Deep Yellow has completed two major milestones for its Tumas project in Namibia, securing long-term water supply and formalising key local ownership arrangements as it targets a final investment decision later this year.
Deep Yellow’s local subsidiary executed a long-term water supply agreement with state-owned entity NamWater.
The contract establishes the commercial and operational framework to deliver dedicated water capacity over the entire lifespan of the mine, removing a key operational bottleneck for the uranium development.
Concurrently, the company finalised binding subscription and shareholder agreements with Namibian partner Oponona Investments.
Under the structure, Oponona will take a 5 per cent stake in the operating entity that holds the Tumas mining licence, ensuring full compliance with Namibian Ministry of Mines and Energy local ownership policies.
Oponona’s share of past and future project development costs will be funded via an interest-free loan from Deep Yellow, repayable through future operational dividends. A dedicated Special Purpose Entity created by Oponona will receive 40 per cent of those dividends to directly fund local community initiatives around the project area.
The commercial agreements follow the completion of bulk earthworks at the Tumas site, where major civil and concrete construction works are currently underway following the recent award of $34 million in local contracts.
Detailed engineering, procurement, and project financing workstreams are advancing in parallel.
Deep Yellow CEO Greg Field said closing out the water and ownership workstreams removes project uncertainty while building execution readiness ahead of committing major shareholder capital.
“Tumas is becoming progressively more de-risked and construction-ready,” Field said.
“We have real momentum and will continue systematically closing out the remaining workstreams as we build the strongest possible platform for a disciplined investment decision.”
The company remains on track to make a final investment decision for Tumas in the fourth quarter of 2026, subject to prevailing uranium market conditions.
