March 2024 Quarterly Activities Report
Perth, April 17, 2024 AEST (ABN Newswire) - Deep Yellow Limited (
ASX:DYL) (JMI:FRA) (DYLLF:OTCMKTS) is pleased to provide a summary of key activities completed in the March 2024 quarter.
HIGHLIGHTS
TUMAS PROJECT
- 650-hole resource upgrade program commenced in late February 2024 at Tumas 3
o Primary objective to define 6 years of proven reserves for detailed mine scheduling
o An associated diamond drilling program will provide supporting data for reserve upgrade purposes
- Tender process underway to select the detailed engineering and EPCM service provider
- Uranium offtake marketing underway, and discussions commenced with financiers for debt financing component
MULGA ROCK PROJECT
- Successful resource upgrade completed with a 26% increase in total contained uranium to 71.2 Mlb U3O8 from 56.7 Mlb U3O8 ata 100 ppm U3O8 cut-off grade, with a substantial uplift also achieved in critical mineral value (including Rare Earth Oxide)
o 86% of Mulga Rock East uranium resource in Measured and Indicated classification using a 100 ppm U3O8 cut-off grade
o Various critical minerals' inventory (Cu, Ni, Co, Zn component) increased by between 200% and 400%
o Updated total Mineral Resources Estimate at Mulga Rock East deposits:
- Ambassador: 73.9 Mt at 605 ppm U3O8 Equivalent
- Princess: 7.3 Mt at 425 ppm U3O8 Equivalent
- Definitive Feasibility Study revision to commence Q2 CY2024 following positive resource upgrade and metallurgical testwork results
- Mulga Rock West deposits remain to be assessed and eventually integrated with the Mulga Rock East mining operations
CAPITAL RAISING
- Successful A$250M capital raising to advance Tumas towards production, progress Mulga Rock and provide working capital
- A$220M raised at A$1.225 through a placement, with significant interest from a broad range of high-quality domestic and international funds, combined with strong support from existing institutional shareholders
- Subsequent to quarter end, A$30M raised through a Share Purchase Plan to existing shareholders
CORPORATE
- Cash position at end of March 2024 A$155.614M (December 2023 cash position $25.248M)
- Uranium market outlook continues to be very strong with nuclear demand expected to continue outpacing supply over the mid-term
- Anticipated additional funds with receipts of approximately A$5M expected during 2024 with the majority relating to claims to be lodged for R&D reimbursement for financial year 2023
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/70JG7L9H
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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