DevEx Resources Strengthens Uranium Strategy Amid Rising Demand

About DevEx Limited

DevEx Resources Limited (ASX: DEV) is one of the leading exploration companies focusing on discovering the next uranium spot in Australia. It holds more than 14,000km2 of highly prospective land in the heart of a global significant uranium province in the Australian northern territory. DevEx Resources is also one of the few ASX-listed companies fully permitted and actively exploring high-grade uranium in Australia. With a global clean energy transition underway and a forecasted supply shortfall that leads to high uranium prices, DevEx is well placed to execute the growth strategy, to focus on acquiring, exploring, and developing advanced uranium assets. DevEx was listed on the ASX on 3rd October 2000 at an issue price of 60 cents per share.

Strategic Positioning and Exploration Potential

The latest tenement granted is along strike from Deep Yellow Limited’s Angularli Uranium Deposit, which contains many mineral resources, an estimated 32.9MMlbs of uranium oxide with an average grade of 1.09% uranium content. DevEx’s geological review has identified uranium-bearing faults that extend southeast from the Angularli Uranium Deposit site, through its unexplored tenure. This strategic positioning allows capitalisation on a proven mineralised trend, increasing confidence in the region’s potential.

To accelerate the first-pass exploration program, DevEx has initiated discussions with the Traditional Owners and the Northern Land Council, paving the way for fieldwork to start during the upcoming dry season.

DevEx’s Broader Uranium Strategy

The Nabarlek Project is part of the company’s strategy to capitalise on the growing demand for uranium as the world is in the transition to carbon-free energy sources. The company possesses an advantageous land position of approximately 6200km2 in the McArthur Basin and has reported multiple high-grade uranium intercepts from previous drilling campaigns.

The company’s diversified approach involves aggressive exploration of existing assets and strategic acquisitions. In addition to Nabarlek, the company is advancing the Murphy West Uranium Project, which recently identified extensive high-priority uranium anomalies. Murphy West spans approximately 10,000km2 and has shown a strong potential through airborne radiometric surveys and magnetic data. DevEx has conducted field investigations and systematic sampling to locate the target areas, aiming to increase uranium production in an unexplored but potentially high-prospective region.

Uranium Market Prospect

The market is experiencing a strong resurgence, driven by the global trend of clean energy transition and increasing reliance on nuclear energy. The presentation from DevEx provided a graph indicating a supply shortfall, and it is projected to grow by 200% by 2040, further encouraging price increases. Uranium prices sold on the short-term market also reached a 16-year high, reinforcing the sector’s investment appeal.

Besides, the growth of AI-driven data centres and energy-intensive industries is contributing to the increasing demand for electricity. Hyperscale data centres alone will consume 10% of global electricity by 2030, intensifying the need for dependable, carbon-free power sources like nuclear energy. These trends have increased the demand for using nuclear energy in the future, making DevEx’s expanding exploration more critical than ever. It attracts AI-driven data centres and energy-intensive industries to invest, proving interest due to the increasing demand for nuclear energy.

With strong landholding in different uranium districts and projects, a well-funded exploration program, and increasing global uranium demand, DevEx Resources is strategically positioned for growth in the coming future.