Tumas Project

100%-owned Tumas calcrete-hosted uranium project in Namibia's Erongo Region — Deep Yellow's flagship development positioned to become the country's fourth uranium mine. The 2025 DFS update (Apr 2025) supports a 30-year LOM at average head grade 298 ppm U3O8 producing on average 2.46 Mlb pa U3O8 (max 3.6 Mlb pa) and processing up to 4.2 Mtpa ore. A maiden Measured Mineral Resource for Tumas 3 of 38.5 Mlb U3O8 @ 255 ppm was delivered in Sep 2024 and the Dec 2024 Ore Reserve update lifted P&P Reserves to 79.5 Mlb U3O8 @ 298 ppm at a US$100/lb pit shell (waste:ore 2.2:1). Final Investment Decision was deferred in April 2025 pending stronger uranium pricing; staged early works and detailed engineering progress in parallel with NamWater/NamPower contracts and project debt financing arrangements (Nedbank Mandated Lead Arranger).