mineral resources.

Deep Yellow experienced a sharp stock decline of 11.79% to 2.17 AUD amid the half-year report. The company reported a 7.78M AUD loss with continued investment in uranium projects in Namibia and Australia. Key projects Tumas, Mulga Rock, and Alligator River progressed through exploration, pilot studies, and engineering, supporting long-term resource development.

FAQs

Q1: What caused Deep Yellow’s stock to drop 11.79% on 6 March 2026?
The stock decline reflects market reactions to interim half-year financial results and leadership changes.

Q2: How much cash does Deep Yellow hold at 31 December 2025?
Cash and at-call deposits were reported at 187.15M AUD, down from 217.37M AUD in June 2025.

Q3: What are the key uranium projects being advanced by Deep Yellow?
The Tumas Project, Mulga Rock Project, and Alligator River Project are core uranium assets under development.