31 December 2019 Half-Year Financial Report
Perth, Mar 6, 2020 AEST (ABN Newswire) - The Directors of Deep Yellow Limited (
ASX:DYL) (JMI:FRA) (DYLLF:OTCMKTS) submit herewith the financial report of the Company and its subsidiaries (the Group) for the half-year ended 31 December 2019.
Activities for the six-month period to 31 December 2019 advanced considerably both on the Company's Namibian Projects and preparing for start of the M&A effort together with completion of a successful capital raising to boost cash reserves to support future programs.
Key achievements:
- Confirmation of exploration of the prospective Tumas palaeochannel system on the Reptile Project of which only 70km of this 125km target has been adequately tested.
- Uranium resources on the Tumas palaeochannel were increased and, based on these positive results, a Scoping Study was commenced and completed initiating commencement of a Pre-Feasibility Study to test viability of Langer Heinrich-style deposits which are found to occur on the Reptile Project.
- Exploration 100% funded by an earn-in party on the Nova Joint Venture Project continued testing for basementassociated mineralisation (Husab/Rossing alaskite-associated mineralisation) and surficial calcrete-style mineralisation (Langer Heinrich-style deposits).
- Completion of a capital raising program in July 2019, involving both placement to selected parties to broaden the shareholder base and a Share Purchase Plan. It jointly raised A$11.3M to support sector consolidation possibilities and advancement of the accelerated Reptile Project in Namibia.
To view the report, please visit:
https://abnnewswire.net/lnk/H112310V
About Deep Yellow Limited
Deep Yellow Limited (ASX:DYL) (OTCMKTS:DYLLF) is successfully progressing a dual-pillar growth strategy to establish a globally diversified, leading uranium company producing 10+ Mlb pa. The Company's portfolio consists of two advanced projects in Tier-1 uranium mining jurisdictions - flagship Tumas in Namibia and Mulga Rock, Western Australia.
Deep Yellow's future growth is underpinned by its highly prospective exploration portfolio - Alligator River, Northern Territory and Omahola, Namibia with ongoing M&A focused on high quality assets should opportunities arise that best fit the Company's strategy. Led by a best-in-class team, who are proven uranium mine builders and operators, the Company is advancing its growth strategy at a time when the need for nuclear energy is becoming the only viable option in the mid-to-long-term to provide baseload power supply and achieve zero emission targets. Importantly, Deep Yellow is on track to becoming a reliable and long-term uranium producer, able to provide production optionality, security of supply and geographic diversity.
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