Deep Yellow secures water supply and local ownership for Tumas project
The agreements support construction and future production at Tumas, with Deep Yellow still targeting a final investment decision in the fourth quarter
Deep Yellow has completed two agreements supporting the development of its Tumas uranium project in Namibia, securing a long-term water supply and finalising a local ownership arrangement.
The company has signed a long-term Water Supply Agreement with Namibia Water Corporation Limited (NamWater) and concluded previously announced arrangements with Namibian partner Oponona Investments (Proprietary) Limited (Oponona).
The water agreement covers the supply of water for the life of the project, subject to the usual conditions before operations begin. It sets out the terms for water delivery, quality, capacity and ongoing services, supporting construction, commissioning and eventual uranium production.
“The execution of the Water Supply Agreement provides long-term security over water supply and establishes the commercial framework governing water delivery, quality, capacity and long-term service arrangements between NamWater and Deep Yellow,” said the statement from the company.
The agreement is particularly important as Tumas moves through construction, with water required for both the development phase and future operations.
Deep Yellow has also formalised Oponona’s planned 5% ownership of Reptile Uranium Namibia (RUN), the Namibian company that holds the mining licence (ML237) and exploration licences forming part of the Tumas project.
Reptile Mineral Resources and Exploration (RMR), a Namibian subsidiary of Deep Yellow, and RUN have entered into Subscription and Shareholders Agreements with Oponona to give effect to the ownership arrangement.
The agreements also cover several exploration areas held by RUN, including the Tinkas and S-Bend prospects near Tumas and the Omahola project.
The arrangement supports the local ownership requirements attached to ML237, following the binding Heads of Agreement previously announced by Deep Yellow.
As part of the agreement, Oponona will establish a dedicated special purpose entity to invest in the local community.
“Securing long-term water provides certainty over one of Tumas’ most critical operating requirements while the Oponona agreements give effect to local ownership arrangements contemplated under a binding Heads of Agreement previously disclosed by Deep Yellow. These milestones build on completed bulk earthworks, major civil and concrete works now underway, and continued progress across engineering, procurement, optimisation and financing. Tumas is becoming progressively more de-risked and construction-ready. 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,” said Deep Yellow Managing Director and CEO Greg Field.
The latest agreements follow the completion of bulk earthworks at Tumas, while major civil and concrete works are now underway.
Deep Yellow continues to work towards a final investment decision on the project in the fourth quarter of 2026.
