JPMorgan ceases to be a substantial holder in Deep Yellow after change in interests
Key Facts
Deep Yellow told the Australian Securities Exchange that JPMorgan Chase & Co. had ceased to be a substantial holder in the company. The disclosure set September 24, 2026, as the date of the change in relevant interests. The notice was filed as a "Notice of ceasing to be a substantial holder," according to the disclosure form submitted to the exchange. The filing corrects the latest ownership picture presented in the previous draft as a new acquisition.
The disclosure comes as the company reviews development plans for its Tumas uranium project in Namibia. Deep Yellow said current equity market conditions do not support making a final investment decision in the fourth quarter of 2026. The company had been targeting a decision in March 2025 before postponing it, while engineering and early works continued. It also said construction of the processing plant would remain deferred until uranium price incentives improve. This means JPMorgan's change in interests is being disclosed as the project's investment decision remains unresolved.
The company says Tumas is its flagship project in Namibia, with estimated reserves of 79.5 million pounds of U₃O₈ and a potential mine life of more than 30 years. A cost reset study announced in December 2023 estimated the project's net present value at about US$570 million and its internal rate of return at 27%. Deep Yellow said project optimisation and valuation update work was nearing completion. It added that it would issue a comprehensive market update once that work was complete. The company also said about 170 tonnes of reinforcing steel had been installed on site and that it had awarded four local support contracts with a total value of 42.1 million Namibian dollars, equivalent to 3.7 million Australian dollars.
On permits, the Environmental Commissioner approved renewals on October 2, 2026, for the environmental clearance certificates covering the project area and the power and water lines. The certificates for the project area and water line remain valid until September 26, 2029, while the power line certificate expires on September 27, 2029. The renewal provides a permitting timeframe for the project alongside continued optimisation and valuation update work. The company said its comprehensive project update would be issued after that work is complete. The company's schedule lists its annual general meeting for November 18, 2026.