Deep Yellow

Deep Yellow withdrew its Q4 2026 FID target for Tumas, saying weak equity markets do not support a decision. This reverses the Q4 FID guidance given in July. Civil works are under way and funded from existing cash; an updated value case is nearing completion.

other

Core Energy (ASX: CR3) can earn up to 51% of the Nova JV in Namibia by spending A$5M in two phases, and becomes manager. Deep Yellow's stake would fall from 65% to 31.85%. The licences are described as non-core.

farm in farm out agreement

Deep Yellow signed a long-term NamWater water supply agreement for Tumas, closing out a pending item, and finalised Oponona's 5% stake in the Tumas licence-holding subsidiary RUN, with its share of costs loan-carried. FID remains anticipated in Q4 2026, subject to market conditions.

material agreement

Two civil and concrete construction contracts for Tumas, worth about A$34M combined (A$18.5M and A$15.5M), went to Namibian-owned contractors, with mobilisation in August 2026. FID is now anticipated in Q4 2026; the 24-month post-FID construction schedule is unchanged.

contract award

Deep Yellow agreed to buy ERA's 50% of the Cooper Creek JV (two exploration licence applications, 810km2) next to its Alligator River ground, for A$648,000 cash. Cameco manages the JV with 40%. Completion depends on government approvals; it lifts Deep Yellow's Alligator Rivers holding to 4,820km2.

asset acquisition disposition

Power supply agreement with NamPower for Tumas signed, conditional on FID; water agreements still being negotiated. Engineering is over 60% complete and bulk earthworks 24% done. Nedbank's independent expert finished its environmental and social review, a first financing milestone. FID still deferred.

material agreement

Greg Field, ex-Rio Tinto Managing Director – Project Development, appointed Managing Director and CEO from no later than 1 May 2026, on A$728,000 fixed pay. Resolves the CEO search opened when Borshoff left; the strategy is stated as unchanged.

director officer appointment

AGM chairman's address: thanks Borshoff (leaves 30 Nov), says CEO recruitment is in late stages, and restates Tumas FID deferral until uranium prices support it. Notes largest shareholder Paradice is acting with two others toward calling a meeting on board composition; no formal notice yet received.

agm notice

CEO John Borshoff stepped down on 20 October 2025, staying as advisor to end-November. CFO Craig Barnes becomes Acting CEO and Chairman Chris Salisbury Executive Chair while a global search for a replacement is at an advanced stage.

director officer appointment

A 3-month resin mini-pilot at Mulga Rock finished, with higher recovered uranium, base metals and rare earths than the 2022 DFS, separate marketable streams, and saline water use. Revised DFS now due Q3 2026, with by-product credits expected to be material.

other

Tumas FID is deferred again: a staged approach continues engineering and early works, but plant construction waits for a better uranium price. Updated economics at US$82.50/lb: NPV US$577M, IRR 19%, capex US$474M, up from US$360M. Cash A$227M, expected A$170-180M by December 2025.

material agreement

Jurgen Hoffman and Tumas Granite CC filed a High Court of Namibia review seeking to set aside Tumas mining licence ML237 and its environmental certificate. It is their fifth such application since 2011; the company calls it without merit and will defend.

regulatory community update

Tumas FID is pushed back from late Q4 2024 to early March 2025, citing delayed costings and quotes and further optimisation. Full construction start now depends on a higher uranium price. Water and power offers from NamWater and NamPower are accepted; late-2026 production target is kept, subject to price.

material agreement

Tumas Ore Reserve rises 18% to 79.3Mlb at 298ppm (Proved 28.4Mlb, Probable 50.9Mlb). That supports a 30-year mine life, up from the 22.5 years in the 2023 DFS, which was based on 67.3Mlb. This follows the September resource upgrade.

resource reserve update

Tumas 3 Measured resource upgraded to 22.5Mlb at 300ppm, meeting the infill drilling target. Tumas 1, 2 and 3 Measured is 38.5Mlb, and total Measured and Indicated for Tumas is 102.1Mlb. The Ore Reserve will now be revised, with the company expecting a life of mine beyond 35 years.

resource reserve update

Craig Barnes appointed CFO from 1 August 2024, replacing Mark Pitts, who has resigned. Barnes was previously CFO of Galena Mining and of Paladin Energy for more than five years, with Namibian uranium experience.

director officer appointment

Nedbank appointed Mandated Lead Arranger and Sole Bookrunner for Tumas project financing, with no amount stated. FID is now targeted for Q4 CY2024 (previously late Q3) and start-up Q3 2026. Offtake commitments will be needed; binding agreements are not yet signed.

debt financing

Ausenco selected as preferred contractor for Tumas detailed engineering and EPCM; it worked on the February 2023 DFS and December 2023 Re-Costing. Tendered price is in line with the US$360M capex estimate. Contracts are still to be finalised; EPCM contract follows FID.

contract award

Tranche 2 of the placement was completed after shareholder approval on 30 April 2024, raising about A$79.5M at A$1.225 a share. It issued 64,885,502 shares in total: 64,738,565 to institutional investors and 146,937 to directors.

capital raising announcement

Tranche 1 of the March placement completed: 114,706,334 shares issued at A$1.225 to raise about A$140.5M. Tranche 2 (A$79.5M) awaits a shareholder meeting around late April 2024; a A$30M share purchase plan is also planned.

capital raising announcement

Binding commitments to raise A$220M at A$1.225 a share (179.6M shares), a 3.9% discount to the last close. Tranche 2 (A$79.5M) needs shareholder approval; a further A$30M share purchase plan is planned. Pro-forma cash A$279M; funds Tumas, Mulga Rock and M&A.

capital raising announcement

Mulga Rock East uranium resource rises 26% to 71.2Mlb from 56.7Mlb, though grade falls to 400ppm from 673ppm. Critical minerals inventory up 200-400%. Delivers the resource update flagged earlier; the revised DFS is to start in Q2 2024, with Mulga Rock production targeted for 2028.

resource reserve update

Drilling to start 21 February 2024 at Tumas 3: 650 RC holes (13,000m) plus 10 diamond holes (350m), to convert part of the 67.3Mlb Probable Reserve to Proven for the first 7 years of mining. Supports debt financing; updated reserve planned July 2024.

drilling scheduled

Namibia granted mining licence ML 237 for Tumas, valid 20 years. This resolves the long-pending licence application. It lets Deep Yellow move to project financing, marketing and detailed engineering, with FID still targeted for Q3 2024.

regulatory community update

Tumas re-costing lowers initial capex 6.4% to US$360M from US$384M, and C1 operating cost rises slightly to US$34.36/lb. At a raised US$75/lb base price, NPV8 rises 68% to US$570M and IRR to 27.0%. FID now expected Q3 2024. Resolves the Ausenco repricing.

material agreement

Tumas 3 resource upgraded to 66.8Mlb at 300ppm, with Indicated up 11% to 60.6Mlb at 325ppm. Tumas Indicated total rises to 108.5Mlb. Follows the September drilling; a further 30Mlb is sought for a 30+ year mine life, with more drilling planned in FY25.

resource reserve update

Early Mulga Rock metallurgical testwork indicates overall uranium recovery above 90% and critical minerals recovery above 70%, improved on the 2018 Vimy DFS. Company expects a better revised DFS (starting early 2024); testwork is ongoing, so these are preliminary.

other

Angularli Inferred resource upgraded 27% to 32.9Mlb at 1.09% U3O8 (1.37Mt, 0.15% cut-off), from 25.9Mlb at 1.29%. Supported by the 18 diamond holes drilled in 2022; delivers the update flagged for mid-Q2 2023, now slightly late.

resource reserve update

Aussinanis resource restated to JORC 2012 at a 100ppm cut-off: 28.1Mlb at 171ppm Indicated and Inferred, up from 18Mlb at 237ppm under the older code. At 150ppm it is 16.5Mlb. The change comes from reclassification and cut-off, not new drilling. Tumas ECC now expected H2 2023.

resource reserve update

Tumas DFS released, as delayed from late 2022: 4.15Mtpa plant, up to 3.6Mlb uranium a year, 22.25-year life, capex US$372M, NPV8 US$341M, IRR 19.2% at US$65/lb. That is below the earlier 2022 update (NPV US$412M, IRR 23%). Final investment decision targeted H1 2024.

resource reserve update

Deep Yellow agreed to end RCF's 1.15% royalty on Mulga Rock in exchange for A$14M of new shares, about 19.4M at the A$0.72 5-day VWAP. This removes a royalty that would have applied to the critical minerals under study.

asset acquisition disposition

Tumas DFS is complete in draft, but release has slipped from end CY22 to February 2023 while the plan is optimised; results remain commercially attractive despite cost inflation. Mulga Rock revised DFS, now covering critical minerals, is due mid-2024.

other

An 18-hole, 6,339m diamond program at Angularli (Alligator River, NT, from the Vimy merger) finished, with best hit 11.75m at 1.13% eU3O8 including 5.20m at 2.10%. It extended mineralisation; a resource update, now 25.9Mlb at 1.29%, is due Q1 2023.

drilling result

Deep Yellow completed its merger with Vimy on 5 August 2022, adding Mulga Rock (WA, potential 3.5Mlb a year) and Alligator to Tumas (potential 3Mlb a year). Steven Michael and Wayne Bramwell joined the board; Tumas DFS still due by end CY22.

business combination

The Vimy Scheme became legally effective on 27 July 2022 once court orders were lodged with ASIC. Vimy holders on the 29 July record date get 0.294 new Deep Yellow shares per Vimy share, issued 4 August; Vimy shares suspended.

business combination

Vimy shareholders approved the Deep Yellow merger Scheme: 96.57% of those present and voting, and 99.00% of votes cast, in favour. Court approval is due 26 July, with implementation expected 4 August 2022, clearing the main shareholder hurdle.

business combination

Barking Gecko North Phase 2: 10 RC holes (2,272m) all hit mineralisation above 100ppm, but did not repeat the thick, high grades of diamond hole TN270DDT. Mineralised zone appears limited to about 300m x 200m, though depth potential remains open.

drilling result

Deep Yellow agreed a Scheme to acquire all of Vimy, offering 0.294 DYL shares per Vimy share (28.5c implied, 18.8% premium). DYL holders would own 53% of the merged group. This follows the lapsed November 2021 proposal and adds Vimy's Mulga Rock project.

business combination

Tumas DFS update: testwork confirms 93.8% recovery, and using the updated 68.4Mlb reserve, mine life rises to 25.75 years from 11.5. Post-tax NPV8.6 rises to US$412M from US$207M, IRR to 23% from 21%. Debt-funder and customer talks begin; DFS still due late 2022.

resource reserve update

Barking Gecko North diamond hole TN270DDT hit 118m at 352ppm over eight intersections, including 9m at 954ppm. This extends the Phase 1 results (TN258RC 70m at 503ppm). Ten more RC holes (~2,500m) start 24 January, results expected early/mid-March.

drilling result

Omahola shallow drilling finished on 14 December: 220 holes, 7,426m, with 47% of holes above 50ppm. 34 holes (15%) exceeded 100ppm over 1m. Three priority targets are identified for follow-up drilling; Tumas DFS remains the main focus.

drilling result

Greg Meyerowitz, a former Ernst & Young senior partner, joins the board as non-executive director from 1 December 2021. Christophe Urtel retires at the 29 November AGM and Rudolf Brunovs on 31 December. This delivers the board changes flagged in May; Meyerowitz will chair the Audit Committee.

director officer appointment

Deep Yellow says its binding scheme proposal to merge with Vimy Resources has lapsed. The last offer, on 15 November, was 1 DYL share per 3.74 Vimy shares (30.25c, a 10% premium). Vimy is pursuing a strategic review instead. Deep Yellow says it remains open to acquisitions.

business combination

Omahola's old resource (45Mlb at 420ppm, JORC 2004) is restated under JORC 2012 at a lower 100ppm cut-off: 125.3Mlb at 190ppm. At a 150ppm cut-off it is 82.9Mlb at 269ppm. This is a reporting and cut-off change from a data review; no new drilling is included.

resource reserve update

Option agreement for HyIron to buy the non-core Shiyela iron ore project (ML176) after a 12-month exclusivity period costing US$100k. Sale price is US$3M to US$5M depending on the iron ore price. This follows the earlier open thread to find a Shiyela partner.

asset acquisition disposition

A 7,100m, 200-hole shallow RC drilling program started 5 October at Omahola, the basement uranium project with an existing 45.1Mlb resource at 420ppm. It targets new mineralisation outside known deposits; Tumas DFS remains the priority.

drilling spud

Tumas Probable Ore Reserve rises 121% to 68.4Mlb at 345ppm (89.8Mt), from the 31.0Mlb in the February PFS. This supports a 20-plus-year mine life at about 2.8Mlb a year, resolving the DFS goal set earlier; DFS still due late 2022.

resource reserve update

The listed options' acceleration trigger was reached on 27 September 2021, with shares above 78c for 20 days. Holders of about 51M options at 50c must exercise by 29 October or they lapse. Exercise could raise about A$25M (inference from earlier figures).

security holder rights change

Tumas 1 East gets a maiden Indicated resource of 19.6Mlb at 245ppm (28.8Mlb total with Inferred). Measured and Indicated at Tumas 1, 1E, 2 and 3 rises to 98.7Mlb from 52.6Mlb. Company says this supports the 20-year-plus mine life target in the DFS.

resource reserve update

First four holes of the Nova JV Barking Gecko North follow-up program all hit uranium. TN258RC returned 62m at 537ppm, the best intersection there so far, and ended in mineralisation. The 14-hole, 3,500m phase is due to finish mid-September.

drilling result

Tumas 3 resource upgraded to 59.9Mlb at 308ppm, up from 49.8Mlb in the February PFS, with Indicated now 54.9Mlb (from 28.4Mlb). Infill drilling converted Inferred to Indicated, resolving the delayed update. Management says it supports the 20-year-plus mine life target.

resource reserve update

Tumas Mining Licence Application was lodged 21 July 2021 as MLA 237. Grant is expected within 18 months, after the DFS, environmental assessment and clearance are submitted. DFS targets a 20-year-plus mine life at about 3Mlb a year, due late 2022.

regulatory community update

Chris Salisbury, ex-Rio Tinto and former head of Rössing and ERA, replaces Rudolf Brunovs as Chairman. Brunovs stays as non-executive director. Further board changes are anticipated in the second half of 2021.

director officer appointment

Barking Gecko follow-up drilling finished: 13 holes, about 3,200m. Eight of nine new holes hit uranium, best TN253RC with 14m at 404ppm and 45m at 222ppm. Two zones, North and South, identified; more drilling planned for second half of 2021.

drilling result

Deep Yellow raised about A$40.8M from institutions at A$0.65 per share (62,768,803 shares), with a further A$2M share purchase plan offered. Pro-forma cash about A$50M, to fund the Tumas DFS, exploration and targeted acquisitions, following the PFS.

capital raising announcement

Infill drilling began for the Tumas DFS: 700-800 RC holes for about 15,000m over four months at Tumas 3 and Tumas 1 East. It aims to convert the remaining 51.2Mlb Inferred to Indicated, targeting about 95% conversion as in the PFS.

drilling spud

Tumas PFS completed: maiden Probable Ore Reserve of 31.0Mlb, 11.5-year mine life, NPV US$207M, IRR 21.1%, C1 cost US$27.3/lb, initial capex US$98M per Mlb of capacity. Board approved proceeding straight to a Definitive Feasibility Study. Resolves the long-pending PFS.

resource reserve update

JOGMEC completed its A$4.5M Nova JV earn-in in September 2020, leaving Deep Yellow and JOGMEC with 39.5% each, Toro 15%, Sixzone 6%. Partners approved an A$570,000 budget to 31 March 2021 for a 13-hole, 3,200m Barking Gecko drilling program, starting 13 November.

joint venture update

First phase of Tumas 3 drilling finished: 38 holes, 92% with over 100ppm over 1m. Hole T3I284 hit 7m at 5,820ppm, the highest grade on the deposit. The 1,000kg metallurgical sample is collected; 52 holes remain. Supports the 36.8Mlb resource.

drilling result

Ausenco appointed to complete engineering and a Class 4 capital cost estimate for the Tumas PFS, which remains on track for the December 2020 quarter. The Environmental Impact Statement runs in parallel, with the Mining Licence Application intended for the March 2021 quarter.

contract award

Nova JV drilling at Barking Gecko (EPL3669) hit thicker basement uranium than earlier narrow results, best 24m at 297ppm in TN236RC. Seven of 2,000m program holes done; all hit mineralisation. It follows the weak 2019 EPL3670 results, and drilling and evaluation are due to finish by end July.

drilling result

Tumas 3 infill drilling converted 96.4% of Inferred resource in the drilled area to Indicated. Tumas 3 now totals 36.8Mlb at 328ppm (24.1Mlb Indicated), up from 33.1Mlb Inferred. Measured and Indicated at Tumas 1-3 is 37.2Mlb, enough for the PFS. Resolves the May update.

resource reserve update

Reacting to COVID-19, Deep Yellow cut its work program to the end of June 2020, keeping the Tumas PFS and selected M&A work. Cash was about A$13M. Labour costs and directors' fees are to be reduced; other activities are suspended.

other

Tumas Scoping Study on the Reptile calcrete deposits was positive enough for the Board to start a Pre-Feasibility Study immediately. No production targets or financials are given, as the study relies mainly on Inferred resources. Delivers the Scoping Study due by December 2019.

other

New Tumas 1 East inferred resource of 24.8Mlb at 319ppm, up 34% from the 18.5Mlb of March 2019. Tumas palaeochannel resources now 92.5Mlb at 303ppm; Namibian calcrete-type resources 110.5Mlb. Delivers the awaited estimate; 60km of channel untested.

resource reserve update

Board approves extra A$1.1M for Reptile on top of the A$1.65M FY20 budget, shifting from exploration toward economics. Scoping Study due by December 2019, Pre-Feasibility Study to start early 2020, finishing late September quarter 2020, aiming at development readiness around 2023/24.

other

Tumas 1 East drilling (118 holes, 895m) finished. Tributary 5 now has enough data for an inferred resource estimate, and a new high-grade zone at Tributary 8 returned 6m at 1,514ppm from surface. Drilling moves west; about 60km of channel remains untested.

drilling result

Namibia's mines ministry is ready to renew Reptile licences EPL 3496 and 3497 for two years to 4 August 2021. This resolves the open renewal question. Reptile holds the 86Mlb Tumas palaeochannel and 45.1Mlb alaskite resources; target remains 100-150Mlb.

regulatory community update

SPP closed raising A$1.68M from 5,411,985 shares, and a shortfall placement adds A$612k from 1,973,571 shares. Total raised including the placement is A$11.29M before costs, completing the June raising.

capital raising announcement

Placement of 29,032,258 shares at A$0.31 raises about A$9M, a 7.4% discount, plus a share purchase plan for up to A$2.5M at the same price. Funds back more Namibian resource growth and acquisitions; the company says it is in talks with multiple parties.

capital raising announcement

Tumas 1, 2 and 3 resources rose 51% to 67.4Mlb at 352ppm, from 31.2Mlb Tumas 3 plus Tumas 1 and 2. Tumas palaeochannel total is 86.2Mlb; all calcrete resources are 104.2Mlb, reaching the low end of the 100-150Mlb target.

resource reserve update

Resource infill drilling at Tumas 1 East confirmed 6.2km of continuous mineralisation across two tributaries; 192 of 265 holes (72%) positive, averaging 434ppm over 6.6m at a 200ppm cut-off. Two rigs now at Tumas 3 West; a new resource estimate is expected in Q1 2019.

drilling result

New uranium discovery at Tumas 1 East: 64 of 95 holes (67%) hit above 100ppm, best 5m at 1099ppm, with a 3.5km channel open to the east. S-Bend semi-regional drilling (148 holes) found no significant mineralisation. Adds resource upside beyond the 31.2Mlb Tumas 3 estimate.

drilling result

Tumas 3 inferred resource rose 32% to 31.2Mlb at 377ppm eU3O8 (from the 23.5Mlb maiden estimate), at a 200ppm cut-off. Company calcrete resources total 81.3Mlb, 81% of the lower end of its 100-150Mlb target; 85km of palaeochannel remains untested.

resource reserve update

Resource drilling east and west of Tumas 3 finished for the year: 75 of 190 new holes (40%) positive, best 13m at 708ppm. Mineralisation now spans 10.5km, closed off to the east but still open to the west, with more drilling planned for late 2018.

drilling result

Early results of the 10,000m Reptile program: 50 of 84 holes (60%) east of Tumas 3 hit uranium, confirming over 2km of continuous mineralisation, best 8m at 733ppm. West semi-regional drilling hit 22 of 89 holes, including a new tributary find.

drilling result

A 10,000m drilling program started 12 February 2018 on the 100%-owned Reptile project, testing about 40km of the 100km of untested palaeochannels plus extensions of Tumas 1, 2 and 3. Due to finish by end of June 2018.

drilling spud

Extension drilling lengthened the Tumas 3 mineralised zone from 4.4km to 7.2km: 27 of 62 holes (44%) were positive, best 6m at 309ppm eU3O8. No new resource figure yet; the 23.5Mlb inferred resource could grow.

drilling result

Early scout drilling on the Nova JV found a new, previously unknown palaeochannel with uranium: 3 adjacent holes averaging 220ppm eU3O8 over 3.5m. Two sections 1.5km and 2.5km south found none. Basement holes also showed narrow uranium. Early, narrow results.

drilling result

Maiden Tumas 3 inferred resource of 23.5Mlb at 382ppm eU3O8 (200ppm cut-off), as expected. It lifts the company's calcrete palaeochannel resources 47% to 73.6Mlb. A JOGMEC-funded 7,500m Nova JV drill program is underway; drilling on 100% ground resumes December quarter.

resource reserve update

Namibia's mines ministry said it is ready to renew the Reptile project licences EPL 3496 and 3497 for two more years, to 5 June 2019. This secures tenure over the 100%-owned Tumas ground, including the Tumas 3 discovery.

regulatory community update

Tumas 3 drilling finished: 400 holes for 10,545m, with 284 positive (71%). Mineralisation now spans 4.4km, still open west and east. Maiden inferred resource expected late September quarter, as previously flagged. Geophysical tests continue, results due December quarter.

drilling result

The remaining 32.1M shortfall shares were issued, completing the A$15.1M raising at A$0.25. Shares on issue now 190.0M, with 62.5M listed A$0.50 options. Funds go to Namibian drilling and possible acquisitions.

capital raising announcement

Entitlement offer closed with shareholders taking up about A$4.9M (19.5M shares). The A$10.2M shortfall looks covered: Sprott clients will subscribe A$8.0M and CPS has applications for A$2.2M. Raising looks on track to complete.

capital raising announcement

Tumas 3 uranium discovery extended to 1.9km, up from 1.2km, with 128 of 144 holes mineralised. Best intercept 12m at 1,239ppm eU3O8. Open to the west and east; drilling about 40% complete, maiden resource still expected in September quarter. Confirms the April result with first grades.

drilling result

DYL plans a non-renounceable entitlement offer of up to A$15.1M at A$0.25 a share, 7 new for every 15 held, with a free A$0.50 option expiring 1 June 2022. Sprott will take up its 12.41% entitlement and seek to place the first A$7.5M of any shortfall.

capital raising announcement

Drilling at the new Tumas 3 zone found calcrete uranium mineralisation in 60 of the first 72 holes, along a 1.2km continuous channel still open in several directions. Grades are due by end June quarter, with a maiden resource expected in the September quarter. Grade not yet known.

drilling result

Japan's government agency JOGMEC can earn 39.5% of the Nova JV by spending A$4.5M over four years. After earn-in, DYL (as manager) would hold 39.5%, Toro 15%, Sixzone 6%. Other partners are free-carried until then; a drilling program is planned later in the year.

farm in farm out agreement

Namibia approved renewal of Nova JV EPL3669 and EPL3670 for two years to 20 November 2017, resolving the renewal that was awaited since August 2015. DYL holds 65% and manages. DYL expects further extension with ongoing spending.

regulatory community update

Strategic review completed with a growth plan; board proposes a 1-for-20 share consolidation, subject to a shareholder vote. Company says shares rose about 600% from 0.04c to about 2.5c, a market cap near A$64M. Plan details not given.

security holder rights change

The Sprott placement completed: 321.6M shares issued at 0.44c for A$1.415M, making ECP the largest shareholder. Justin Reid, a former Paladin executive, joins the board as Sprott's nominee. Top-up right still needs an ASX waiver.

capital raising announcement

John Borshoff, who founded Paladin Energy in 1993, replaces Greg Cochran as CEO and Managing Director. Sprott affiliate ECP will invest A$1.42M for 321.6M shares at 0.44c (15% of capital), becoming largest shareholder with board nomination rights. Funds support a strategic review of the uranium sector.

director officer appointment

At the company's request, ASX suspended Deep Yellow shares pending an announcement on a proposed capital raising, expected on or before 26 October 2016. Follows a trading halt requested on 19 October. Size and price not yet disclosed.

other

Tumas resource upgraded to JORC 2012: 16.6Mt at 366ppm for 13.4Mlb U3O8, up 12% from 11.9Mlb, mostly from a higher density assumption. 62% is now Measured. Zone 3 exploration target could more than double it; resolves the pending update.

resource reserve update

Deep Yellow signed a binding Technology Licence Agreement with Marenica for U-pgrade at Tumas, sharing project value 75/25 (DYL/MEY). Deep Yellow funds all development costs. This resolves the pending commercialisation talks; a fast-track feasibility study and resource drilling are being planned.

material agreement

Marenica's release of the binding Technology Licence Agreement with Deep Yellow for U-pgrade at Tumas. Licence fee equates to about 25% of project value, sliding with uranium price (US$2.60/lb at US$60/lb, capped at US$4.80/lb). Resolves the pending commercialisation talks.

material agreement

The Share Purchase Plan closed with 188.15M shares issued at 0.4c, raising $752,600, short of the $1m target. Funds go to further Tumas testwork; shares on issue rise to 2,135,927,004.

capital raising announcement

Share Purchase Plan at 0.4c per share, a 20% discount, up to $15,000 per holder, aiming for up to $1m via 250M shares. Funds go to more Tumas testwork and working capital. Cash was $2.3m at March quarter end.

capital raising announcement

Interim Tumas testwork with Marenica's U-pgrade process: gravity concentrate above 13,000ppm U3O8, with de-slime and carbonate removal exceeding expectations. Testwork due end June, report by end July. Early results only, but encouraging for the intermediate-product strategy.

well test result

Namibian licences EPL 3496 and 3497, covering Tumas/Tubas and Omahola, renewed for two years, the fourth renewal. Ripnes (EPL 3499) voluntarily relinquished. Secures the tenure for the current work programs, resolving the pending renewal.

regulatory community update

Per Marenica Energy's announcement, Deep Yellow signed a Services Agreement for Marenica to run U-pgrade testwork on Tumas ore, due by June 2016. Deep Yellow funds it, estimated at A$265,000. Commercialisation talks are agreed in principle only if the tests succeed.

material agreement

Rudolf Brunovs, a director since August 2007 and former Ernst & Young partner, is appointed interim chairman. Tim Netscher resigns effective 31 December 2015. Completes the chair handover announced in October.

director officer appointment

Chairman Tim Netscher will step down as chairman and director because he is joining the board of Toro Energy and will have too little time. He stays as chairman in the short term for an orderly handover. He has been chairman since September 2013.

director officer appointment

Tumas Zone 1 infill drilling (90 holes) confirmed continuous mineralisation over 160 m, matching earlier grades. Geophysics shows palaeochannels over 100 km long and to about 130 m deep, so potential is well beyond the existing 18 Mlb resource (22.2 Mt at 369 ppm). Potential, not a new resource.

drilling result

Firm commitments for a placement of about 179.4m shares at 1.7c, around $3m. It covers the 113.1m entitlement shortfall ($1.9m) plus 66.3m shares ($1.1m) under the 15% capacity. Cash would exceed $5m, which the chairman says removes the need to return to market in the foreseeable future.

capital raising announcement

The entitlement issue closed with applications for 89,013,543 shares at 1.7c, raising $1,513,230, about 44% of entitlements. The remaining 113,118,169 shortfall shares are still to be placed by directors. This is well under the $3.4m maximum.

capital raising announcement

An in-house analysis concludes Omahola is better suited to heap leach than tank leach. The 45.1 Mlb resource (250 ppm cut-off) will be re-evaluated at a lower cut-off, likely 100 ppm, and deeper MS7 drilling is justified. This confirms the heap leach direction flagged in earlier quarterlies.

resource reserve update

Deep Yellow offers a 1-for-8 non-renounceable entitlement issue at 1.65c to raise up to about $3.3m, a 29.8% discount to the 30-day VWAP. Funds are mainly for Tubas Sand drilling and a pre-feasibility study by end of 2014. Major shareholders have indicated support.

capital raising announcement

A scoping study by DRA prefers producing a sand concentrate from Tubas Sand for sale to an existing Namibian producer, at under US$25/lb U3O8 before transport. Pre-feasibility and feasibility study could finish by mid-2015, funding and market permitting. The MD called current uranium prices unattractive.

other

Tubas Sand resource restated to JORC 2012 at 34 Mt at 170 ppm for 12.7 Mlb, down from 28.4 Mlb Inferred. It covers the best third of the area at a higher 100 ppm cut-off, with 32% now Indicated. Further drilling could add to it.

resource reserve update

The Share Purchase Plan closed with applications for 48.3m shares, raising A$965,900, below the A$1.5m target (75m shares) at 2 cents. Shares on issue rise to 1,611,995,847. The directors say they are very pleased with support.

capital raising announcement

Share Purchase Plan offered to existing shareholders at 2 cents per share, a 15% discount, up to A$15,000 each. Directors aim to raise up to A$1.5m (75m shares) for Namibian work including Omahola testing and target follow-up. Closes 18 October.

capital raising announcement

Prospectivity study of Namibian licences identified 15 alaskite-type uranium targets, 6 high priority, against a goal of at least 10. It completes the exercise running since earlier this year; ground radiometric surveys have begun. No drilling yet, so these are targets only.

drilling result

Namibia renewed three exploration licences (EPLs 3496, 3497, 3499) for two years, the third renewal. Omahola and Tubas Sand sit on EPL3496. The licence area was voluntarily cut 29% to 189,752 hectares.

regulatory community update

Tim Netscher, a director since earlier in 2013 and Gindalbie Metals managing director, will become Chairman on 1 September 2013, succeeding Mervyn Greene, who stays as a non-executive director. The board had wanted a Perth-based chairman.

director officer appointment

First column leach test shows about 80% uranium recovery in 7 days using 12.4 kg/t acid, suggesting heap leach could suit Omahola. At a 150 ppm cut-off the resource is 139.7 Mt at 269 ppm for 82.9 Mlb, versus 45.1 Mlb at 250 ppm. A trade-off study is planned.

other

Namibia's mines ministry has issued Mining Licence ML176 for the Shiyela Iron Project (54.02 km², 95% DYL), resolving the 'imminent' licence thread. Resource stays 115.1 Mt at 19.5% Fe; the company will now seek a development partner.

regulatory community update

Ongolo resource rises 39% (7.1 Mlb) to 29.6 Mt at 384 ppm for 25.1 Mlb U3O8, with 58% Measured and Indicated and a slightly lower grade. Omahola total now 45.1 Mlb, closer to the 50 Mlb target. Delivers the February upgrade.

resource reserve update

Heads of Agreement with Namibian state-owned Epangelo on the Aussinanis uranium project (18.1 Mlb). Epangelo takes 5% by funding testwork, and can earn up to 70% by funding feasibility studies, leaving DYL's subsidiary 20%. This partially offloads the Aussinanis asset.

farm in farm out agreement

129,333,333 new shares issued at 11.52c to complete the Earnout Termination approved at the AGM, escrowed in tranches to June 2013, 2014 and 2015. Issued share count rises to 1,424,173,961 per the notice's quoted-share line. This settles the pending RPL earn-out thread.

security holder rights change

Scoping study for Shiyela finds a 2 Mtpa concentrate mine would cost about US$367m to build (±30%), with operating costs of about US$63 per tonne FOB. Company says this lets it pursue its partner strategy; no funding or partner is announced.

other

Shiyela iron resource increased 36.4 Mt (46%) to 115.1 Mt at 19.5% Fe, with M62 magnetite and M63 mixed deposits now partly Indicated. Updates the earlier 78.7 Mt at 18.88% Fe estimate.

resource reserve update

Namibia's Ministry of Mines has issued a Notice of Preparedness to Grant a Mining Licence (ML176) for the Shiyela Iron Project (95% DYL). Licence is expected once the company accepts standard terms, which it intends to do. Shiyela is the iron asset DYL has been trying to divest.

regulatory community update

MS7 resource upgraded 18% to 6.8 Mt at 442 ppm for 6.6 Mlb U3O8, with 65% now Measured. This delivers the October-expected upgrade and lifts the Omahola resource base to 38 Mlb, up from 37.0 Mlb.

resource reserve update

An 8,000 m infill drilling program has started at the Tubas Sand uranium deposit (28.4 Mlb Inferred) to lift part of it to Indicated, ahead of a planned pre-feasibility study. Completion is expected early 2013; staged development of up to 1 Mlb a year is envisaged.

drilling spud

Laurium L.P., a specialist mining fund, takes 154.76m shares at 4.2c for A$6.5m, covering the 111.86m-share shortfall (A$4.7m) plus a 42.9m-share placement (A$1.8m). Laurium gets 10.87%; Christophe Urtel to join the board. Company says cash is now above A$10m.

capital raising announcement

Final MS7 holes found new mineralisation 175 m east of the deposit: 32 m at 899 ppm eU3O8 in ALAR1447. This is the second discovery of 2012 after Ongolo South. MS7 resource upgrade still due in October; rigs have moved to Ongolo.

drilling result

A further 12.91m shares allotted at 4.2c, completing the underwriting. The entitlement issue has now raised A$5.84m from 138.98m shares, leaving 1,268,555,441 shares on issue. Placement of the non-underwritten shortfall is still pending, so the raising falls well short of the A$10.5m maximum.

capital raising announcement

Entitlement issue closed with applications for 78.19m shares, raising A$3.28m, well short of the maximum. Patersons will settle the remaining underwritten amount to A$5.8m, and 172.64m non-underwritten shortfall shares are to be placed.

capital raising announcement

Raising up to about A$10.5m via 2-for-9 non-renounceable entitlement issue at 4.2c, versus roughly 13c earlier in 2012. Patersons underwrites A$5.8m, with Paladin sub-underwriting A$4m. Cash was A$4.047m at March, so this funds the Omahola studies.

capital raising announcement

Strategy reset: drill rigs cut from seven to two and staff reduced, with spending down from 1 July. Shiyela iron, Australian exploration assets to be divested; Rio Tinto in talks on Nova EPLs. Omahola targets 50 Mlb resource, with upgrades and mining studies by year end.

other

Binding heads of agreement ends Raptor Partners' 2006 earn-out (1.5% of in-ground resource value) in return for 129.33m new shares at 11.52c plus A$100,000, totalling A$15.0m. Needs shareholder approval (chairman Greene linked to RPL) and staged escrow of shares for 12 to 36 months.

material agreement

Chemical assays confirm and improve MS7 hole ALAR1222: 120 m at 499 ppm U3O8 (versus 443 ppm eU3O8 estimate), and a wider 158 m at 448 ppm from 105 m. Drilling will follow the zone north and north-east outside the current resource.

drilling result

MS7 hole ALAR1222 intersected 120 m at 443 ppm equivalent U3O8 from 110 m, by downhole gamma logging. Chemical confirmation is pending. It is described as one of several wide intercepts near a marble outlier.

drilling result

Deep Yellow has opened talks with Raptor Partners to terminate the earn-out from the 2006 merger agreement: 1.5% of in-ground resource value on the four Namibian licences, payable after a feasibility study and decision to mine. A shareholder vote would be needed if a deal is reached.

material agreement

Deep Yellow is considering admission to London's AIM market to tap UK and European investor interest, appointing RFC Corporate Finance as Nominated Adviser and Ambrian Partners as broker. No raising size or timetable given; listing is only proposed.

other

Dr Leon Pretorius, Namibia-based Managing Director of Reptile Uranium Namibia and with the company since June 2005, will leave full-time work, staying until 31 July 2012. A consulting role is under discussion and an external search for a replacement begins.

director officer appointment

Assays confirm a new discovery on a reconnaissance line about 2 km south of Ongolo, including 6 m at 1,430 ppm and 9 m at 709 ppm U3O8. Ongolo infill drilling also returned 18 m at 499 ppm. Adds a possible satellite deposit to Omahola.

drilling result

Tubas Red Sand (TRS) resource rises almost six-fold from 4.9 to 28.4 Mlb (87 Mt at 148 ppm, Inferred, Geomine, based on historical Anglo American data). A 6-month pre-feasibility study for a standalone project of 15+ years life will follow.

resource reserve update

RMB Namibia appointed to run a strategic review of the Shiyela iron project and to help find funding and investors for the bankable feasibility study. Options include a joint venture or offtake partner, or a development finance institution. Follows the January scoping study.

material agreement

ProMet scoping study for Shiyela (2 Mtpa concentrate) gives base-case capex of US$467m and operating cost of US$77.40/t FOB, using a blended magnetite-hematite product at 68% Fe. Feasibility work and more drilling are subject to funding. Mining licence is still pending.

investor presentation

MS7 resource more than doubled to 5.4 Mt at 470 ppm for 5.6 Mlb, up 3.3 Mlb on October's maiden estimate; almost 60% is Indicated. Omahola hard rock resource now 37 Mlb and Namibian resources exceed 110 Mlb. Pit optimisation on Ongolo and MS7 is to follow.

resource reserve update

Shiyela Iron gets a maiden Inferred resource (Golder) of 78.7 Mt at 18.88% Fe, with 16.17% magnetite recovery by Davis Tube. Further drilling is planned in 2012 subject to funding. The scoping study is due later this month.

resource reserve update

Mining licence applications lodged for INCA and Tubas Red Sand, via two 95%-owned subsidiaries (Oponona holds 5%). Aim is to accelerate a standalone Tubas project making loaded resin for sale to an existing Namibian producer, as an interim step before Omahola.

regulatory community update

Ongolo resource more than tripled to 20.5 Mt at 400 ppm for 18 Mlb U3O8 (250 ppm cut-off), up 11.8 Mlb from May's 6.2 Mlb; 13.2 Mlb is Indicated. Omahola rises to 38.6 Mlb and Namibia to over 107 Mlb. MS7 upgrade is expected by year end.

resource reserve update

Maiden MS7 Inferred resource of 2.7 Mt at 400 ppm for 2.3 Mlb U3O8 (300 ppm cut-off), from Coffey. Omahola rises to 26.8 Mlb and Namibia to over 95 Mlb. Ongolo and MS7 upgrades are expected by year end.

resource reserve update

Three Namibian licences (EPLs 3496, 3497, 3499) were renewed in full for two years to 5 June 2013, with no extra conditions. This resolves the June renewal question. EPLs 3496 and 3497 hold Omahola and Shiyela.

regulatory community update

Syndicated Metals (ASX:SMD) can earn up to 80% of the non-uranium rights on four Deep Yellow Queensland tenements (650 km2, including Yamamilla and Ewen) by spending $800,000 over four years. Deep Yellow keeps uranium rights. This resolves the open non-uranium rights decision for Ewen/Yamamilla.

farm in farm out agreement

Coffey's updated Queensland resource is 4.7 Mt at 460 ppm for 4.8 Mlb U3O8 (300 ppm cut-off), including a new Citation prospect at Isa West. Company-wide resource rises to 105.5 Mlb U3O8 (176.4 Mt at 271 ppm), up from over 100 Mlb after Ongolo.

resource reserve update

New alaskite discovery at MS7, 2.5 km southwest of Ongolo: hole ALAR509 hit 9 m at 704 ppm and 8 m at 638 ppm U3O8. INCA Far South returned 8 m at 2,699 ppm. Further Ongolo infill results are likely to increase the resource.

drilling result

Maiden Ongolo resource of 6.9 Mt at 410 ppm for 6.2 Mlb U3O8 lifts the Omahola Project to 24.5 Mlb. Namibian total rises to 93.3 Mlb and company total exceeds 100 Mlb. Delivers the Ongolo resource targeted since January; a further upgrade is expected in Q3.

resource reserve update

Deep Yellow says its Namibian licences are unaffected by a Cabinet plan to restrict new strategic-mineral licences, including uranium, to a state-owned company. The Minister's 11 May statement says existing licences are unaffected. Three of the company's four licences are due for renewal in June 2011.

regulatory community update

Pilot plant tests on the Tubas Red Sand deposit recovered 84% of uranium in 12% of the mass, upgrading 322 ppm feed to 2,218 ppm. This supports adding resources from a similar 30 km system and a hydrocyclone plant with a process guarantee.

other

More Ongolo assays include 11 m at 3,405 ppm U3O8, widening the zone to up to 600 m and showing continuity to depth. About 75% of the target is drilled. Coffey Mining has begun the maiden JORC resource using data to 4 March.

drilling result

Fusion-XRF assays from 430 Ongolo Alaskite samples confirm high-grade zones, e.g. 18 m at 939 ppm and 41 m at 496 ppm U3O8. Roughly half the zone is drilled; only assays received by mid-March go into the initial resource due end of March.

drilling result

Managing Director Patrick Mutz resigned on 12 January 2011 for personal and family reasons. Greg Cochran, former Terramin CEO and ex-Uranium One executive, becomes Managing Director from 24 January, as the company moves toward development of Omahola.

director officer appointment

Interim pre-feasibility results for Omahola: 1,000 t (2.2 Mlb) U3O8 a year from 2014, 12-year minimum life, capital cost US$324-336m, operating cost US$24.90-25.30/lb. Study completion pushed to Q2 2011 to consider Ongolo feed. Ongolo resource now due March 2011.

other

Infill drilling at Tumas Zone 3 found basement uranium below the Tubas-Tumas channel: 47 m at 830 ppm from 29 m in ORXR1. Scissor holes suggest it may be limited in extent. Red Sand hit 8 m at 516 ppm, about 20 km east of Tubas Red Sand. Diamond drilling is planned for 2011.

drilling result

Re-assaying earlier Ongolo Alaskite samples by a different lab method (fusion-XRF) lifts the weighted average grade about 30%, from 453 to 587 ppm U3O8. Drilling continues toward a first resource estimate expected in Q1 2011.

resource reserve update

First hole at a new Inca-type target, IT-3, 3 km south of Inca, hit 11 m at 1,064 ppm eU3O8. It is the first of ten such targets in EPL 3496 to be tested, with one RC rig dedicated to the others.

drilling result

Coffey's re-estimate cuts Inca's initial area from 7,429 t (16.4 Mlb) to 6,077 t (13.4 Mlb) at a 250 ppm cut-off, down 18%. This reverses the July upgrade. The eastern extension is excluded pending more drilling; the company stays confident of future increases.

resource reserve update

Tumas (Namibia) resource updated to 14.8 Mt at 366 ppm for 5,414 t (11.9 Mlb), up 57% in pounds from 3,447 t, with 97% Indicated. Total company resources now exceed 100 Mlb (49,781 t); a scoping study on Tubas-Tumas is being assessed.

resource reserve update

A review of the 2007 Tubas resource finds a higher-grade subset: 22.8 Mt at 455 ppm for 10,369 t U3O8 (22.9 Mlb) at 200 ppm cut-off, within the existing 17,600 t. No new drilling; a scoping study is being considered.

resource reserve update

Alaskite drilling (Namibia) extends high-grade mineralisation to about 2 km strike, with higher grades: 27 m at 513 ppm and 16 m at 655 ppm. Prospect renamed Ongolo Alaskite. Resource drilling on a 100 m grid starts in the December quarter.

drilling result

Inca (Namibia) resource upgraded: 17.1 Mt at 436 ppm for 7,429 t U3O8 (16.4 Mlb), up 17% on April. Indicated doubles to 10 Mlb. Omahola total now 9,646 t (21.3 Mlb). Extension areas are excluded; a further update is due by end-September quarter.

resource reserve update

First resource for Aussinanis (Namibia): 35 Mt at 237 ppm for 8,203 t U3O8 (18.1 Mlb), a very large, low-grade deposit. Group resources rise to 42,744 t. A conceptual study is being considered. Inca and Tubas-Oryx updates are due in the September quarter.

resource reserve update

Drilling at Inca (Namibia) has widened the main mineralised area to about 1,500 x 500 m, versus 500 x 500 m in the 22 April resource. Best result is 11 m at 2,907 ppm. An expanded resource is due in the September quarter.

drilling result

Toro Energy told DYL it will not exercise its option to buy Napperby (NT), which would have cost about A$57m. Toro said the project's economics do not justify it, and DYL rejected an alternative Toro proposal. Control reverts to DYL.

asset acquisition disposition

DYL confirms Toro's Napperby option lapses 4 May 2010, so the project returns fully to DYL. DYL will evaluate the best-value option, possibly packaging it with other NT tenements. The 3,351 t Inferred resource covers about half the historic mineralised area.

asset acquisition disposition

Discovery of high-grade alaskite-hosted uranium at Tubas Alaskite, Namibia: hole ALAR13 returned 89 m at 400 ppm from 128 m, including 11 m at 710 ppm. Mineralisation runs 102 m to end of hole. More reconnaissance drilling will follow; disequilibrium results are due in 6-8 weeks.

drilling result

First JORC resource for Omahola, Namibia: 29.8m t at 287 ppm for 8,583 t (18.9m lb) U3O8. Inca holds 6,366 t at 400 ppm; Tubas Red Sand 2,217 t at 160 ppm. Resolves the delayed MSA estimate; the pre-feasibility study is due in the October quarter 2010.

resource reserve update

Patrick Mutz's appointment as Managing Director took effect 1 March 2010, and Dr Pretorius left the board but stays as head of Reptile Namibia. Mutz's contract runs to June 2014 with $490,500 fixed pay; options are subject to shareholder approval.

director officer appointment

Patrick Mutz, ex-Alliance Resources MD, will become Managing Director from 1 March 2010, fulfilling the Australian MD search promised on 13 May 2009. Dr Pretorius moves to lead Namibian subsidiary Reptile, focused on the Omahola project.

director officer appointment

First Mount Isa JORC resource from Coffey: 3.64m t at 420 ppm for 1,540 t U3O8 (300 ppm cut-off) across Isa West, Queens Gift and Slance; 2,430 t at 340 ppm at a 200 ppm cut-off. Short-to-medium target is 5,000-8,000 t.

resource reserve update

2010 Namibian plan: finish JORC resources for Inca, Tubas Red Sand and Aussinanis, feasibility and mining licence work, and possibly sell iron oxide to Rossing mid-year. DYL says low-grade 150 ppm resources fall short of the earlier 50,000 t target, and viable grades are nearer 400 ppm.

drilling scheduled

The $1.4m purchase of Ewen (EPM 14916) and Yamamilla (EPM 14281) from Matrix's receivers settled after Ministerial consent, giving DYL 100%. The Matrix uranium JV is terminated. This completes the deal agreed on 6 May 2009.

asset acquisition disposition

DYL proposes an early Namibian mining licence application for Omahola (Inca and Tubas Red Sand) on EPL 3496, in two environmental stages. Rossing Uranium agreed in writing to consider buying iron from Inca. JORC resources are still being completed.

regulatory community update

DYL appointed MSA Consulting (South Africa) for JORC resources at Inca, Tubas Red Sand and Aussinanis, and Coffey Mining for five Mount Isa prospects. Tubas Red Sand comes first, then Inca (aim 7,000-9,000 t at 400+ ppm). No timetables are set yet.

contract award

Inca drilling is returning results above 400 ppm, the grade DYL's own modelling needs for an open pit, e.g. INCRD173 8 m at 995 ppm eU3O8. DYL's concept is about 1,000 t a year of U3O8, combining Inca and Tubas Red Sand ore, from an initial 8,000-10,000 t resource. Column leach tests gave recoveries above 80%. Consultants for the feasibility study are expected to be named in the third quarter.

drilling result

Namibia's mines ministry renewed Reptile's Tubas, Tumas and Ripnes licences for two more years with no area cut. Reptile agreed to give BEE partner Oponona 5% of any project in those licences when a Mining Licence is sought.

regulatory community update

Reconnaissance drilling on the Tumas-Oryx palaeochannel, Namibia, hit 39 m at 1,254 ppm U3O8 in hole TUMR332, including 3 m at 13,856 ppm (1.4%) chemical assay. Mineralised holes will be drilled out on a detail grid. Extends the Tumas resource area.

drilling result

DYL, through Reptile, will spend A$3.5m over 2.5 years on Toro's three Namibian EPLs (3668, 3669, 3670) to earn 65%. Toro keeps 25%, BEE partner Sixzone 10%. Adds exploration ground near Langer Heinrich and Inca-style targets.

farm in farm out agreement

DYL shifts from exploration to project development: Inca, Inca Deeps and Tubas Red Sand come first, then resource drilling in Namibia (20,000 m on Tumas-Oryx from May) and Mt Isa. Dr Pretorius moves to run Namibia; an Australian MD is to be sought within six months.

other

DYL agreed to buy 100% of Matrix's Ewen (EPM 14916), Yamamilla (EPM 14281) and EPM 17000 application from receivers for $1.4m, subject to Ministerial consent. This resolves the failed $3m Matrix deal; the JV ends and DYL forgoes other JV tenements.

asset acquisition disposition

Uranio paid DYL $500,000 to settle its debt from the 2007 asset deal, the $1m due Jan 2009 apparently being resolved this way (inference). DYL keeps 100% of Anketell, transfers its Gardner Range 30% and Siccus 20% to Uranio, keeps 30% of Ponton North and 9.8% of Uranio.

asset acquisition disposition

Inca Deeps discovery in Namibia: uranium at about 200 m depth, including 10 m at 7,293 ppm, 59 m at 604 ppm and 20 m at 1,734 ppm U3O8 (chemical assays). Open in all directions. Board approved an Inca scoping study; early tests suggest 90%+ recovery.

drilling result

First Tumas resource: Indicated and Inferred 10.0Mt at 345 ppm U3O8, 3,450 t (7.6Mlb) at 200 ppm cut-off, 90% Indicated. Adds to Tubas 17,600 t. It missed the December 2008 target date because data checking took longer than expected.

resource reserve update

Toro more than doubled Napperby's Inferred resource to 9.34Mt at 359 ppm, 3,351 t U3O8 (7.39Mlb), from 1,420 t in July 2008. Toro holds an option to buy 100% from DYL at a capped price per pound; a scoping study is due this month.

resource reserve update

DYL shifts from regional exploration to resource definition and pre-development, cutting spending and retrenching staff in Namibia and Australia. It has over A$50m cash and no debt. Namibian drilling (~137,000 m) ends December; JORC resources due 3-6 months later.

other

Matrix Metals has gone into administration. The legal documents for the 13 October deal were not finalised and DYL has not paid the $3m. DYL will seek advice, so its path to 100% of the uranium rights on Matrix ground is uncertain.

joint venture update

First Isa West assays (Xstrata JV, Mt Isa) include 42 m at 400 ppm U3O8 and 30 m at 410 ppm. DYL calls it a greenfields discovery. It expects to reach $1m spend by early November, triggering the next earn-in phase ($9m over 4 years).

drilling result

Matrix and DYL agree that DYL will get 100% of the uranium rights on Matrix's Mt Isa tenements, subject to final documents and a $3m payment by DYL. This replaces the earlier staged path to 51% and then 80%.

joint venture update

Inca (formerly M1) magnetite prospect in Namibia hit 54 m at 670 ppm eU3O8 (headline 607 ppm), including 11 m at 2,981 ppm, in a separate anomaly 600 m south of the main area. 96 holes are drilled and a second rig added. Gamma results, not yet confirmed by chemical assay.

drilling result

Paladin bought 44.7m DYL shares on market for about $11.0m, lifting its stake from 15.3% to 19.29% (216.3m shares). It called this a strategic investment, continuing its steady build-up of the holding.

other

Toro doubled the Napperby Inferred resource to 4.6 Mt at 305 ppm for 1,420 t U3O8, from DYL's 670 t estimate. Toro holds the option to buy the project from DYL; a further update is planned for Q4 2008, later than the June-quarter target.

resource reserve update

WCP Resources agreed to earn all non-uranium minerals on DYL's EPM 16007 (Mt Isa) for $100,000 of WCP shares upfront, plus $250,000 of shares if it keeps the interest after 12 months. DYL keeps the uranium rights.

asset acquisition disposition

Tumas palaeochannel hole returned 853 ppm U3O8 over 20 m, and the Tubas trench gave up to 7,875 ppm in 1 m samples (1,430 ppm over 9 m). Trench is free-digging; about 4,000 samples will take 2-3 months to assay. Supports the Namibian resource drive.

drilling result

First Queens Gift diamond holes (Mt Isa) returned 21.0 m at 893 ppm eU3O8 and 24.4 m at 513 ppm, following the May start of drilling. Separately, old data show phosphate on Sherrin Creek EPM 16007, best 4.3 m at 14.8% P2O5; DYL will talk to interested parties.

drilling result

Drilling has grown from one to five RC rigs. A new palaeochannel was found at Tumas West and Northwest, with best results 902 ppm eU3O8 over 10 m and 500 ppm over 14 m, both from surface. Tubas S-Bend and Aussinanis returned smaller intercepts. Airborne EM survey nearly complete.

drilling result

Helicopter-supported ground checking of airborne anomalies returned rock samples up to 32,935 ppm (3.29%) U3O8 across all four Namibian licences. Samples are likely positively biased, so this shows prospectivity, not resource. Airborne EM survey to follow.

drilling result

Deep Yellow gets a four-year earn-in option over uranium rights on six Xstrata tenements (504 km2) west of Mt Isa, needing at least $10m of spending ($1m in year one). Xstrata keeps copper and other minerals and a 1.5% net profit royalty if mined.

farm in farm out agreement

Two angled RC holes at the Namibian iron-oxide prospect confirm uranium at depth, e.g. 26 m at 217 ppm and 16 m at 286 ppm U3O8 (preliminary assays). Directors call it potentially economic; the trend runs 5,000 m, with final assays due mid-February.

drilling result

Conquest Prospect near Mt Isa, in the Matrix JV, returned 22 m at 575 ppm and 13 m at 723 ppm U3O8 in one hole of a seven-hole, 750 m programme. Directors call it significant with potential economic implications; further drilling planned early in 2008.

drilling result

Ground teams in northern Tubas EPL 3496 found a new alaskite uranium occurrence (composite samples 2,000-4,500 ppm U3O8, about 4 km2 mapped) and an iron-oxide outcrop with 200-400 ppm dump samples. Drilling follows in January; a new style beyond the known shallow deposits.

drilling result

Deep Yellow agrees to farm out 75% of five Queensland uranium projects (nine tenements, about 2,600 sq km) to Dragon Energy, which must spend $3m and pay $500,000 cash. Subject to Dragon's ASX listing by 28 June 2008; fits stated focus on Mt Isa, Gawler and Namibia.

farm in farm out agreement

Board lifts Namibian target to 50,000 t (110Mlb) contained U3O8 in known areas and expands drilling from one rig to five (two arriving December, two late January), aiming for about 15,000 m a month. Tumas JORC estimate expected first quarter 2008; airborne EM in January.

drilling scheduled

First JORC Inferred resource for Tubas, Namibia: 77.3Mt at 228 ppm U3O8, 17,600 t (38.8Mlb) contained, based on Anglo American's 1970s-80s drilling. The consultant warns confidence is low; Deep Yellow's own 722 holes are not yet included.

resource reserve update

Miranda's 16-hole, 1,962 m programme returned wider intercepts including 32 m at 625 ppm and 25 m at 654 ppm U3O8, from about half the samples. Directors say Miranda has tonnage potential and warrants more drilling in 2008. The rig moves to the Ewen Project.

drilling result

Queens Gift's 47-hole, 4,930 m RC programme is complete, with new intercepts such as 69 m at 467 ppm and 37 m at 538 ppm U3O8. Directors say it has potential to host an economically viable deposit. A 3-4 hole, ~1,200 m core programme is planned for late November.

drilling result

Queens Gift hole DQRC_0032 returned 50 m at 400 ppm U3O8 from near surface, the widest intercept to date. The programme is expected to grow from 39 holes (3,000 m) to 46 holes (5,000 m) once assays are in.

drilling result

Tubas drilling (424 holes, 10,785 m) is finding thicker, higher-grade zones than Anglo American's historic data, with intercepts like 13 m at 1,050 ppm and 10 m at 1,638 ppm U3O8. Initial JORC resource numbers are expected within two months.

drilling result

Agreed terms for Rum Jungle Uranium to acquire up to 70% of six Northern Territory properties, conditional on its ASX listing by 30 October 2007. Deep Yellow gets 2m shares and 2m options in Rum Jungle. Rum Jungle starts at 50%, reaching 70% by sole-funding $2m within four years.

farm in farm out agreement

First assays from 14 Queens Gift holes show broad uranium zones, including 4 m at 2,227 ppm and 10 m at 760 ppm U3O8. This is the first drilling result from the Mt Isa programme begun in July. 16 more holes are awaiting assay.

drilling result

The 31,673,949-share shortfall was placed with Paladin Resources at 50c, raising $15.84m and lifting cash and liquid assets to about $70m. A $15m 2007/08 exploration budget was approved. Pretorius became Managing Director, Greene Non-Executive Chairman, and two independent directors joined.

capital raising announcement

Entitlement issue closed with 63% taken up: 53,228,125 shares at 50c raised $26.6m, above the $20m minimum. A shortfall of 31,673,949 shares (not underwritten) remains; directors are considering placing it.

capital raising announcement

All conditions for the Napperby Option Agreement are met, so Toro's 3-year option starts. Deep Yellow received 3,066,667 Toro shares (about 2% of Toro) at $0.75. Toro plans resource drilling from late August or early September.

farm in farm out completion

A 10,000 m RC drilling campaign began 12 July in the Mt Isa district, starting with Queen's Gift (3,000 m, 40 holes), plus Calton Hills and Miranda/Foxhole. Queen's Gift mineralised zone now mapped at up to 50 m wide over 1,300 m. Radiometric readings, not assays, come first.

drilling spud

Namibian airborne survey of 16,800 line km is under way. For Aussinanis, Deep Yellow sets a conceptual exploration target of 20-25Mt at 250-300 ppm U3O8, stressing it is not a JORC resource. This follows the ASX concerns over historic estimates.

drilling progress report

Namibia granted EPL 3498 (Aussinanis, 250 km2) for 3 years, lifting Namibian holdings to 2,872 km2. Elf-Aquitaine took it to feasibility stage in 1974-82. Environmental approvals are still needed before work; entitlement funds are to expand drilling.

regulatory community update

Prospectus lodged for a 1-for-12 non-renounceable entitlement issue of up to 84,902,074 shares at 50 cents, raising up to $42.45m. Closes 20 July 2007. Not underwritten; minimum subscription $20m, per the accompanying letter.

capital raising announcement

Deep Yellow agreed terms to sell 70% of four non-core WA and SA uranium properties, including a 70% share of the Siccus JV, to Uranio for A$2m cash plus 9.8% of Uranio at its listing. Subject to formal agreement within a month and ASX listing by 23 Nov 2007.

asset acquisition disposition

Mapping at Mt Isa's Queens Gift prospect found rock samples up to 2.86% U3O8 over a 1,200 m zone, up from the earlier 3,530 ppm. RC drilling is expected in June. A major rights issue was flagged for funding wider exploration.

drilling result

Deep Yellow and Toro sign a binding Napperby Option Agreement, firming up the February terms. Toro gets three years and 3,066,667 Toro shares, and can buy 100% priced on JORC resource (13.2Mlb assumed if unconverted) against 8% of spot, collared at A$4.50/lb and capped at A$6/lb.

farm in farm out agreement

Namibia's environment ministry granted clearances for exploration on all three Reptile licences, so physical work on the historic 68.5Mt, 18,016t U3O8 resources can start. A drill contractor is appointed, drilling is expected from April, and airborne electromagnetic surveys are due by late June.

regulatory community update

Deep Yellow issues the 21.5 million shares to Matrix, completing the first stage of the 51% earn-in of the NW Queensland JV, as announced on 14 February. The notice says the choice followed the Miranda assay results. A further $2.6m of spending is still owed.

farm in farm out completion

Deep Yellow agrees terms to farm Napperby out to Toro Energy, which would pay $2.3m in Toro shares upfront, spend $750,000 a year for 3 years, and can buy 100% for roughly A$4.50-6.00/lb of agreed resource. The deal reverses the plan to drill Napperby further itself and is subject to due diligence and a binding agreement.

farm in farm out agreement

Deep Yellow will take up its 51% interest in the Matrix NW Queensland JV, issuing 21,459,541 shares by 28 Feb and spending a further $2.6m by Feb 2009. It can then pay $3m for another 29%. The decision was partly driven by the Miranda results.

farm in farm out agreement

Miranda drilling hit 12 m at 960 ppm U3O8 and 3 m at 730 ppm, a broad iron-oxide-linked zone. Lochness was disappointing, with values only to 68 ppm. This resolves the pending Mt Isa assays: Miranda is the follow-up target, Lochness needs mapping first.

drilling result

Completes the Superior Uranium purchase, issuing 20 million shares (valued at 47.5c in the filing) to Superior Resources. Deep Yellow now holds the Queensland permits and 100% of Durong. Shares on issue rise to 975,433,692.

asset acquisition disposition

Deep Yellow agrees to buy Superior Uranium, holding four granted and two applied-for Queensland uranium permits, for 20 million shares. It also takes Superior's 10% of Durong, giving 100%. This builds a Mt Isa position of 1,060 km2 beyond the Matrix JV.

asset acquisition disposition

Deep Yellow issues 82 million shares at 13.5c as the second and final tranche for the remaining 49% of Raptor Minerals, completing the acquisition of the Namibian licences. Quoted shares rise to 955,433,697.

farm in farm out completion

Entitlement issue closed with 92.9% of entitlements taken up, raising $14.42m at 12c. The 9.19m-share shortfall is placed with Paladin Resources, lifting the total to $15.53m. The issue was not underwritten.

capital raising announcement

First JORC Inferred resource at Napperby: 1.9 million tonnes at 360 ppm U3O8, or 670 tonnes (1.5m lb) contained, over 1 km of strike. It is about 20% above Uranerz's 1979 estimate for the same area. Upgrade to Indicated is under way.

resource reserve update

Supplementary prospectus discloses a threatened claim by Uranium Resources Plc over the Raptor acquisition, alleging Dr Pretorius breached duties as a former director. The company denies it. Earlier applications are refunded; the issue now closes 13 December.

capital raising announcement

Prospectus lodged for a 1-for-5 non-renounceable entitlement issue of up to 130.4m shares at 12c, raising up to $15.65m, closing 1 December. Mervyn Greene is proposed as a new non-executive director.

capital raising announcement

Deep Yellow agrees to buy Raptor Minerals, holding 2,622 km2 of Namibian uranium licences near Langer Heinrich, for A$2.58m cash plus up to 174m shares (about A$26m). A 1-for-5 entitlement issue will fund it. Old resource estimates are not JORC-verified.

business combination

Final Napperby results (262 holes) continue to show higher-grade channels. A JORC resource for the 1,000 x 600 m block will be commissioned once duplicate and shoulder assays are in, the step that failed with 2005 drilling.

drilling result

First 35 Napperby resource holes confirm trench grades, best 1 m at 3,170 ppm U3O8 and best composite 893 ppm over 5 m. A 6-hole aircore trial again gave poor recovery. The company says Napperby is back on track after last year's setback.

drilling result

Resource drilling began at Napperby: 250 holes of 60 cm diameter on 50 x 50 m centres, to be finished in the September quarter. Deep Yellow also applied for five Queensland permits (about 1,600 km2) at Durong, 90% held with Superior Resources at 10%.

drilling spud

Napperby trench assays confirmed flat-lying calcrete-hosted uranium, with a 2 m zone above 1,000 ppm U3O8 and a peak of 3,460 ppm over 1.2 m. After the poor 2005 drilling, the board is again pursuing a resource program.

drilling result

The entitlement issue closed with 71% taken up: 157.7 million shares at 7.5 cents, raising $11.83 million. It was not underwritten and the 64.4 million-share (29%) shortfall will not be placed.

capital raising announcement

Deep Yellow signed a binding heads of agreement for uranium rights to Dominion's 3,300 sq km Western Gawler tenements in South Australia. It can earn 90% by spending $3 million over 3 years, with shares equal to 2.2% of capital (or $1 million, if greater).

farm in farm out agreement

Deep Yellow agreed a uranium joint venture with Matrix Metals over about 5,000 sq km near Mt Isa-Cloncurry. It can earn 51% by spending $3 million over 3 years, plus shares equal to 2.2% of its capital.

farm in farm out agreement