DevEx Advances Uranium Exploration with New Licences and $38.9M Capital Raise

• Acquisition of nine new uranium licences from Rio Tinto
• Multiple multi-element soil anomalies identified at Murphy West
• $38.9 million raised via placement and share purchase plan
• Preparation for maiden 2026 drilling campaign underway
• Strong cash position of $36.7 million supports exploration

Expanded Uranium Tenure in the Northern Territory

DevEx Resources (ASX:DEV) has significantly broadened its uranium exploration footprint in the Northern Territory’s McArthur Basin, completing the acquisition of nine exploration licence applications from Rio Tinto Exploration Pty Ltd. This move bolsters DevEx’s position within the Alligator Rivers Uranium Province (ARUP), a region already endowed with over 700 million pounds of uranium, comparable in prospectivity to Canada’s Athabasca Basin.

The company is also finalising the acquisition of a substantial tenement package from Alligator Energy Limited, expected to complete during the current quarter, which will further consolidate its landholding around the historical Nabarlek Uranium Mine. This strategic expansion underpins DevEx’s aggressive exploration plans for 2026, particularly targeting key structural corridors identified through extensive data review and modern geochemical techniques.

Soil Anomalies at Murphy West Signal Drilling Prospects

At the Murphy West Uranium Project, DevEx has identified multiple new kilometre-scale multi-element soil anomalies with pathfinder geochemistry closely mirroring those found at Laramide Resources’ (ASX:LAM) Westmoreland uranium deposits in Queensland. These anomalies, including at Areas B, H, and I, align with radiometric uranium responses and structural features, enhancing confidence in their potential to host significant mineralisation.

The company has collected approximately 890 soil samples across 20 priority anomalies, refining target selection ahead of its maiden drilling program planned for 2026. Drill permit applications are currently being prepared for submission to the Northern Territory Regulator, marking a key step towards testing these promising targets in the field.

Capital Raise Fuels Exploration and Corporate Growth

Supporting this expanded exploration agenda, DevEx successfully completed a two-tranche Placement and Share Purchase Plan, raising a total of $38.9 million before costs. The second tranche, finalised in January 2026 after shareholder approval, issued over 110 million shares at $0.145 each, injecting approximately $16 million into the company’s coffers.

As of 31 March 2026, DevEx reported a robust cash balance of $36.7 million, providing strong financial backing for its 2026 field programs and ongoing corporate initiatives. The company also issued 18.5 million options and 9.9 million performance rights during the quarter, reflecting incentives aligned with its growth strategy.

Rare Earths and Other Projects in Focus

Beyond uranium, DevEx’s Kennedy Rare Earth Project in Queensland remains a key asset, hosting an inferred mineral resource estimate of 150 million tonnes at 1,000ppm total rare earth oxides (TREO). The company has undertaken a desktop review of metallurgical test work to identify optimisation pathways, aiming to maximise the project’s value potential.

Meanwhile, the Jimblebar Copper-Nickel Project in Western Australia, held under an earn-in agreement with Trek Metals Limited (ASX:TKM), saw no field activity this quarter as DevEx sharpens its focus on uranium exploration. The company is currently evaluating options for advancing this asset.

Financial and Operational Discipline Maintained

Exploration and evaluation expenditure for the quarter totalled $1.68 million, with administrative costs, including staff expenses, amounting to $668,643. The company reported net cash used in operating activities of approximately $2.1 million for the quarter, offset by financing inflows from the capital raising.

DevEx’s strategic moves, including its expanded uranium tenement holdings and the identification of new soil anomalies at Murphy West, build on the company’s recent multiple new multi-element soil anomalies discoveries and follow a successful $38.9 million capital raise that has materially strengthened its balance sheet.

Bottom Line?

DevEx’s expanded tenure and fresh capital position it well for a pivotal 2026 drilling season, though the success of upcoming programs and the completion of key acquisitions remain critical milestones.

Questions in the middle?

• Will the completion of the Alligator Energy tenement acquisition unlock new high-priority drill targets?
• How will upcoming drilling results at Murphy West influence DevEx’s project valuation and exploration strategy?
• What metallurgical advancements could enhance the commercial viability of the Kennedy Rare Earth Project?