Deep Yellow Ltd (ASX:DYL) is set to benefit from the leadership of new managing director and CEO, John Borshoff.
Borshoff is best known for founding Paladin Energy Ltd in 1993 and taking the company from junior explorer to a globally recognised, multi-billion dollar uranium mining company.
According to Borshoff, Deep Yellow represents the ideal platform to establish a high quality and strategically positioned uranium company and create shareholder value.
Rudolf Brunovs, chairman, commented: “John’s extensive experience and proven track record in the uranium industry, along with his global industry network, will create significant opportunities for the company and its shareholders.”
Deep Yellow has also recently completed a share placement, which will see an affiliate of Sprott Group become a major shareholder.
Sprott is a large and well known North-American based asset management firm with a strong record in identifying and funding successful early stage resource companies.
The A$1.42 million investment will recapitalise Deep Yellow and support its future growth strategy, anchored by its flagship Namibian uranium assets.
The company recently increased the metal content by 12% at its Tumas uranium project located in Namibia.
The Tumas Mineral Resource Estimate is now 16.6 million tonnes at 366ppm uranium oxide for 13.4 million pounds of uranium oxide.
Deep Yellow also holds the Omahola Open Pit Alaskite Heap Leach Project on which value engineering studies are being conducted.
Shares in the company have rallied 225% over the past month, currently trading at $0.013.