DevEx Resources has emerged from FY2026 with a 9,200 square kilometre uranium landholding in the Northern Territory, $27.2 million in cash and a multi-target drilling campaign underway. Early alteration at KP and shallow mineralisation at Big Radon provide technical encouragement, but the exploration case remains dependent on follow-up drilling and assays.
- 9,200km² contiguous Nabarlek uranium landholding consolidated
- $38.9 million raised and $27.2 million cash held at year-end
- 15,000-metre, 66-hole campaign targets four Northern Territory prospects
- KP drilling intersected chlorite-haematite alteration similar to rocks near Nabarlek
- Big Radon returned shallow uranium mineralisation, not yet a resource
DevEx Consolidates Northern Territory Uranium Scale
DevEx Resources Limited (ASX:DEV) is no longer a small-footprint uranium explorer. Following completed transactions with Alligator Energy and Rio Tinto Exploration, the company now controls approximately 9,200 square kilometres of contiguous tenure around the historical Nabarlek Uranium Mine in the Alligator Rivers Uranium Province. DevEx says the position is the largest landholding in the province and gives it a single district-scale exploration strategy across ground near the former Ranger mine and Jabiluka.
The expansion came with a substantial funding requirement, but the balance sheet is carrying it for now. DevEx raised $38.9 million through a placement and share purchase plan during the year, including $1.7 million in issue costs, and finished 30 June 2026 with $27.2 million in cash and a $26.6 million working-capital surplus. The funding supports a multi-year programme rather than a single drilling burst, with the company also disclosing exploration and earn-in commitments of $9.3 million across the coming five years.
Early Drilling Produces Alteration and Shallow Uranium
The most consequential technical signals are preliminary, but they are specific. At KP, drilling passed through roughly 100 metres of sandstone into strongly altered basement schists, while a diamond hole intersected a 10-metre-wide fault breccia containing semi-massive chlorite and minor haematite. DevEx describes the alteration style as similar to rocks proximal to the Nabarlek deposit and is drilling the structure where it is projected to pass beneath the unconformity.
At Big Radon, seven first-pass reverse-circulation and diamond holes identified an approximately 20-metre-wide fault zone. One hole returned 1.6 metres at 680 parts per million uranium equivalent from 26 metres, including 0.4 metres at 1,041 parts per million uranium equivalent. The result is shallow and encouraging in an exploration sense, but it does not establish a mineral resource or demonstrate economic continuity.
A 15,000-Metre Campaign Sets the Near-Term Test
DevEx has outlined approximately 15,000 metres across 66 reverse-circulation and diamond holes at KP, Sandfire, Big Radon and Nabarlek North. Sandfire is being tested where the Angularli Fault Zone appears to meet the Sandfire Fault, while Nabarlek North is aimed at a revised interpretation of the more prospective Nabarlek Fault. At Caramal, relogging of historical core has identified a deeper, sparsely drilled breccia that the company interprets as a possible northern continuation of the known mineralised system.
The programme is being extended beyond the immediate drill collars. An airborne hyperspectral survey over granted tenements is being processed to identify alteration signatures across the Khyber Pass, Nabarlek and Angularli/Quarry fault corridors. Murphy West, a separate approximately 10,000 square kilometre earn-in position, has produced five priority kilometre-scale, multi-element anomalies from 890 soil samples and is awaiting permits for a maiden multi-target programme.
Cash Runway Comes With Exploration Risk
The financial statements underline the nature of the opportunity. DevEx reported an $18.2 million loss before tax, including $12.8 million of exploration and evaluation expenditure, a $1.7 million share of loss from Lachlan Star and $2.1 million of share-based payment expense. Operating cash outflow was $8.6 million, while the company’s accounting policy expenses exploration and tenement acquisition costs as incurred rather than capitalising them.
That gives the cash figure useful context: it is funding an exploration platform with no operating revenue, not a producing asset. DevEx also retains the Kennedy rare earths project, whose Inferred Mineral Resource remains unchanged at 150 million tonnes grading 1,000 parts per million TREO at a 325 parts per million TREO-CeO₂ cut-off, and is seeking expressions of interest for its Jimblebar copper-nickel earn-in as it narrows its focus towards uranium.
Bottom Line?
DevEx has bought itself scale and drilling time; the next valuation test is whether alteration and shallow uranium can turn into coherent, higher-grade systems before the cash balance becomes the story.
Questions in the middle?
- Will follow-up drilling at KP confirm uranium mineralisation beneath the unconformity in the targeted structural position?
- Can Big Radon, Sandfire or Nabarlek North deliver continuity and grade beyond isolated early-stage intersections?
- How quickly will DevEx need to raise further capital if the multi-year programme expands before a resource is defined?