Extension of Shiyela Exclusivity Agreement
Perth, June 17, 2022 AEST (ABN Newswire) - Deep Yellow Limited (ASX:DYL) (JMI:FRA) (DYLLF:OTCMKTS) is pleased to announce it has agreed to extend the current 12-month option existing on the Exclusivity Agreement (Agreement) with HyIron Green Technologies (Pty) Ltd (HyIron) in relation to the Shiyela Iron Ore Project in Namibia. HyIron will exercise its final option for an additional six months which will take the decision point to purchase out to no later than March 2023.
As previously announced, (refer ASX release dated 22 October 2021), Deep Yellow entered into an agreement with HyIron for the sale of shares in Shiyela Iron (Pty) Ltd which holds the Shiyela Iron Ore Project (ML176), subject to a 12-month due diligence requirement with an option to extend to a further 6 months. See Figure 1 for location.
HyIron paid a fee of US$100,000 for the twelve-month exclusivity shared pro rata by Reptile Uranium Namibia (Pty) Ltd and Oponona Investments (Proprietary) Limited, and will now pay an additional US$50,000 to extend the exclusivity period for a further six months.
About Deep Yellow Limited
Deep Yellow Limited (ASX:DYL) (OTCMKTS:DYLLF) (Namibian Stock Exchange:DYL) is a differentiated, advanced uranium exploration company, in predevelopment phase, implementing a contrarian strategy to grow shareholder wealth. This strategy is founded upon growing the existing uranium resources across the Company's uranium projects in Namibia and the pursuit of accretive, counter-cyclical acquisitions to build a global, geographically diverse asset portfolio. A PFS has recently been completed on its Tumas Project in Namibia and a DFS commenced February 2021. The Company's cornerstone suite of projects in Namibia is situated within a top-ranked African mining destination in a jurisdiction that has a long, well-regarded history of safely and effectively developing and regulating its considerable uranium mining industry.
Deep Yellow Limited