ASX-listed Deep Yellow has delayed a final investment decision (FID) on its Tumas uranium project in Namibia beyond the fourth quarter of 2026, citing continued challenging equity market conditions that have constrained funding options for uranium developers.

The company had been due to announce an FID during the fourth quarter but said it maintains full confidence in the quality of the asset as a next-generation, secure and reliable supplier of uranium.

Civil works at Tumas are continuing in the meantime, including concrete preparation, reinforcing steel installation and off-site pre-casting.

The expenditure for the current civil and concrete works is fully funded from the company's existing cash reserves.

Deep Yellow said it is also working on an optimisation and updated value case, which will be released as a comprehensive project update once finalised.

“Despite the compelling global uranium market fundamentals, challenging equity market conditions continue to constrain funding options for uranium developers,” said Deep Yellow Managing Director and CEO Greg Field.

“Against this backdrop, we believe it is prudent to defer FID beyond the fourth quarter this year while maintaining construction momentum and progressing our funding strategy to ensure Tumas is well positioned to advance when market conditions improve”.

The Tumas project is one of Namibia’s most advanced uranium developments, located in the Erongo Region. The deferral reflects a broader trend across the uranium development space, where rising demand for nuclear fuel has not yet translated into improved access to equity capital for junior developers.