Deep Yellow Locks in $34M in Construction Contracts Ahead of Q4 Investment Call
Deep Yellow secures A$34 million in construction contracts for Tumas Project
Deep Yellow has awarded two civil and concrete construction contracts totalling approximately A$34 million for its Tumas Project in Namibia. Both contracts were awarded to 100% Namibian-owned contractors following a competitive tender process, with mobilisation scheduled for August 2026. The awards continue Deep Yellow’s disciplined de-risking approach ahead of the company’s anticipated Final Investment Decision (FID) in Q4 2026.
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What the contracts cover
The two contract awards break down as follows:
| Contractor | Contract Value | Scope |
|---|---|---|
| Namibia Construction Pty Ltd | ~A$18.5 million | Reinforced concrete in beneficiation, leach feed thickening and tailings facilities; precast concrete elements; Run-of-Mine retaining wall |
| Nexus Building and Civils Contractors Pty Ltd | ~A$15.5 million | Reinforced concrete foundations, plinths, slabs and embedded infrastructure across balance of plant |
Both contractors are Namibian-owned and the work is expected to be executed using predominantly Namibian workforces. Contract values were converted from NAD to AUD using the Bloomberg exchange rate as at 15 July 2026.
Why civil and concrete works matter in uranium project development
Civil and concrete infrastructure forms the physical foundation for ore processing equipment in mining projects. These structural works establish the base upon which heavy processing machinery and chemical handling systems are installed. Securing these capabilities early, with the civil and concrete works to be delivered sequentially, establishes multiple concurrent work fronts that provide greater execution flexibility. The civil and concrete works do not alter the Project’s critical path or the planned 24-month construction schedule following FID, but they provide execution flexibility and reduce schedule risk without committing to full construction spend before the investment decision is finalised.
Management commentary on project strategy
Greg Field, MD/CEO
“These awards represent another important milestone in our disciplined approach to project development. Our objective has always been to systematically remove execution risk, secure high-quality contractors and ensure the Project is positioned for efficient delivery as we advance toward FID towards the end of this year.”
Field emphasised the company’s de-risking approach and commitment to developing Tumas in partnership with local Namibian industry. The Managing Director highlighted Deep Yellow’s stated goal of delivering long-term value for Namibia alongside shareholders, with both contracts awarded to highly capable Namibian companies.
What comes next for Tumas
Contractor mobilisation is scheduled to commence in August 2026, with FID anticipated in Q4 2026. The civil and concrete works will be delivered sequentially, reducing future execution risk while preserving development flexibility. Tumas is Deep Yellow’s flagship project within its dual-pillar growth strategy targeting production of more than 10Mlb uranium per annum.
Key milestones ahead:
- Contractor mobilisation: August 2026
- Civil and concrete works: Sequential delivery
- Final Investment Decision: Anticipated Q4 2026
- Construction schedule post-FID: 24 months
The timeline positions Deep Yellow to commence major construction activities promptly upon FID.
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Deep Yellow’s development portfolio
Deep Yellow’s development portfolio is anchored by two advanced uranium projects: Tumas in Namibia and Mulga Rock in Western Australia. The company also holds exploration portfolios at Alligator River in the Northern Territory and Omahola in Namibia. Deep Yellow is advancing its growth strategy at a time when nuclear energy is increasingly recognised as an essential component of the global energy mix, supporting reliable baseload power generation and long-term decarbonisation objectives. The Tumas contract awards demonstrate tangible progress on the company’s pathway to becoming a diversified uranium producer.
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