Deep Yellow Limited has executed a long-term water supply agreement and finalised local ownership arrangements for its flagship Tumas uranium project in Namibia, closing out two key operating requirements ahead of an anticipated final investment decision.

Wholly owned subsidiary Reptile Uranium Namibia signed the long-term agreement with Namibia Water Corporation Limited to secure dedicated water delivery capacity over the life of the project. The arrangement covers construction activities, commissioning and future production, establishing the commercial framework for service delivery and water quality.

In parallel, Deep Yellow subsidiaries Reptile Mineral Resources and Exploration and Reptile Uranium Namibia entered into subscription and shareholders agreements with Oponona Investments. The transaction formalises local ownership arrangements for a 5% share in project holder Reptile Uranium Namibia, fulfilling compliance requirements under mining licence ML237 and exclusive prospecting licences EPL3496 and EPL3497.

Under the agreement, Oponona’s 5% share of historical and future project expenditure up to commercial production will be treated as an interest-free loan from Reptile Mineral Resources and Exploration, repayable from future dividends. The structure also establishes a special purpose entity to direct 40% of Oponona’s future dividend entitlement toward local community initiatives. Allotment of the shares is expected within seven days.

The agreements build on completed bulk earthworks at Tumas, which advance the site following earlier reporting when work stood at 24% complete. Major civil and concrete construction activities are also underway following the award of approximately A$34 million in contracts to Namibian partners.

“Our approach has been clear and consistent - remove uncertainty wherever we reasonably can and build execution certainty before committing shareholder capital at FID. That is what we said we would do and it is what we are delivering.”

— Greg Field, Managing Director and CEO

Deep Yellow continues engineering, procurement and financing work streams as it targets a final investment decision for the project in the fourth quarter of 2026, subject to market conditions.

Read the full announcement: Deep Yellow Delivers Major Tumas Project Milestones