What DevEx Resources does

DevEx Resources Limited (ASX:DEV) is an Australian uranium exploration company founded in 2003 and headquartered in West Perth, Western Australia. The company is a pre-revenue junior explorer whose primary focus is the discovery and development of high-grade unconformity-type uranium deposits in Australia's Northern Territory, with an aspirational long-term vision to produce over 10Mlbs of uranium annually across multiple assets. Its core asset is the flagship Nabarlek Uranium Project in the Alligator Rivers Uranium Province (ARUP), centred on the historical Nabarlek Mine — Australia's former highest-grade uranium mine (24Mlbs @ 1.84% U3O8) — within a consolidated land position exceeding 9,200km². The secondary asset is the Murphy West Uranium Project (~10,000km²) targeting both unconformity-type and Westmoreland-type systems, with a maiden drilling campaign launched in 2026. The company also holds the non-core Kennedy Rare Earth Element Project in North Queensland (150Mt @ 1,000ppm TREO inferred resource) and the Jimblebar base metals project in Western Australia.

DevEx's technology stack is conventional mineral exploration — systematic drilling programmes, airborne radiometric and magnetic surveys, electromagnetic surveys, and soil geochemistry — applied to identify kilometre-scale uranium anomalies. A proprietary metallurgical feature is the Kennedy REE ionic adsorption clay processing route using ammonium sulfate ((NH4)2SO4) in weak acidic (pH4) conditions to achieve rapid rare earth desorption with low acid consumption. The company has no AI/ML, software, or platform product surface.

DevEx's business model is pre-revenue: it generates returns through exploration success, strategic M&A (asset acquisitions and divestments), joint venture earn-in rights, and equity capital raises on the ASX. Recent raises include A$17.2M (2022), A$21.1M (2023), and A$35M (December 2025), supporting an active drilling and acquisition programme. Primary customers are institutional and retail investors seeking exposure to the uranium sector; secondary counterparties are strategic acquirers and joint venture partners (Trek Minerals, GSW Minerals, Transition Minerals, Barkly Rare Earths, Alligator Energy, Rio Tinto). Future revenue is envisioned through eventual uranium production, but no production revenue is currently generated.

Name

DevEx Resources

Legal name

DevEx Resources Limited

Website

https://devexresources.com.au

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

DevEx Resources is an ASX-listed Australian uranium explorer focused on discovering high-grade unconformity-type uranium deposits in the Alligator Rivers and Westmoreland provinces of the Northern Territory, serving institutional and retail investors seeking exposure to the resurging uranium sector.

Ownership category

akta.pro rank

Product category

Uranium Exploration

NAICS

Support Activities for Mining (2131)

akta.pro primary industry

Uranium Exploration & Resource Development (EUAKACAA)

Keywords

• Uranium exploration
• Mineral exploration
• Rare earth elements
• Resource development
• Project generation

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Capital Raising / Equity Financing: As a pre-revenue exploration company, DevEx's primary funding mechanism is equity capital raises through placements, rights issues, and share purchase plans on the ASX. Recent raises include $35 million in December 2025 and previous raises for exploration funding.
2. Asset Acquisitions and Divestments: DevEx generates returns through strategic acquisition and subsequent advancement of uranium assets, and divestment of non-core assets. Completed acquisition of Alligator Energy's NT uranium tenure for $7.5 million and sale of NSW Copper-Gold Portfolio for $7.5M.
3. Joint Venture Earn-In Rights: DevEx earns interests in projects through exploration expenditure commitments. At Murphy West, DevEx can earn up to 80% with Trek Minerals, up to 75% with GSW Minerals, and up to 75% in uranium rights with Transition Minerals by spending specified amounts over defined periods.
4. Future Uranium Production (Projected): Long-term revenue model envisioned as uranium production and sales from developed deposits. Company targets production of 10Mlbs per year across multiple assets, targeting 300+ Mlbs Jabiluka-scale discoveries to support eventual production revenue.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

DevEx Resources is an ASX-listed Australian uranium explorer focused on the discovery and development of high-grade unconformity-type uranium deposits. The company operates a portfolio of exploration projects including the flagship Nabarlek Uranium Project and Murphy West Uranium Project in the Northern Territory, plus the non-core Kennedy REE Project in North Queensland. DevEx funds its exploration through equity capital raises on the ASX and pursues value creation through disciplined M&A, joint venture earn-ins, and discovery of new uranium resources targeting Jabiluka-scale (300+ Mlbs) deposits.

Product overview

DevEx Resources is an ASX-listed (ASX:DEV) Australian uranium explorer with over 20 years of experience in responsible exploration, project generation, and remediation. The company operates a portfolio of uranium and rare earth exploration projects, with its core focus on the Nabarlek Uranium Project and Murphy West Uranium Project in the Northern Territory, Australia. The Nabarlek Project represents the flagship asset centred on Australia's former highest-grade uranium mine, while Murphy West offers province-scale exploration potential. The company also holds the Kennedy Rare Earth Element Project in Queensland as a non-core asset. DevEx's strategic objective is to build a high-quality uranium house through industry consolidation and successful exploration, with an aspirational long-term vision to produce over 10Mlbs per year across multiple assets. The company maintains a disciplined M&A approach, having completed acquisitions from Alligator Energy and Rio Tinto to consolidate a district-scale land position exceeding 9,200km² in the Alligator Rivers Uranium Province.

Differentiator

Problem solved

Functional benefit

Products and services

• Nabarlek Uranium Project A district-scale uranium exploration project in the Alligator Rivers Uranium Province, Northern Territory, centred on the historical Nabarlek Mine — Australia's former highest-grade uranium mine with past production of 24Mlbs at 1.84% U₃O₈. The project encompasses over 9,200km² of highly prospective tenure targeting high-grade unconformity-type uranium deposits similar to Jabiluka (300+ Mlbs target scale).
• Murphy West Uranium Project A province-scale, underexplored uranium project covering approximately 10,000km² in the Westmoreland Uranium Province on the south-eastern margin of the McArthur Basin, Northern Territory. The project targets unconformity-type and Westmoreland-type uranium systems, with multiple kilometre-scale uranium anomalies identified through soil sampling across 20 priority radiometric targets.
• Kennedy Rare Earth Element Project An advanced ionic adsorption clay (IAC) rare earth exploration project in North Queensland, Australia, with an Inferred Mineral Resource Estimate of 150 million tonnes at 1,000ppm TREO (470ppm TREO-CeO2 grade). The project uses ammonium sulfate solution at pH4 for desorption of rare earth elements, achieving rapid recoveries within 30 minutes with low acid consumption. Described by the company as similar to the Makuutu Heavy Rare Earths Project in Uganda. Non-core asset.
• Jimblebar Project A base metals exploration project in Western Australia located 200km² north of the highly fertile Sylvania Dome, adjacent to known mineral occurrences at the Copper Knob prospect and the historical Coobina Chromite Mine. The project contains several drill-ready targets and is operated under an earn-in agreement with Trek Metals (ASX: TKM) for up to 75% ownership.

Quantifiable outcome

• 10Mlbs per year production target across 2-3 assets
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core.

• Alligator Energy (ASX:AGE)coreStrategic or Co-development Partner · 1 December 2025DevEx Resources entered into a binding asset sale agreement to acquire Alligator Energy's non-core Northern Territory uranium assets for $7.5 million. The transaction completed in June 2026, consolidating DevEx's position in the Alligator Rivers Uranium Province and improving Alligator Energy's liquidity while allowing it to focus on the Samphire Project in South Australia.
• Rio TintocoreStrategic or Co-development Partner · 20 November 2025DevEx Resources agreed to acquire nine exploration license applications in Northern Australia from a Rio Tinto unit, expanding DevEx's exploration footprint in the Alligator Rivers Uranium Province. This acquisition was part of ongoing exploration and development efforts in the region, consolidating previously disjointed tenure under single ownership.
• Trek Minerals Limited (ASX:TKM)coreStrategic or Co-development Partner · 11 June 2024DevEx entered into an earn-in agreement with Trek Minerals for the Jimblebar and Lawn Hill projects. DevEx has the right to earn an 80% interest in all minerals on the Trek ground. Additionally, Trek announced earn-in agreements with DevEx for the Jimblebar & Lawn Hill projects.
• GSW Minerals Pty LtdcoreStrategic or Co-development Partner · 11 June 2024DevEx has the right to earn up to a 75% interest in all minerals on GSW Minerals ground through the Murphy West Uranium Project earn-in agreement.
• Transition Minerals LimitedcoreStrategic or Co-development Partner · 11 June 2024DevEx has the right to earn up to a 75% interest in the uranium mineral rights over the Transition Minerals ground through an earn-in agreement for the Murphy West Uranium Project.
• Barkly Rare EarthscoreStrategic or Co-development Partner · 9 October 2023DevEx Resources and Barkly Rare Earths formed an earn-in joint venture for the Murphy West project in the Northern Territory, struck in late 2023. The partnership identified multiple kilometre-scale uranium anomalies through soil sampling, with five priority areas ready for first-pass drill testing. DevEx can earn up to 75% interest in the project's uranium rights by spending A$3.5 million over five years.
• Traditional OwnerscoreStrategic or Co-development PartnerDevEx maintains strong, enduring partnerships with the Traditional Owners of the land on which the Nabarlek Project operates. These partnerships underpin exploration through formal Traditional Owner agreements, employment opportunities, cultural recognition (including Traditional Owner artwork on DevEx uniforms), and collaborative engagement in site rehabilitation.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Energy Fuels: NYSE-listed US uranium and rare earths producer with established White Mesa Mill in Utah. Broader incumbent with overlapping uranium and REE exposure (relevant to DevEx's Kennedy REE project), though operating at production scale orders of magnitude larger than DevEx.

Direct peers

• Berkeley Energia: ASX-listed uranium developer advancing the Salamanca project in Spain. Comparable small-mid cap ASX-listed uranium developer with similar capital markets GTM and aspirational production timeline targeting first uranium production.
• Lotus Resources: ASX-listed uranium developer advancing the Kayelekera uranium project in Malawi. Comparable mid-cap ASX uranium developer model with similar capital markets GTM, project development timeline, and uranium-focused thesis targeting a production restart.
• Deep Yellow: ASX-listed uranium developer with flagship Tumas project in Namibia and Mulga Rock in Western Australia. Comparable mid-cap ASX uranium developer with multi-asset portfolio and similar aspirational production targets across multiple projects.
• Alligator Energy: ASX-listed Australian uranium explorer that just divested its non-core NT uranium tenure to DevEx for $7.5M. Comparable business model focused on uranium exploration and development in Australia, with overlapping geographic focus (Alligator Rivers region) and similar funding/capital markets GTM motion.
• Paladin Energy: ASX-listed Australian uranium producer restarting the Langer Heinrich mine in Namibia. Closely comparable mid-cap ASX uranium developer/producer targeting multi-asset production growth, with a similar exploration-to-production transition thesis and institutional investor base.
• Boss Energy: ASX-listed Australian uranium developer/producer restarting the Honeymoon uranium mine in South Australia. Closely comparable ASX-listed pure-play uranium model targeting production from Australian assets, with a similar exploration-to-development lifecycle and aspirational production profile.
• Bannerman Energy: ASX-listed uranium developer advancing the Etango uranium project in Namibia. Comparable mid-cap ASX uranium developer model focused on a single flagship asset progressing through DFS/FS to construction, with similar uranium price sensitivity and exploration-to-production thesis.
• Peninsula Energy: ASX-listed uranium developer advancing the Lance project in Wyoming. Comparable mid-cap ASX uranium developer with similar uranium price leverage, capital markets funding approach, and production restart thesis.
• Aura Energy: ASX-listed uranium and polymetallic explorer/developer with projects in Sweden, Mauritania and Western Australia. Comparable small-cap ASX uranium-focused explorer with similar district-scale consolidation approach and uranium price leverage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/DevExResources
• LinkedInlinkedin.com/company/devex-resources

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DevEx Resources