The Angularli resource at Alligator River has increased to 32.9 million pounds of uranium - 1.37 million tonnes at 1.09% uranium - with Deep Yellow saying "encouraging results have been achieved … both in terms of the level and quality of upgraded resource … and in gaining improved understanding of the deposit with identification of further targets requiring drilling".

Deep Yellow now has more than 360Mlb of uranium in its portfolio, including 114Mlb at its flagship Tumas project in Namibia, 125Mlb at Omahola (also in Namibia), and 90Mlb at Mulga Rock in Western Australia.

Tumas, a potential 3.6Mlb per annum operation costing around US$400 million to bring into production, is at the financing stage.

Deep Yellow had A$48 million cash at the end of March.

Shares in Deep Yellow were unchanged at 75c in morning trade, capitalising the company at around $570 million.

The stock is up slightly on levels traded-at 12 months ago.