Tumas debt talks progress
Deep Yellow has moved closer to securing debt financing for its proposed Tumas uranium mine in Namibia, with credit approvals being finalised as construction preparations advance.
The Australian uranium developer said in its September 2026 quarterly report, released on Wednesday, that discussions with Nedbank Limited, its mandated lead arranger, were progressing towards the necessary credit approvals.
“Discussions are progressing towards finalising the necessary credit approvals, with financial close remaining subject to customary conditions precedent, including completion of definitive financing documentation,” the company said.
However, Deep Yellow did not disclose the proposed loan amount, identify the prospective lenders or provide a timeline for financial close.
The financing is a key step towards developing Tumas, which is expected to require substantial capital investment. Deep Yellow’s 2025 definitive feasibility study estimated pre-production capital costs at US$474 million, although the company is reviewing the project’s capital and operating costs, mining schedule and financial model before publishing updated economics.
Engineering and construction preparations continued during the September quarter, with detailed engineering 85% complete and the project’s three-dimensional engineering model about 88% complete.
More than 85% of major processing plant equipment had been tendered, while contracts for long-lead equipment were being executed or conditionally awarded, subject to notices to proceed.
Two major civil and concrete construction contracts awarded to Namibian contractors, worth a combined A$34 million, were also under execution, with work having started on site during the quarter.
Deep Yellow ended September with A$144.7 million in cash and cash equivalents, down from A$160 million at the end of June. Development expenditure during the quarter totalled A$7.6 million, primarily related to Tumas.
