DevEx Resources has fortified its leadership and expanded its uranium footprint in the Northern Territory through key tenement acquisitions, backed by a $39 million capital raise. The company also advances rare earths metallurgy and prepares for an extensive 2026 drilling campaign.
- Appointment of Marnie Finlayson as Managing Director and Matthew Yates as non-executive Director
- Acquisition agreements securing 100% of uranium tenements from Alligator Energy and Rio Tinto near Nabarlek
- Priority drill targets identified at Sandfire Prospect with environmental approvals granted
- Promising metallurgical test results at Kennedy Rare Earth Project indicating efficient heap leach extraction
- Completion of $38.9 million capital raising to fund exploration and acquisitions, with $24.2 million cash on hand
Leadership and Strategic Direction
DevEx Resources has entered 2026 with a renewed leadership team and a clear growth trajectory. The appointment of Marnie Finlayson as Managing Director brings a wealth of experience from her tenure at Rio Tinto, where she led major corporate strategies and complex projects. Complementing this, Matthew Yates joins the board as a non-executive Director, bringing 35 years of exploration expertise, notably in uranium projects across Africa. These leadership changes signal DevEx’s commitment to scaling its operations and delivering shareholder value.
Consolidating Uranium Tenements in the Northern Territory
DevEx has secured binding agreements to acquire 100% ownership of uranium exploration tenements from Alligator Energy Limited and Rio Tinto Exploration Pty Ltd. These acquisitions consolidate over 9,200 square kilometres of highly prospective ground surrounding the historical Nabarlek Uranium Mine in the Alligator Rivers Uranium Province. The newly acquired tenements include key fault zones such as the U40 and Angularli Faults, which are known to host uranium mineralisation. This consolidation positions DevEx as a dominant player in one of Australia’s premier uranium provinces.
Advancing Exploration with Approved Drilling Targets
Exploration activities during the quarter have identified priority drill targets at the Sandfire Prospect, located just 2.5 kilometres from the high-grade Angularli Uranium Deposit. Ground gravity surveys and surface geochemistry have delineated a 1.6-kilometre-long target zone coinciding with key fault intersections and pathfinder element anomalies such as lithium and beryllium, which are closely associated with uranium mineralisation in the region. Importantly, DevEx has secured environmental approvals to commence reverse circulation and diamond drilling in 2026, underpinning an expanded drilling campaign that also includes the Big Radon and KP Prospects.
Rare Earths Metallurgy Breakthrough at Kennedy Project
Beyond uranium, DevEx’s Kennedy Rare Earth Project in Queensland has demonstrated significant metallurgical progress. Column leach tests on bulk samples have shown excellent recoveries of critical rare earth elements, including praseodymium, neodymium, dysprosium, and terbium, using a simple heap leach process with low acid consumption. This positions Kennedy as one of Australia’s few true ionic adsorption clay deposits with promising economic extraction potential. Ongoing test work aims to optimise recovery and produce mixed rare earth samples to attract downstream market interest.
Robust Capital Position to Fuel Growth
To support its ambitious exploration and acquisition strategy, DevEx completed a two-tranche placement raising $32 million and an oversubscribed Share Purchase Plan raising $6.9 million, both at $0.145 per share. Following tranche one and the SPP, the company held $24.2 million in cash at the end of December 2025, with an additional $16 million from tranche two pending shareholder approval. This strong balance sheet provides a solid foundation for the upcoming drilling programs and further corporate opportunities.
Outlook
With a strengthened leadership team, a vastly expanded uranium landholding, promising exploration targets, and metallurgical advancements in rare earths, DevEx Resources is well positioned to accelerate its growth in 2026. The market will be watching closely as drilling results come in and as the company progresses its resource evaluations and potential development pathways.
Bottom Line?
DevEx’s strategic acquisitions and exploration momentum set the stage for a pivotal year ahead in uranium and rare earths development.
Questions in the middle?
- Will tranche two of the capital raise receive shareholder approval and how will it impact DevEx’s exploration budget?
- How soon can investors expect updated JORC-compliant resource estimates, particularly for the Caramal deposit and Kennedy Project?
- What are the potential timelines and hurdles for advancing the Sandfire and Murphy West drilling programs?