JPMorgan Chase & Co. has ceased to be a substantial shareholder in Deep Yellow Ltd, a uranium developer with projects in Namibia and Australia. According to a Form 605 filing with the Australian Securities Exchange (ASX), JPMorgan's aggregated holding was reduced to 46,976,651 ordinary shares. This change occurred through a combination of market transactions and the unwinding of securities lending arrangements.
The reduction in JPMorgan's holding began with 55,116,322 Deep Yellow shares, with over 8.1 million shares being sold or returned. Several JPMorgan entities were involved, including JPMorgan Chase Bank, JPMorgan Securities PLC, and JPMorgan Investment Management Inc. The transactions took place between September 24, 2026, and September 28, 2026, with market sales conducted at prices ranging from A$1.28 to A$1.57 per share.
The filing, signed by JPMorgan compliance officer Vasim Pathan, revealed that other major financial institutions, such as Barclays Capital, Citigroup, BNP Paribas, and Morgan Stanley, were involved in the securities lending arrangements. This change in JPMorgan's holding comes as Deep Yellow continues to develop its uranium projects, including the Tumas Uranium Project in Namibia.
Deep Yellow has recently awarded two major construction contracts for its Tumas uranium project in the Erongo region of Namibia. The contracts, valued at a combined N$391 million, were awarded to Namibia Construction (Pty) Ltd and Nexus Building and Civil Contractors (Pty) Ltd. These contracts form part of the company's project execution strategy, aimed at securing critical construction capabilities ahead of major development activities.
The first contract, valued at approximately N$213 million, covers reinforced concrete construction and the fabrication and installation of precast concrete elements. The second contract, valued at approximately N$178 million, includes the construction of reinforced concrete foundations and associated embedded infrastructure. These contracts mark another step towards the project's planned final investment decision (FID) later this year.
Deep Yellow's Tumas uranium project is a significant development for the company, with the anticipated FID expected in the fourth quarter of 2026. The project execution strategy aims to maintain flexibility while securing critical construction capabilities. The company's developments in Namibia and Australia are being closely watched by industry stakeholders.
The change in JPMorgan's holding and Deep Yellow's progress on its Tumas uranium project are significant developments in the uranium sector. Deep Yellow's projects in Namibia and Australia position the company for potential growth in the industry. The company's ability to secure major construction contracts highlights its progress towards achieving its project goals.
Key points
- JPMorgan Chase & Co. has ceased to be a substantial shareholder in Deep Yellow Ltd.
- Deep Yellow has awarded two major construction contracts for its Tumas uranium project in Namibia.
- The Tumas uranium project is expected to reach a final investment decision in the fourth quarter of 2026.
