DevEx Maps New Uranium Potential Across Nabarlek

Nabarlek Drilling Delivers Multiple Follow-Up Targets

DevEx Resources Limited (ASX:DEV) has finished a 40-hole, 11,050-metre drilling campaign at its Nabarlek Uranium Project in the Northern Territory, with early results pointing to several areas for further work rather than one definitive discovery. The strongest uranium-equivalent readings came from Nabarlek North, where drilling returned 1.7 metres at 1,116ppm eU3O8 and 2.3 metres at 920ppm, including 0.8 metres at 1,361ppm.

“Nabarlek North Section A – first-pass RC drilling intersected a sub-horizontal zone of uranium mineralisation within a broad haematite zone in the footwall of the Oenpelli…”

“Nabarlek North Section B: follow-up RC drilling interprets an offset in the unconformity and dolerite between RC16 and RC18, with anomalous uranium near the unconformity in…”

Caption and image © Devex Resources Limited. From “Quarterly Activities and Cashflow Report - September 2026”, 28 Oct 2026.

The readings come from down-hole gamma measurements, meaning laboratory assays are still pending. The company says the mineralisation sits within a broader haematite alteration zone near the unconformity and may represent uranium remobilised away from the targeted Nabarlek Fault. A possible fault offset between holes RC16 and RC18 remains sparsely drilled and open to the north-west, where hyperspectral data has identified further alteration. The results build on the Nabarlek North results, which earlier reported uranium-equivalent intersections but also noted that assays and follow-up drilling were needed.

KP Alteration Strengthens the Geological Model

“KP Prospect – significant chlorite-haematite alteration encountered at the unconformity in RC and diamond drilling, with alteration intensity increasing to the north.”

At KP, drilling passed through roughly 100 metres of McArthur Basin sandstone before reaching intense chlorite-haematite alteration at the unconformity with basement rocks. DevEx says the alteration extends into the basement and resembles the style seen near the historical Nabarlek uranium deposit. One diamond hole intersected a 10-metre-wide chlorite-haematite fault breccia in the sandstone, while a follow-up hole recorded intense alteration and anomalous gamma readings without intersecting the interpreted basement fault.

Alteration intensity increases to the north-west of the follow-up hole. Ground geophysics and a seismic survey are now expected to help refine the target, with seismic results still pending. That makes KP a geological vectoring exercise at this stage, rather than a reported uranium discovery.

Big Radon Adds Shallow Uranium While Sandfire Falls Back

First-pass drilling at Big Radon identified a roughly 20-metre-wide fault zone and uranium mineralisation in adjacent chlorite-altered schist. Hole RC2 returned 1.6 metres at 680ppm eU3O8 from 26 metres, including 0.4 metres at 1,041ppm. The fault has been tested on only two traverses 300 metres apart, leaving substantial scope for additional targeting, but the intercept is preliminary and not a resource estimate.

“Big Radon Prospect – first-pass drilling intersected a north-south fault zone on the western side of the radon anomaly, with uranium mineralisation in RC2 adjacent to the fault.”

“DevEx’s Northern Territory, Nabarlek Uranium Project. (Company tenements are combined where continuous and minor excisions are removed for ease of presentation).”

Caption and image © Devex Resources Limited. From “Quarterly Activities and Cashflow Report - September 2026”, 28 Oct 2026.

The campaign was less encouraging at Sandfire. Drilling located the projected Angularli Fault Zone beneath cover, but the targeted unconformity and overlying sandstone had been eroded away at that point. With no significant uranium or chlorite alteration beside the fault, DevEx has downgraded the target area.

Hyperspectral Survey Opens a New Targeting Layer

An airborne hyperspectral survey flown across the company’s granted tenements in August has identified an extensive illite alteration zone over the north-western projection of the Nabarlek Fault Corridor. DevEx has highlighted several kilometre-scale areas for field mapping and pathfinder sampling before deciding where to drill. The company is continuing its review of the wider dataset, so the immediate value lies in target generation rather than a quantified uranium result.

“Nabarlek North Prospect – uranium mineralisation intersected proximal to the projected position of a fault offset in the unconformity, interpreted to be a possible position for…”

“Caramal cross section (looking east) – relogging identified a deeper breccia and dolerite in hole CAD11-021 (Caramal Deeps Target #1) with identical geological relationships to…”

Caption and image © Devex Resources Limited. From “Quarterly Activities and Cashflow Report - September 2026”, 28 Oct 2026.

Relogging historical core at Caramal also identified a 14-metre-wide, weakly radiogenic chlorite-altered breccia that the company says shares geological characteristics with the breccia hosting high-grade mineralisation at the Caramal Uranium Deposit. It may represent a down-faulted northern continuation, but the area remains lightly drilled and permits covering Caramal and four other targets are still awaiting approval.

Cash Supports the Next Exploration Phase

DevEx ended September with A$21.7 million in cash after spending A$5.1 million on exploration and evaluation during the quarter. Its 21.63% stake in Lachlan Star was valued at A$8.8 million at quarter end, while the company also holds a 4.04% interest in unlisted entX. The cash-flow statement indicates about 4.1 quarters of funding based on the quarter’s relevant outgoings, although exploration spending can vary as drilling schedules change.

The renewal of access agreements at Tin Camp Creek also released A$1.75 million held in escrow as the final condition of the Alligator Energy tenement acquisition. DevEx is now using the completed campaign’s drilling, alteration and pathfinder data to rank targets for 2027. The key test will be whether pending assays and follow-up work convert these geological indicators into continuous, repeatable uranium zones rather than a collection of isolated intercepts.