DevEx Resources (ASX:DEV) used a recent investor presentation to outline its strategy as a “well-funded, frontier-focused uranium explorer” aiming to create value through meaningful exploration programs and potential mergers and acquisitions. The company said it has already achieved early milestones by consolidating a “commanding” land position in Australia’s McArthur Basin and by expanding its executive and technical teams to provide expertise spanning exploration, acquisitions, development, and operations.
Two-lane growth strategy: drilling and M&A
The presenter described DevEx’s strategy as a “two-lane” approach: advancing a “well-stocked target pipeline” toward drilling while also pursuing growth through strategic mergers and acquisitions. The company emphasized that two key success factors in exploration are board quality and access to capital, and said DevEx is “extremely fortunate to have both.”
Leadership and technical team additions
The presentation highlighted recent team-building efforts, including new board and executive appointments. The company said its board is chaired by Tim Goyder, noting his role as chair of Liontown Resources and Minerals 260 and describing his track record in building teams and delivering resource projects.
- Marnie Finlayson recently joined as Managing Director. DevEx said Finlayson is a minerals processing engineer with more than 27 years of operational and project development experience, and previously led Rio Tinto’s Battery Materials business unit. DevEx also noted she is a non-executive director of Northern Star.
- Matthew Yates joined the board as a non-executive director. DevEx said Yates is a geologist with decades of experience in exploration and resource development, including advancing uranium projects in Africa.
- Brendan Bradley, Technical Director, was described as having more than 25 years of experience in exploration and resource development, including 10 years in uranium.
- Stacey Apostolou was identified as overseeing corporate development, with more than 30 years of finance experience across the exploration and mining sector.
Uranium market rationale and exploration objective
DevEx framed its uranium focus around supply-demand dynamics presented as being sourced from the World Nuclear Association. The company said uranium demand has grown year-on-year and that supply has historically met demand, but it expects supply to plateau by 2030, creating a widening gap between supply and demand through to 2040. DevEx said it is positioning itself “in that gap” to be ready to meet demand growth.
From an exploration perspective, DevEx said its team is focused on discovering a “giant, high-grade, unconformity-type uranium deposit” in a world-class region. The presenter said giant, high-grade unconformity-style deposits occur in only two regions globally—northern Australia and northern Canada—and positioned the McArthur Basin as a premier, underexplored uranium province.
The company described its targeting approach as pursuing “Jabiluka scale opportunities,” noting these deposits can be blind and sometimes masked by sandstone cover. DevEx said it is refining exploration methods to identify subtle geological, geophysical, and geochemical signatures to help target blind mineralization, with emphasis on locating the right rock types, the right structures, and particularly where structures intersect reactive rocks.
Key projects: Nabarlek, Sandfire, and Murphy West
DevEx’s exploration efforts are centered on two areas within the McArthur Basin: its 100%-owned Nabarlek Project area in the northwest and the Murphy West Project in the southeast, which it operates under earn-in agreements.
Nabarlek Project area and land consolidation: DevEx said the Nabarlek Project area sits within the Alligator Rivers Uranium Province, which it said has an endowment of more than 730 million pounds of uranium and includes the Jabiluka and Ranger deposits located 50–60 kilometers from DevEx’s core tenure. The company noted that the project area is centered on the historic Nabarlek deposit, described as Australia’s highest-grade uranium resource that was mined in the late 1970s and early 1980s. While the site is under rehabilitation, DevEx said it could provide a means to rapidly establish processing infrastructure in the event of a new discovery in the broader area.
DevEx also detailed ongoing or near-term land acquisitions from Rio Tinto and Alligator Energy that it said would “stitch together” a consolidated position. Once finalized, the company said it expects to be exploring across roughly 9,200 square kilometers “under a single DevEx banner.” DevEx said consolidation would allow it to explore regional-scale structures and merge multiple proprietary datasets to improve targeting.
Near-term drill targets: Around Nabarlek, DevEx said it is investigating where Nabarlek host rocks (or similar reactive rocks) may recur at depth and intersect the Nabarlek fault system. It highlighted radon track etch anomalies (described as a uranium pathfinder), including “Big Radon” and “KP,” which it said remain untested. DevEx reported it has completed ground gravity surveys over these multi-kilometer anomalies and is advancing them toward drill testing this year. The company also said it has received co-funding from the Northern Territory government to support initial drilling and that heritage and environmental surveys have been completed. Elsewhere, at “Leatherhead,” DevEx said it identified hyperspectral anomalies interpreted as hydrothermally altered sandstone potentially overlying mineralized structures.
Sandfire target: North of Nabarlek, DevEx discussed the “Sandfire” target, located roughly three kilometers from Deep Yellow’s Angularli deposit. DevEx said Sandfire lies on a regional-scale structure linking Angularli with other uranium occurrences. The company reported it worked up the target in the latter part of the prior year, completing ground gravity and geochemical surveys, and said it has defined a “tight” target planned for drilling in the coming season. Heritage and environmental surveys were also reported as completed.
Murphy West Project: In the southeastern McArthur Basin, DevEx said it operates the Murphy West project under earn-in agreements with Transition, GSW, and Trek. The company noted the project adjoins Arafura Resources’ land package near the Northern Territory–Queensland border, which hosts the 65 million-pound Westmoreland uranium deposit. DevEx reported it completed extensive airborne radiometric and magnetic surveys and a “rigorous targeting exercise,” followed by geochemical surveys over several top-ranked targets. It described results as “encouraging” and said they have been released to the market. Follow-up surveys were said to be in progress up to the onset of the wet season, and DevEx stated it plans to progress several Murphy West targets to drill testing later this year.
Outlook
DevEx closed by reiterating that it intends to execute two parallel strategies: pursuing discoveries from its existing and expanding target pipeline while also actively looking for advanced-project acquisition opportunities to balance its portfolio. Management encouraged investors to “stay tuned” for what it characterized as an active and “exciting” 2026.
About DevEx Resources (ASX:DEV)
DevEx Resources Limited, together with its subsidiaries, engages in the exploration and evaluation of mineral properties in Australia. It explores for uranium, copper, nickel, gold, rare earth element, and platinum group elements. The company was formerly known as Uranium Equities Limited and changed its name to DevEx Resources Limited in November 2017. DevEx Resources Limited was incorporated in 1969 and is based in West Perth, Australia.
