Chaired by prominent Australian mining entrepreneur and major shareholder Tim Goyder, DevEx is in the unique position of being one of a select few ASX companies which is actively exploring for highgrade uranium mineralisation in a district with proven potential for world-class uranium deposits.
The Company's flagship Nabarlek Uranium Project in the Northern Territory comprises a dominant 4,500km2 tenement package on the western margin of the McArthur Basin in the Alligator Rivers Uranium Province – a province known for its world-class uranium deposits, with over 600 million pounds of uranium mined and in current resources and a close analogue to the uranium deposits of the Athabasca Basin in Canada.
The substantial increase in the uranium price over the past 12 months to over US$100/lb has provided significant momentum to DevEx's uranium exploration campaign, vindicating a rapid increase in exploration drilling intensity at Nabarlek.
Nabarlek represents one of the very few high-grade uranium exploration opportunities in Australia, with DevEx's tenements centred on and surrounding the historical Nabarlek Uranium Mine, which was mined and processed in the early 1980's – producing 24 million pounds at grades of 1.84% uranium oxide, making it Australia's highest-grade uranium mine.
The Company's 2023 drilling campaign delivered numerous high-grade near-surface uranium intercepts from several prospects, defining significant new zones of mineralisation at the U40 Prospect, Nabarlek North and Nabarlek South, amongst others.
Building on DevEx's uranium expertise in the Alligator Rivers Uranium Province, the Company recently entered into an earn-in agreement across a province-scale ground position on the southern margin of the McArthur Basin (Murphy West Uranium Project) to explore 5,000km2 of tenure to the west of Laramide Resources Limited's (ASX:LAM) Westmoreland uranium deposit.
Exploration drilling at Nabarlek is scheduled to resume in Q2 2024, with drilling to be prioritised in following up recent uranium intercepts identified along two major uranium-bearing fault zones, the Nabarlek Fault and the U40 Fault – both of which are known to host high-grade uranium mineralisation including the Nabarlek Mine itself.
Supporting the Company's critical minerals strategy, DevEx also holds a pipeline of opportunities in Queensland and Western Australia.
At the Company's 100%-owned Kennedy Project in North Queensland, recent drilling is defining an extensive occurrence of ionic clay-hosted rare earth elements (REE) from surface including critical magnet rare earth elements such as Terbium (Tb) and Dysprosium (Dy) with preliminary metallurgy indicating good leaching characteristics in weak acids.
The Company had a cash position of A$27.51 million and, in addition to its active projects, holds a 36.46% interest in ASX-listed copper-gold explorer Lachlan Star Limited (ASX:LSA) and a 4.96% interest in private unlisted technology company entX Limited who, in conjunction with their partner Cameco, are developing the technology to extract uranium from phosphate deposits.
1Based on cash at 30 September 2023 and net proceeds received from the Placement and Entitlement Offer