Mulga Rock Project (100% DYL)

The Mulga Rock Project was acquired by Deep Yellow through the merger with Vimy Resources Limited, which was completed in August 2022.

Mulga Rock is one of Australia’s largest undeveloped uranium resources and lies in the Great Victoria Desert in Western Australia, 290 km by road ENE of Kalgoorlie.

The Project has a Mineral Resource of 115 Mt @ 415 ppm for 104.8 Mlb U₃0₈ and is one of only four projects in Western Australia to receive State Ministerial approval to progress with the mining of uranium and is currently the only one of those four likely to be developed in the near future.

In 2021, the Western Australian Department of Water and Environment Regulation provided formal confirmation that “substantial commencement” had been achieved. This notification, together with several approvals and confirmations received in the preceding months, allows the Project to advance to the next stage of development.

Mulga Rock consists of two separate mining areas over a total length of 30 km, with individual deposits ranging in length from 1 km to 8 km. The Mulga Rock East mining centre comprises the Ambassador and Princess deposits and the Mulga Rock West mining centre comprises the Shogun and Emperor deposits.

Mulga Rock is an advanced project with a revised Definitive Feasibility Study (DFS) set to commence in mid CY2025, to optimise project parameters to include critical mineral recovery optimisation work, detailed resource definition drilling and mining studies.

The previous DFS, completed by Vimy Resources, confirmed a 15-year Life of Mine (LOM) using a simple, low-cost uranium mining and recovery process and an annual production target of ~3.5 Mlb U₃0₈.

The revised DFS will assess the opportunity to develop Mulga Rock into a polymetallic operation, extending LOM beyond the current 15 years and deliver significant increase to project value and strategic importance. The Study is expected to be completed by midway through 2025.