Deep Yellow (ASX:DYL) is a uranium developer with a market capitalisation of around $1.4 billion. Its primary assets include the wholly owned Tumas Project and the Omahola Project, both located in Namibia.
Deep Yellow also has two projects in Australia, including the Alligator River Project in the Northern Territory.
Last month, at UBS Group’s (NYSE:UBS) Uranium Day, Deep Yellow said the area where the Alligator River Project is located is a ‘world-class’ uranium province, noting the potential for a large uranium discovery.
On 30 June, Deep Yellow announced its acquisition of a 50% stake in Cooper Creek. This joint venture (JV) holds two exploration licence applications in the Northern Territory’s Alligator Rivers Uranium Province (ARUP).
The other major participant in Cooper Creek is the Australian subsidiary of Canadian uranium company Cameco (NYSE:CCJ).
Deep Yellow says the new exploration licences will adjoin its existing Alligator River tenure.
“The acquisition of ERA’s participating interest in the Cooper Creek JV represents a strategically significant addition to Deep Yellow’s tenure in the Northern Territory. It gives our exploration team another great opportunity to apply their rigorous exploration model and deep technical expertise to discover large, high-grade uranium deposits,” Managing Director and CEO Greg Field says.
“Importantly, the Cooper Creek JV deal fully aligns with our strategy to expand on and drive value from our portfolio of excellent uranium assets, ranging from the shovel-ready tier 1 Tumas Project in Namibia — which remains our key focus — to exciting greenfields exploration opportunities in the ARUP. We are delighted to be part of a joint venture led by global uranium major Cameco.”
Write to Callum Newman at Mining.com.au
Images: Deep Yellow
