Deep Yellow (ASX:DYL) share price surges 24% to record highs

The uranium explorer’s shares are going nuclear on Monday.
The post Deep Yellow (ASX:DYL) share price surges 24% to record highs appeared first on The Motley Fool Australia. –

The Deep Yellow Limited (ASX: DYL) share price has surged more than 24% in today’s session.

Shares in the uranium explorer have fired to record highs as the uranium sector heats up.

Let’s take a closer look at the Deep Yellow share price.  

What’s propelling the Deep Yellow share price higher?

Deep Yellow has not released any price-sensitive news to explain today’s eccentric price action.

Instead, shares in the uranium explorer have propelled higher thanks to a single catalyst.

The uranium sector as a whole has been on fire recently as spot uranium prices soar to 7-year highs.

Following a prolonged bear market, the uranium spot price has bolted in the past month to hit highs of approximately US$35/lb.  

A major driver has been the aggressive buying of the world’s largest uranium fund, Sprott Physical Uranium Trust.

As a result, the resurgence of spot prices has initiated a buying frenzy for ASX shares in the uranium sector such as Deep Yellow.

More Deep Yellow

Deep Yellow explores uranium mineral properties and has pre-development activities in Namibia and the states and territories of Australia. 

The company has various exploration prospects, in particular its cornerstone Tumas Project in Namibia.

Deep Yellow recently completed drilling at its Tumas 1 East site. The company reported an impressive conversion rate of inferred mineral resources to indicated mineral resources of 102%.

In addition, the company noted that the drilling program could see the project achieve its Life of Mine (LOM) object of 20 years.

Deep Yellow also noted that its robust resource base will help support its upcoming definitive feasibility study.

Snapshot of the Deep Yellow share price

The Deep Yellow share price has been bordering on vertical in the past month.

In addition to today’s stellar price action, shares in the uranium explorer have surged more than 50% since the start of September.

At the time of writing, shares in Deep Yellow are trading just shy of their intra-day and record high of $1.215.

The post Deep Yellow (ASX:DYL) share price surges 24% to record highs appeared first on The Motley Fool Australia.

Should you invest $1,000 in Deep Yellow right now?

Before you consider Deep Yellow, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Deep Yellow wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

ASX uranium shares are booming double digits across the board on Monday. Here’s why.

ASX uranium shares are booming: What’s all the hype about?

Here’s why the Deep Yellow (ASX:DYL) share price has surged 45% in a month
Guess which sector last week’s top performing ASX shares come from

ASX uranium shares are booming this week. Here’s why.

Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!