Deep Yellow Limited (ASX:DYL) 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) 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