What Deep Yellow does

Deep Yellow Limited is an ASX-listed (DYL) Australian uranium exploration and development company pursuing a dual-pillar strategy to become a tier-one, multi-mine uranium producer with combined target production exceeding 7 Mlb per annum (with a stated ambition of 10+ Mlb p.a.). The company holds two advanced-stage projects in Tier-1 uranium jurisdictions: the Tumas Project in Namibia (118.2 Mlb resource at 255 ppm U3O8, 79.5 Mlb reserve, targeting 3.6 Mlb p.a. over a 30+ year Life of Mine, using in-situ recovery mining) and the Mulga Rock Project in Western Australia (104.8 Mlb resource at 415 ppm U3O8, targeting 3.5 Mlb p.a. over a 15+ year Life of Mine). An attributable Mineral Resource base of 430 Mlb across the portfolio is supplemented by earlier-stage exploration assets including Omahola (Namibia) and Alligator River (Northern Territory), plus joint venture interests in Nova and Yellow Dune.

The company's technical foundation rests on specialized expertise in two uranium deposit types: palaeochannel/calcrete-hosted mineralisation (uranium vanadate carnotite in Tertiary/Quaternary fluvial sediments, exemplified by Tumas) and basement/alaskite-type deposits (Omahola's Alaskite Alley corridor). The Mulga Rock DFS is being expanded to evaluate critical minerals and rare earth elements alongside uranium, broadening the commodity surface. The company is led by a management team drawn largely from Paladin Energy, with Greg Field as Managing Director and CEO (appointed December 2025).

Deep Yellow is pre-revenue, reporting less than A$1 million in annual revenue. Its business model is currently capital-market-dependent: it has funded development primarily through ASX equity raises, including a A$220M placement and A$30M Share Purchase Plan in March 2024, and intends to generate future revenue through uranium concentrate (U3O8) sales to nuclear power utilities globally, plus by-product vanadium credits from Tumas. Target economics for Tumas include a post-tax NPV of US$570M, a post-tax IRR of 27%, and projected all-in sustaining costs of US$45/lb U3O8, contingent on a minimum uranium price threshold of approximately US$65/lb U3O8. The Tumas Final Investment Decision, originally targeted for March 2025, was deferred in April 2025 pending improved uranium pricing, with engineering and early works continuing under a staged development approach.

Name

Deep Yellow

Legal name

Deep Yellow Limited

Website

https://deepyellow.com.au

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

51–100 employees

Short description

Deep Yellow Limited is an ASX-listed (DYL) pre-revenue uranium developer advancing two flagship projects — Tumas in Namibia and Mulga Rock in Western Australia — targeting combined production exceeding 7 Mlb per annum of U3O8 for supply to global nuclear power utilities.

Ownership category

akta.pro rank

Product category

Uranium Mining

NAICS

Metal Ore Mining (2122)

SIC

Metal Mining (1000)

akta.pro primary industry

Uranium Exploration & Resource Development (EUAKACAA)

akta.pro secondary industries

Uranium Mining & Milling (Yellowcake/U3O8 Production) (EUAKACAB), Nuclear Fuel Cycle for Power Generation (Uranium, Conversion, Enrichment, Fuel Fabrication) (EUACADAK)

Keywords

• Uranium mining
• Uranium exploration
• Nuclear fuel supply
• In-situ recovery mining
• Mineral resource development

Headquarters

HQ city

Subiaco

HQ country

Australia

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Uranium Production and Sales: Deep Yellow is a pre-revenue uranium development company. The company will generate revenue from uranium production and sales once its Tumas and Mulga Rock projects reach production phase. Expected annual production capacity of 3.6 Mlb pa from Tumas and 3.5 Mlb pa from Mulga Rock, with by-product vanadium credits also expected.
2. Vanadium By-Product: The Tumas project includes vanadium by-product recovery (V2O5), providing additional revenue streams alongside uranium sales.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Deep Yellow is a pre-revenue uranium exploration and development company advancing two advanced projects — Tumas in Namibia (palaeochannel/calcrete deposit, 137 Mlb resource, 3.6 Mlb pa target production, 30+ year LOM) and Mulga Rock in Western Australia (104.8 Mlb resource, 3.5 Mlb pa target production, 15+ year LOM) — toward uranium concentrate (U3O8) production for sale to global nuclear power utilities. The company also holds earlier-stage exploration assets (Omahola, Alligator River) and joint venture interests, with an attributable Mineral Resource base totaling 430 Mlb.

Product overview

Deep Yellow is a pure-play uranium exploration and development company with a portfolio of geographically diverse projects in Tier-1 jurisdictions. The company operates two advanced projects (Tumas in Namibia and Mulga Rock in Western Australia) with combined potential production capacity exceeding 7 Mlb per annum, supported by an attributable Mineral Resource base of 430 Mlb. The Tumas Project (137 Mlb resource, 79.5 Mlb reserve) and Mulga Rock Project (104.8 Mlb resource) form the core of the product portfolio, complemented by earlier-stage exploration assets including Omahola, Alligator River, and joint venture interests in Nova and Yellow Dune.

Differentiator

Problem solved

Functional benefit

Products and services

• Tumas Project Advanced palaeochannel/calcrete-type uranium deposit in Namibia with 137 Mlb resource at 245 ppm U3O8 and 79.5 Mlb reserve. Will utilize in-situ recovery (ISR) mining with expected production of 3.6 Mlb per annum and 30+ year Life of Mine. Includes vanadium by-product (V2O5) recovery. The product is intended for sale to nuclear power utilities globally.
• Mulga Rock Project Large undeveloped uranium resource in Western Australia with 104.8 Mlb resource at 415 ppm U3O8 and 42.3 Mlb reserve at 845 ppm U3O8. Expected production of 3.5 Mlb per annum with 15+ year Life of Mine. Revised DFS underway with focus on critical minerals, rare earth elements, and additional uranium. The product is intended for sale to nuclear power utilities globally.
• Omahola Project Early-stage basement/alaskite-type uranium exploration project in Namibia located in the 30km x 10km Alaskite Alley corridor, containing deposits including Ongolo, MS7 and Inca with a combined 125.4 Mlb U3O8 resource at 190 ppm. Represents a future uranium resource pipeline for the company.
• Alligator River Project Largest granted uranium exploration package in Australia's Alligator River uranium province, Northern Territory, with 32.9 Mlb at 1.09% U3O8 (equivalent to 10,900 ppm) at the Angularli deposit. Represents a high-grade basement uranium resource pipeline asset.
• Nova Joint Venture Joint venture covering 599km2 of exploration tenements (EPL3669 and EPL3670) in Namibia, exploring both basement and palaeochannel uranium mineralisation. Provides additional exploration optionality beyond the company's wholly-owned assets.
• Yellow Dune Joint Venture Joint venture (85% Deep Yellow) covering the Aussinanis uranium deposit in Namibia with 28 Mlb U3O8 resource at 170 ppm. Provides additional uranium resource pipeline optionality.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• JOGMEC (Japan Oil, Gas and Metals National Corporation)coreStrategic or Co-development Partner · 1 January 2016In 2016, Deep Yellow entered into a joint venture agreement with JOGMEC for a 4-year, $4.5M earn-in exploration and development program, with JOGMEC earning 39.5% interest in the Nova Project. During June 2024, JOGMEC advised of its intention to withdraw from the joint venture, with documentation currently in process.
• Oponona Investments (Pty) LtdminorStrategic or Co-development PartnerLocal Namibian partner with a right to acquire 5% of the Tumas Project post FID.
• Nova Energy (Africa) Pty Ltd (Subsidiary of Toro Energy Ltd)minorStrategic or Co-development PartnerFollowing JOGMEC's withdrawal, Nova joint venture equity will revert to: RMR 65%, Nova Energy (Africa) Pty Ltd 25%, Sixzone Investments 10%.
• Sixzone Investments (Pty) Ltd NamibiaminorStrategic or Co-development PartnerFollowing JOGMEC's withdrawal from the Nova joint venture, Sixzone Investments will hold 10% equity in the project.
• ShareForceminorOthersDeep Yellow has implemented ShareForce's equity plan administration platform to manage TSR-linked incentives, automate IFRS 2 calculations, and streamline equity reporting as an ASX-listed issuer.
• Cameco Australia Pty LtdminorOthersDeep Yellow acquired the Alligator River Project from Cameco in 2018, including comprehensive tenement package and access agreements with Arnhem Land Traditional Owners.

Scale indicators11 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Paladin Energy: ASX-listed uranium developer/producer with the Langer Heinrich mine in Namibia — directly comparable because Deep Yellow's leadership team is largely ex-Paladin, the asset style (calcrete/palaeochannel uranium) and operating jurisdiction are identical, and both are pursuing multi-mine Tier-1 strategies.
• Boss Energy: ASX-listed uranium developer advancing the Honeymoon ISR mine in South Australia — closely comparable pure-play developer with ISR mining methodology and similar scale to Deep Yellow's Tumas, serving the same utility offtake market.
• Bannerman Energy: ASX-listed uranium developer with the Etango project in Namibia — directly comparable as a Namibian-focused uranium developer pursuing project financing and offtake for an open-pit uranium operation of similar scale to Tumas.
• Peninsula Energy: ASX-listed uranium producer using ISR at Lance in Wyoming — directly comparable as a pure-play uranium developer using ISR methodology targeting utilities for long-term offtake, with similar pre-revenue/producing transition profile.
• Vimy Resources (defunct/acquired): Acquired by Deep Yellow in August 2022 — historically a direct Australian uranium peer holding the Mulga Rock and Alligator River projects that Deep Yellow now owns, providing the most direct historical precedent for Deep Yellow's portfolio.

Emerging players

• NexGen Energy: TSX-listed advanced uranium developer (Arrow project, Athabasca Basin) — comparable as a Tier-1 jurisdictional uranium developer in permitting/development phase, though focused on high-grade basement unconformity deposits rather than calcrete style.
• Denison Mines: TSX-listed uranium developer with Wheeler River in the Athabasca Basin — comparable as a uranium developer pursuing ISR mining at a Tier-1 jurisdiction project, with similar focus on cost-efficient extraction technology.

Broad incumbents

• Energy Fuels: North America's largest uranium producer, also processing rare earths and vanadium — broadly comparable as a uranium-focused miner with multiple assets and a path to U.S. utility offtake, though operating at production scale and with broader mineral diversification than Deep Yellow.
• Uranium Energy Corp: NYSE-listed uranium producer/developer with ISR operations in Texas and Wyoming and project pipeline in Canada and Paraguay — comparable as a large pure-play uranium consolidator using ISR methodology, providing read-across on offtake contracting and ISR economics.
• Cameco: World's largest publicly listed uranium producer, previously owner of Alligator River tenements acquired by Deep Yellow via Vimy — broadly comparable Tier-1 uranium incumbent setting global price benchmarks and offtake terms that Deep Yellow will reference in negotiations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/DeepYellowLtd
• LinkedInlinkedin.com/company/deep-yellow-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries4 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Deep Yellow