- Deep Yellow (DYL) agrees to extend the exclusivity agreement with HyIron Green Technologies for the Shiyela iron ore project in Namibia
- Last year, HyIron signed a deal with Deep Yellow’s Namibian subsidiaries, Reptile Uranium Namibia and Oponona Investments for Shiyela Iron, which owns the namesake project
- However, the deal had a 12-month due diligence requirement, with the option to extend the exclusive agreement for a further six months
- HyIron will exercise its final option which will give it a further six months to decide if it will like to go ahead with the sale
- DYL shares are down 4.62 per cent and trading at 62 cents at market close
Deep Yellow (DYL) has agreed to extend the exclusivity agreement with HyIron Green Technologies for the Shiyela iron ore project in Namibia.
Last year, HyIron signed a deal with Deep Yellow’s Namibian subsidiaries, Reptile Uranium Namibia and Oponona Investments for Shiyela Iron, which holds the namesake iron ore project.
Reptile Uranium Namibia and Oponona Investments hold 95 per cent and five per cent, respectively, of Shiyela.
However, the deal had a 12-month due diligence requirement, with the option to extend the exclusive agreement for a further six months.
HyIron will exercises its final option which will give it a further six months to decide if it will like to go ahead with the sale.
Hylron has already paid US$100,000 (A$142,000) for the exclusive agreement and will now pay a further US$50,000 for the extension.
On the market, DYL shares were down 4.62 per cent and trading at 62 cents at market close.