Deep Yellow (DYL) H2 2025 earnings summary

Executive summary

• Transitioned from late-stage developer to near-term uranium producer, with Tumas Project in Namibia advancing toward production pending uranium market conditions and pricing.

• Mulga Rock Project in Australia saw significant progress in metallurgy and resource upgrades, with a revised DFS underway and completion expected in early FY2027.

• Alligator River Project in Northern Territory advanced exploration, securing government co-funding for seismic and drilling programs.

• Strong safety record with an All Injury Frequency Rate of 4 and no environmental or heritage non-compliances.

• No dividends declared; focus remains on project development and growth.

Financial highlights

• Net profit after tax for FY2025 was $7.16 million, a turnaround from a $10.64 million loss in FY2024, mainly due to a reversal of prior exploration impairment ($11.24 million).

• Cash and cash equivalents at year-end were $217.4 million, up from $177.5 million in FY2024.

• Net assets increased to $633.2 million (FY2024: $614.6 million).

• Capitalised exploration and evaluation expenditure was $326.0 million; property, plant, and equipment rose to $96.1 million due to Tumas Project development.

• Earnings per share improved to 0.74 cents (FY2024: -1.31 cents).

Outlook and guidance

• Tumas Project FID deferred until uranium prices are sufficient to incentivize greenfield development; staged development and early works continue to de-risk the project.

• Mulga Rock revised DFS to be completed in early FY2027, targeting higher uranium production and incorporating base metals and rare earths.

• Production ramp-up at Tumas expected in Q3 CY2027, with Mulga Rock to follow from mid-CY2029.

• Positive long-term uranium market outlook driven by global nuclear expansion and supply-demand gap.