Deep Yellow Limited (ASX:DYL) March 2022 Quarterly Activities Report

Perth, April 19, 2022 AEST (ABN Newswire) - Deep Yellow Limited's (ASX:DYL) (JMI:FRA) (DYLLF:OTCMKTS) Tumas Definitive Feasibility Study is firmly on track, improving on Pre-Feasibility Study assumptions and on schedule for completion in the 2022 December quarter. (Refer ASX announcement 3 February 2022)

Follow-up basement drilling at Omahola has commenced, with program testing three highly prospective targets and extending the prospective zone (Refer ASX announcement 8 March 2022).

The company has a strong cash balance of $69.4M.

Corporate

- Deep Yellow and Vimy Resources Ltd (Vimy) agreed to a $658M merger by Scheme of Arrangement (the Scheme) under which Deep Yellow will acquire 100% of the Vimy shares on issue. (Refer ASX announcement 31 March 2022)

o Vimy shareholders will receive 0.294 Deep Yellow shares for every Vimy share held on the Scheme record date. Upon implementation of the Scheme, Deep Yellow shareholders will hold 53% of the merged group and Vimy shareholders will hold 47%

o The Scheme is unanimously recommended by the Board of Vimy and each director of Vimy intends to vote all Vimy shares they control in favour of the Scheme, in the absence of a superior proposal and subject to an Independent Expert opining (and continuing to opine) that the Scheme is in the best interests of Vimy Shareholders

o The merger is expected to create a new global uranium player with significant scale, cash resources of $106M , one of the largest uranium Mineral Resource inventories globally and two advanced, world class assets in Tier-1 uranium mining jurisdictions

*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/4TS40WO1


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.

   

Contact

John Borshoff Managing Director - CEO T: +61-8-9286-6999 Email: john.borshoff@deepyellow.com.au www.deepyellow.com.au