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Deep Yellow Ltd ASX:DYL

0 opened or increased1 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20252026

31 Dec 2024 to today

Commentary Showing 2 of 3

DateManagerActionSummary

31 Mar 2026Ellerston CapitalHeldEllerston Capital continues to hold Deep Yellow Ltd despite a below-expectations first-half FY26 result, with production at its Tumas uranium project in Namibia now not expected to commence until FY29. Ellerston Capital notes investors focused on higher SG&A costs and share-based payments, and that the Final Investment Decision on Tumas continues to slip given a 17% fall in the spot uranium price over two months and the project's high-cost structure relative to the 298ppm U3O8 grade. The fund notes Deep Yellow is not pursuing a capital raising at this time, though financing remains nowhere near completion.

Critical MineralsMonthly Report, price recorded $1.75

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30 Jun 2025Paradice Investment ManagementHeldThe manager holds Deep Yellow as an overweight position because the manager believes the uranium developer is well positioned to benefit from positive uranium market dynamics. The manager notes the DYL share price was driven by constructive uranium market news flow and nuclear energy demand trends, which the manager views as supporting the long-term investment case for uranium development assets.

Monthly Report, price recorded $1.67

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 2 managers first commented on DYL.

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About Deep Yellow Ltd

Materials, Oil, Gas and Consumable Fuels

Deep Yellow (ASX:DYL), a uranium developer, has delayed production at its flagship Namibian project. In March 2026, Ellerston Capital reported Deep Yellow delivered a below-expectation first-half FY26 result, noting that production at its Tumas uranium project in Namibia is now not expected to commence until FY29, pushing out the timeline for cash flow. Deep Yellow operates in the Energy sector within the Oil, Gas and Consumable Fuels industry, and Thesis Tracker has captured 3 comments from 2 fund managers, including Ellerston Capital. Founded in 1985 and headquartered in Subiaco, Perth, Deep Yellow explores for and develops uranium projects, led by the Tumas project in Namibia, which has completed a definitive feasibility study, along with the Mulga Rock project in Western Australia and other exploration assets, positioning it as a potential mid-tier uranium producer as demand for nuclear power grows and uranium prices remain supportive.

Market cap: $790m
Price to earnings: 996.8x
Return on equity: 0.3%
Dividend yield: 0.0%
Price to book: 2.60x
52-week range: $0.81 to $2.97

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Deep Yellow Ltd (ASX:DYL)?

Fund managers including Paradice Investment Management and Ellerston Capital have invested in Deep Yellow Ltd (ASX:DYL).

What opportunities or catalysts do fund managers highlight for Deep Yellow Ltd?

The available commentary does not highlight specific near-term opportunities, though Deep Yellow's Tumas and Mulga Rock projects provide long-term exposure to uranium demand.

What are the key risks to the Deep Yellow Ltd investment thesis, according to fund managers?

Ellerston notes a below-expectation result and a delay in first production at Tumas until FY29, extending the time before the project generates cash flow.

What does Deep Yellow Ltd (ASX:DYL) do?

Deep Yellow Ltd., founded in 1985 and headquartered in Subiaco, Australia, focuses on the acquisition, exploration, evaluation, and development of uranium properties. Its operations are organized into four segments: the Tumas Project in Namibia, the Mulga Rock Project in Western Australia, broader exploration activities across Australia and Namibia, and corporate functions. The company emphasizes project development, particularly at its Tumas and Mulga Rock assets, while maintaining ongoing exploration efforts to expand its uranium portfolio.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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