2018 Annual Report
Perth, Sep 19, 2018 AEST (ABN Newswire) - Deep Yellow Limited (
ASX:DYL) (DYLLF:OTCMKTS) provides the 2018 Annual Report including audited financial statements for the year ended 30 June 2018.
COMPANY PROFILE
Deep Yellow Limited (Deep Yellow or the Company) is an advanced stage uranium exploration company with a clear growth strategy to establish a multi-project global uranium development platform. Led by Paladin Energy founder John Borshoff, Deep Yellow has the expertise and capability to achieve its strategy during a countercyclical period for uranium investment.
The Company has a cornerstone suite of projects in Namibia, a top-ranked African mining destination with a long, well regarded history of safely and effectively developing and regulating its considerable uranium mining industry.
Deep Yellow holds four key contiguous Exclusive Prospecting Licences (EPLs) covering 1,590km2 within the heart of what is a world recognised, prospective uranium province of high significance. The tenements are strategically located amongst the major uranium mines of this region - 20km south of the Husab/Rössing deposits and 40km southwest of the Langer Heinrich deposit.
CORPORATE STRATEGY
Deep Yellow has a two-pronged growth strategy involving the growing of its existing uranium resources in Namibia and has already made a significant new discovery called Tumas 3 in March 2017 following up with a revised resource expanded by 32% in July 2018. In parallel, the Company will pursue accretive, counter-cyclical acquisitions to create a multi-project uranium platform.
HIGHLIGHTS OF THE 2018 FINANCIAL YEAR
Key achievements in the Company are as follows:
- The Tumas 3 uranium discovery made on the 100% owned Reptile Project achieved a maiden Inferred Resource of 23.4Mlb grading 382ppm eU3O8.
- Continued drilling of paleochannels extended the uranium mineralisation at Tumas 3 and confirmed the highly prospective nature of the palaeochannels, 85km of which remain to be properly tested.
- The joint venture on the Nova Project with Japan Oil, Gas and Metals National Corporation (JOGMEC), the minerals investment arm of the Japanese government, over two tenements in Namibia where JOGMEC can earn 39.5% on expenditure of A$4.5 million, continued to its second full year.
- Deep Yellow commenced trading on the United States OTCQB venture market platform giving potential to significantly expand its shareholder investor base.
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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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