2020 Annual Report
Perth, Sep 25, 2020 AEST (ABN Newswire) - Led by a proven and experienced management team with an exceptional track record of uranium success, Deep Yellow Limited ((
ASX:DYL) (JMI:FRA) (DYLLF:OTCMKTS) is focused on becoming a tier-one, low-cost uranium producer by establishing a multiproject, globally diversified uranium portfolio.
The Company is advancing a bold, counter cyclical, dual-pillar growth strategy. The strategy is focused on organic growth through the development of the Company's existing asset base in Namibia and inorganic growth through a targeted merger and acquisition program.
The long-term outlook for uranium is extremely positive underpinned by the integral role nuclear power will need to play in meeting clean energy targets. Aside from growth already forecasted to meet electricity demand in regions such as Asia, Middle East and Eastern Europe, the expectation is that additional nuclear demand will be driven by the requirement to counter growing greenhouse gas emissions.
Deep Yellow is preparing itself to be in a position to provide a secure and reliable supply of uranium to this growing market.
HIGHLIGHTS OF THE 2020 FINANCIAL YEAR
Key achievements in the Company have been as follows:
- Continued drilling of the prospective Tumas palaeochannel system continued to increase the resource base on the Reptile Project with 55km of this 125km target remaining to be adequately tested.
- With the positive results, a Scoping Study (SS) was completed initiating commencement of a Pre-Feasibility Study (PFS) to test viability of Langer Heinrich-style deposits which are found to occur on the Tumas Palaeochannel of the Reptile Project.
- Exploration on the on the Nova Joint Venture (NJV) Project funded 100% by JOGMEC continued testing for basement associated mineralisation (Husab/Rossing alaskite-associated mineralisation) and surficial calcrete-style mineralisation (Langer Heinrich-style deposits) with highly encouraging results identified at the Barking Gecko basement target.
- Completion of a capital raising program in July 2019, involving both placements to selected parties to broaden the shareholder base and a Share Purchase Plan. It jointly raised A$11.3M to support sector consolidation possibilities and advancement of the feasibility studies on Reptile Project.
- Against the uncertainty and volatility caused by the COVID-19 pandemic, the Company conducted a full review of activities focused on adjusting workstreams to safeguard the Company's key assets. Proceeded with re-adjusted work programs to preserve cash, whilst maintaining and advancing the core key drivers of the Company's strategy. This included advancing the Tumas 3 PFS, carrying out critical exploration on the NJV and assessing M&A activities.
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About Deep Yellow Limited
Deep Yellow Limited (ASX:DYL) (OTCMKTS:DYLLF) is successfully progressing a dual-pillar growth strategy to establish a globally diversified, Tier-1 uranium company to produce 10+Mlb p.a.
The Company's portfolio contains the largest uranium resource base of any ASX-listed company and its projects provide geographic and development diversity. Deep Yellow is the only ASX company with two advanced projects - flagship Tumas, Namibia (Final Investment Decision expected in 1H/CY24) and MRP, Western Australia (advancing through revised DFS), both located in Tier-1 uranium jurisdictions.
Deep Yellow is well-positioned for further growth through development of its highly prospective exploration portfolio - ARP, Northern Territory and Omahola, Namibia with ongoing M&A focused on high-quality assets should opportunities arise that best fit the Company's strategy.
Led by a best-in-class team, who are proven uranium mine builders and operators, the Company is advancing its growth strategy at a time when the need for nuclear energy is becoming the only viable option in the mid-to-long term to provide baseload power supply and achieve zero emission targets.
Importantly, Deep Yellow is on track to becoming a reliable and long-term uranium producer, able to provide production optionality, security of supply and geographic diversity.
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