Deep Yellow (ASX:DYL) withdrew its target to make a final investment decision (FID) for its Tumas uranium project in Namibia in the fourth quarter, citing continued weakness in equity market conditions, according to a Friday filing with the Australian bourse.

CEO Greg Field said the challenging conditions are constraining funding options for uranium developers, making it prudent to defer the FID beyond the fourth quarter.

The optimization work and an updated value case for the flagship project is nearing completion. Civil works have started on schedule, with two concrete contractors established on site, the company said.

It added that Namibia's environmental commissioner approved the renewal of environmental clearance certificates for the Tumas project area and associated infrastructure on Oct. 2. The renewed certificates are valid to September 2029.