Deep Yellow buys joint venture stake for $648,000

• Deep Yellow has signed a binding agreement to acquire a 50% stake in the Cooper Creek joint venture.
• The transaction requires a cash payment of $648,000 upon completion of the deal.
• The company stated that the acquisition aligns with its strategy to build its uranium portfolio.

Deep Yellow (ASX:DYL) has agreed to acquire a 50% joint venture stake for $648,000 in cash.

The transaction expands the company's regional uranium tenure to 4,820km2.

The acquisition is expected to close within 10 business days after satisfying standard regulatory and government conditions.

Cameco Australia Proprietary holds 40% of the joint venture, while Sutton Motors Proprietary holds 10%.

The company stated that the transaction is expected to support its strategy of developing uranium assets.

Following the announcement, the Deep Yellow share price was down at $1.42.

The company's regional holdings include the Angularli deposit, which contains an inferred mineral resource of 32.9 million pounds.