2019 Annual Report
Perth, Sep 27, 2019 AEST (ABN Newswire) - Deep Yellow Limited (
ASX:DYL) (JMI:FRA) (DYLLF:OTCMKTS) 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/Rossing deposits and 40km southwest of the Langer Heinrich deposit.
CORPORATE STRATEGY
Deep Yellow has a two-pronged growth strategy involving the growing of its uranium resource base in Namibia. Work has continued producing significant new discoveries in the Tumas 1 East region in early 2019 following up with an update of the resource estimate achieving nearly a three-fold increase since 2017. In parallel, the Company is pursuing accretive, countercyclical acquisitions to create a multi-project uranium platform.
HIGHLIGHTS OF THE 2019 FINANCIAL YEAR
Key achievements in the Company are as follows:
- Discovery of the Tumas 1 East deposit located within tributaries on the 100% owned Reptile Project achieving Inferred Resource of 18.5Mlb grading 310ppm eU3O8.
- Continued drilling of Tumas palaeochannels confirmed the highly prospective nature of the palaeochannels, 60km 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$4.5M, continued to its third full year.
- Upgraded its trading platform in the United States to the OTCQX market platform giving potential to significantly expand its shareholder investor base.
- Successfully raised A$11.29M through a placement and share purchase plan late June/early July 2019.
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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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