Investors were hitting the sell button on Thursday and most ASX 200 shares dropped into the red.

But one share that fell more than most was Deep Yellow Ltd (ASX: DYL).

The ASX 200 uranium stock crashed 12% to $1.055 following the release of an update on its Tumas uranium project in Namibia.

That update revealed that the company has delayed its final investment decision on the project until early March 2025.

Management advised that this is due to delayed costings and quotes for equipment and construction, and further project optimisation. Deep Yellow's managing director, John Borshoff, also notes that "the current long-term uranium price does not reflect what we see as a significant emerging supply shortage."

This latest decline means that the ASX 200 uranium stock has now lost almost a third of its value since this time in October.

One leading broker believes this could have created a buying opportunity for investors that have a high tolerance for risk.

What is the broker saying about this ASX 200 uranium stock?

Bell Potter believes that the delay is more to do with uranium prices than anything else. In response to the news, it said:

Whilst the timeline slippage amounts to very little in terms of valuation change, we will argue that the FID closure is more related to uranium price recovery, which can be difficult to time. Our funding estimate for TUP stands at A$657M, which, we expect to be funded with a combination of debt capital, strategic investment, and the current cash of A$247m. After FID, we suspect the focus will shift to securing binding debt (expected in 1HFY26), in conjunction with offtake.

The contracting strategy remains unchanged, management continue to see support for higher prices in the medium term (as do we) and are reluctant to lock in contracts at prices which do not provide sufficient return on capital for all stakeholders.

Buy the dip

Despite the above and softer than expected uranium prices, the broker remains positive.

According to the note, Bell Potter has retained its speculative buy rating with a trimmed price target of $1.70 (from $1.90).

Based on its current share price, this implies potential upside of 61% for investors over the next 12 months.

The broker then concludes:

We maintain a Speculative Buy rating on DYL, and valuation of $1.70/sh (previously $1.90/sh). Our valuation is adjusted on updating the most recent cash balance, our uranium price forecasts, and adjustments to our development timelines for TUP and MUP. We see DYL as being attractively positioned in a rising uranium bull market, capable of delivering the next wave of supply into an increasingly tight market.