September 2022 Quarterly Activities Report
Perth, Oct 31, 2022 AEST (ABN Newswire) - Deep Yellow Limited (
ASX:DYL) (JMI:FRA) (DYLLF:OTCMKTS) is pleased to provide an update on key activities completed in the September quarter.
HIGHLIGHTS
- The merger with Vimy Resources Limited (Vimy) completed - creating one of the world's largest diversified pure play uranium companies
- Tumas Project Definitive Feasibility Study (DFS) remains on schedule for completion in Q4 CY22
- Mulga Rock Project (Mulga Rock) - Completing technical integration. Review underway to maximise Project value with added focus also on recovery of copper, nickel, cobalt, and rare earths and extending Life of Mine
- Omahola Basement Project (Omahola) - Phase Two of the follow-up drilling program has 43 holes for 2,950m completed with positive results. 30 holes remain to be drilled
- Alligator River Project - 18-hole diamond drilling program commenced returning significant uranium intersections in the Angularli Deposit
- Post-merger integration of assets and staff is progressing well and remains on track to deliver significant value enhancements
- Strong balance sheet with cash of $66.5 million
MANAGING DIRECTOR'S COMMENT
"This quarterly marks our first as a significantly larger uranium company, following the successful merger with Vimy Resources. The transaction has combined two advanced, geographically diverse uranium projects, placing Deep Yellow in a rare position as a multi jurisdiction and multi asset uranium company on the path to delivering our stated incentive-driven production target post-2025, given the necessary uranium price."
"We are in a unique situation to benefit from a rapidly expanding nuclear sector and contribute to global decarbonisation efforts. We have a world-class exploration portfolio across two Tier-1 mining jurisdictions, plus two advanced development projects at Tumas, in Namibia, and Mulga Rock, in WA. With production from both these projects, Deep Yellow has the potential to become the largest pure-play uranium producer on the ASX."
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/9O8D6ZSJ
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.
| ||
|
