The market is pushing higher on Tuesday with solid gains being seen across the board.
Two ASX 200 energy shares that have followed the trend are Deep Yellow Ltd (ASX: DYL) and Yancoal Australia Ltd (ASX: YAL).
Both shares are outperforming the market today following the release of announcements. Let's see what is getting investors excited this morning:
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Deep Yellow
The Deep Yellow share price is up 2% after the uranium developer released its quarterly update.
That update revealed that the company ended December with a sizeable cash position of $238.4 million. This leaves it well-positioned to develop its asset base and take advantage of the positive outlook for uranium demand.
Management notes that the "global nuclear outlook continues to strengthen with an increasing push towards nuclear by governments and Big Tech for clean reliable power."
And while the company recently deferred its final investment decision (FID) for the Tumas uranium project until March, it spoke very positively about this asset. It highlights that "ongoing work continues to reinforce Tumas as a robust project and one of the most advanced greenfield uranium development projects available globally."
The ASX 200 energy share's CEO, John Borshoff, said:
The Deep Yellow team continues to progress key workstreams to ensure our most advanced Projects, Tumas and Mulga Rock, remain on schedule with our stated timelines for production. Tumas is one of the most advanced greenfield uranium development projects available and provides an incredible value generation opportunity for the Company and our stakeholders.
Yancoal Australia
The Yancoal share price is up 6% to $6.32. This follows the release of the coal miner's fourth quarter and full year update.
Investors appear pleased that the ASX 200 energy share delivered on its guidance in FY 2024 and generated bucketloads of cash.
Yancoal revealed that its average realised coal price was A$176 per tonne for the year. This underpinned a $480 million increase in its cash balance to $2.46 billion at the end of December.
Commenting on the period, its acting CEO, Ning Yue, said:
Yancoal has delivered on its 2024 production guidance, producing 36.9 million tonnes of attributable saleable coal from almost 63 million tonnes of ROM coal (100% basis). This met our expected production profile across the year and is the result of a concerted effort from all our operations and logistics personnel. We expect our cash operating costs to fall within guidance when we report our 2024 Financial Results in February.
