ASX:DYL

UBS Starts Deep Yellow at Buy with AU$2.15 Price Target

Uranium Producers Rise as New South Wales Uranium Bill Passes into Law

Shares of Australia-listed uranium producers rose in recent Thursday trade as the New South Wales Uranium Bill was passed into law on Monday, according to a Thursday statement by the Minerals Council of Australia.Shares of Deep Yellow (ASX:DYL) rose 5%, while Paladin Energy (ASX:PDN) gained 7% and Nexgen Energy (ASX:NXG) added 6%.The new legislation removes the NSW prohibitions on uranium mining and nuclear energy, according to the statement.

ASX Preview: Australian Shares Set to Fall as Oil Prices Surge on Stalled US-Iran Talks; Beach Energy Posts Lower March Quarter Production

Australian shares are poised to fall on Tuesday as oil prices surged to multi-week highs amid stalled US-Iran peace talks and ongoing disruptions in the Strait of Hormuz that have tightened global supply and stoked inflation concerns.Overnight, the S&P 500 and the Nasdaq Composite rose 0.1% and 0.2%, respectively, while the Dow Jones Industrial Average fell 0.1%.In the macroeconomy, the ANZ-Roy Morgan Australian consumer confidence rose 3.5 points to 67.8 in the week of April 20 to 26, ANZ reported Tuesday.In corporate news, Beach Energy (ASX:BPT) produced 4.8 million barrels of oil equivalent in the quarter ended March 31, slightly down from 4.9 million barrels of oil equivalent in the same period last year.Deep Yellow (ASX:DYL) said detailed engineering at its Tumas project in Namibia progressed to 68% complete, with bulk earthworks 91% complete and civil construction expected to commence in the next quarter.Australia's benchmark index fell 0.2% or 20.1 points to close at 8,766.40 on Monday.

Deep Yellow Says Detailed Engineering for Namibia Uranium Project Over 68% Complete

Deep Yellow (ASX:DYL) said detailed engineering at its Tumas project in Namibia progressed to 68% complete, with bulk earthworks 91% complete and civil construction expected to commence in the next quarter, according to a Tuesday Australian bourse filing.Tendering is now complete for 79% of all major process plant equipment packages, supporting procurement readiness and capital execution planning, the filing added.At its Mulga Rock Project in Western Australia, trade-off studies to inform a revised feasibility study have continued following successful piloting programs reported last year, with recent pilot plant testing confirming previously forecast recoveries of all targeted metals, including critical minerals and rare earths, while also lowering estimated operating costs, the filing added.The company said it will update the resource estimate using these improved modifying factors, while a seismic survey has identified priority drill targets for the 2026 exploration season at the Alligator River project in the Northern Territory.Group cash balance stood at AU$171.6 million as at March 31, it added.

Deep Yellow Completes Exploration Drilling at Namibia Prospect

Deep Yellow (ASX:DYL) completed reverse circulation infill drilling at the Tinkas prospect in Namibia, north-west of the Tumas project, on March 18, comprising 133 holes for 1,363 meters, according to a Thursday Australian bourse filing.Uranium mineralization of over 100 parts-per-million grade of triuranium octoxide-equivalent was intersected in 38 holes, the filing said. Further infill drilling may be required to establish a resource in the Tinkas area.The company also completed a high-resolution reflection seismic survey over the Condor Prospect at the Alligator River project in the Northern Territory to identify drill targets, per the filing. It aims to start drilling in the region in the June quarter.