BUZZ-Tumas project delay to weigh on costs for Australia's Deep Yellow, Jefferies says

Reuters

Jan 22, 2025

** Jefferies says delay in final investment decision $(FID.AU)$ consideration for Tumas project increases capital expenditure and slows first production for uranium miner Deep Yellow DYL.AX

** Deep Yellow said FID consideration for its Tumas project is deferred until March 2025 due to delayed costings and quotes for equipment and construction, among other factors

** Brokerage retains "underperform" rating and stock PT of A$1

** Jefferies expects first production from Tumas at risk of slipping from the current 2026 timeline due to the FID delay

** Brokerage adds the company's cash position of A$238.4 mln ($149.36 mln) at end of December quarter is in line with its expectations, down from A$247 mln in the last quarter

** Deep Yellow up 18.7% so far this year, as of the last close

($1 = 1.5962 Australian dollars)

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))

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