DevEx Resources Expands Uranium Tenure and Launches Major Drilling Campaign
DevEx Resources has solidified its position as a leading uranium explorer in the Northern Territory by acquiring Alligator Energy's tenements, unveiling multiple drill-ready targets at Nabarlek, and commencing a substantial 15,000m drilling program.
- Acquisition expands Nabarlek uranium tenure to 9,200km²
- Four priority drill targets confirmed for 2026 campaign
- High-grade rock-chip assays reinforce district-scale potential
- Received $150,000 NT Government grant for hyperspectral survey
- Strong cash position of $27.2 million supports exploration
Strategic Land Grab Boosts Nabarlek Uranium Project
DevEx Resources (ASX:DEV) has significantly expanded its uranium exploration footprint in Australia's Northern Territory by completing the acquisition of Alligator Energy's tenement package. This deal increases DevEx's contiguous landholding in the Alligator Rivers Uranium Province (ARUP) to approximately 9,200 square kilometres, making it the largest tenure holder in the region surrounding the historic Nabarlek Uranium Mine.
The acquisition, settled primarily in cash, consolidates a district-scale portfolio that underpins DevEx’s multi-year, discovery-driven strategy. The company now controls a vast pipeline of uranium targets, bolstered by integrated geophysical and geological datasets from the newly acquired tenements and previous Rio Tinto Exploration licenses.
Four Drill-Ready Targets Set to Unlock Uranium Potential
The Sandfire Prospect stands out as it lies along strike from Deep Yellow Limited’s high-grade Angularli Uranium Deposit, with new gravity and geochemical surveys revealing extensions of the Angularli Fault Zone across DevEx’s tenements. Meanwhile, the Big Radon and KP prospects are supported by extensive radon track etch anomalies and ground gravity data indicating complex faulting, hallmarks of potential unconformity-type uranium deposits.
At Nabarlek North, reinterpreted gravity and drilling data suggest a more prospective fault position than previously tested, prompting a targeted drill program. These efforts are complemented by high-grade rock-chip assays of up to 0.31% U₃O₈ at the Orion East Prospect near the Caramal Uranium Deposit, reinforcing the district-scale opportunity along uranium-bearing fault corridors.
Government Support and Drilling Campaign Underway
DevEx secured an additional $150,000 in Northern Territory Government grant funding under the 'Resourcing the Territory' program to support a 1,700 square kilometre airborne hyperspectral survey scheduled for August. This brings total government support for the 2026 field season to $285,000, complementing funding for drilling at Big Radon and KP.
Post-quarter, DevEx commenced its 2026 Nabarlek drilling campaign, targeting the four priority prospects with approximately 15,000 metres of reverse circulation and diamond drilling across 66 holes. The campaign represents the first phase of a broader, multi-year exploration push across the uranium-rich district, with the company confirming sufficient diesel supplies to support operations.
Murphy West and Other Projects Progressing
Exploration at the Murphy West Uranium Project continues with geological mapping, heritage surveys, and drill permit applications underway. The project is notable for multi-element soil anomalies coincident with radiometric uranium signatures, comparable to those at Laramide Resources’ Westmoreland deposit in Queensland.
Elsewhere, DevEx is advancing testwork at its Kennedy Rare Earth Project to refine processing options and is seeking expressions of interest regarding its Jimblebar Copper-Nickel Project earn-in agreement.
Financial Position and Market Recognition
DevEx ended the quarter with a robust cash balance of $27.2 million, reflecting prudent capital management following a $38.9 million raise earlier in the year. The company’s inclusion in the Sprott Junior Uranium Miners ETF (NASDAQ: URNJ) underscores its growing profile among uranium-focused investors globally.
Exploration expenditure for the quarter was $2.27 million, with administration costs of $595,000. The company also holds significant equity stakes in Lachlan Star Limited (21.63%) and unlisted technology company entX Limited (4.04%).
Bottom Line?
With a commanding land position and a fully funded, drill-ready pipeline, DevEx is poised to deliver critical assay results that will test the scale of its uranium potential in the McArthur Basin.
Questions in the middle?
- Will the 2026 drilling campaign confirm high-grade uranium deposits at the four priority targets?
- How will the airborne hyperspectral survey refine targeting beneath McArthur Basin sandstones?
- What impact will regulatory approvals and heritage clearances have on the pace of exploration?
