DevEx Resources (ASX:DEV) tagets new uranium discoveries as 2025 field season ramps up across Northern Territory portfolio

DevEx Resources (ASX:DEV) has launched an expansive field program across its uranium exploration portfolio in the Northern Territory, with ground based activities now underway at multiple high-priority locations in the McArthur Basin.

This basin is one of Australia’s most uranium endowed geological regions and shares key geological similarities with Canada’s Athabasca Basin, which hosts some of the world’s highest-grade deposits.

The company is advancing exploration at several major projects, including the Nabarlek Project, which incorporates the historical Nabarlek Uranium Mine, as well as Murphy West and new frontier prospects along the Angularli Fault Zone.

With increasing global interest in nuclear energy, a strengthening uranium price, and Northern Territory Government support through co-funding programs, DevEx is well positioned to drive value through discovery.

In this Q&A, Managing Director Todd Ross addresses five key questions from investors, outlining the strategy behind current field activity, the importance of emerging targets, and the path forward

What is the significance of starting the 2025 field season across multiple uranium prospects in the Northern Territory?

DevEx is running a multi-front exploration strategy this year, which allows us to test a diverse range of targets simultaneously across a large portfolio.

The McArthur Basin is an exceptionally fertile uranium province that has produced and contains over 730 million pounds of uranium from both existing resources or historical production.

We are on the hunt for monster, high-grade deposits similar in scale to the Jabiluka Uranium Project.

By launching concurrent programs at Nabarlek, Murphy West, and the Angularli Fault Zone, we are increasing the probability of discovery while also improving our ability to compare and prioritise targets in real time.

This approach is backed by strong geological models and the support of co-funding partnerships, enabling us to advance exploration efficiently and systematically.

“The start of DevEx’s 2025 exploration field season marks another important step forward in our strategy to make the next high-grade uranium discovery in the Northern Territory. With strong support from the NT Government, a world-class portfolio, and highly encouraging geology, we are excited to advance our key targets and keep shareholders updated as results come through.”

Why is the Big Radon and KP area attracting so much attention?

The Big Radon and KP Prospects are two compelling exploration targets in our Nabarlek Project.

Each is defined by large radon track etch anomalies extending over 2 to 3 kilometres, suggesting the potential for uranium-bearing structures at depth. We are undertaking ground gravity surveys to map these structures more precisely, which will inform priority drill planning.

These targets are especially significant given their scale and the fact that they are located near known uranium corridors within a historically productive district.

“DevEx has secured Government Co-Funding of $160,000 for drilling at both of these prospects.”

This financial support from the Northern Territory Government allows us to pursue drilling with greater confidence and focus, and it reinforces the strategic importance of these new large-scale targets.

How does the historical Nabarlek Mine area fit into DevEx’s current strategy?

The area around the former Nabarlek Uranium Mine remains a key part of our exploration focus.

While the mine itself produced 24 million pounds at 1.84 percent U₃O₈, our current efforts are directed at understanding the geology that controlled mineralisation and applying that knowledge to the surrounding terrain.

Through re-logging and lithochemical analysis of historical diamond core, we have identified distinct host rock signatures that are closely associated with uranium mineralisation when intersected by the Nabarlek Fault.

“The coincidence of these rocks being cross-cut by the uranium-bearing Nabarlek Fault appears to be the key component to focus on for uranium mineralisation that was mined from the Nabarlek pit in the early 1980’s.”

We are now expanding this re-logging campaign to trace where these favourable rocks occur elsewhere in the region, particularly near major faults, with the aim of identifying new high-priority drill targets.

What is the plan for the Sandfire and Spitfire Prospects near the Angularli Deposit?

Sandfire and Spitfire are early stage but high potential targets located along the Angularli Fault Zone, southeast of Deep Yellow’s Angularli deposit, which hosts a resource of 32.9 million pounds at 1.09 percent U₃O₈.

The geological setting of the Angularli Fault is highly prospective for unconformity style uranium, and we are preparing for ground gravity surveys to map the subsurface structure and identify areas with the greatest potential.

These surveys are scheduled to commence in August following on country meetings with Traditional Owners and the Northern Land Council, which are taking place later this month.

Once we have survey results and approvals in place, we will be positioned to define drill targets for follow-up in the next phase of work.

What makes the Murphy West Project a valuable part of the portfolio?

Murphy West offers district-scale discovery potential in a largely unexplored part of the McArthur Basin.

We are operating across nearly 10,000 square kilometres under earn-in agreements, giving us substantial ground in a highly prospective but underexplored area.

Recent airborne radiometric and magnetic surveys have identified numerous anomalies, some stretching up to 2 kilometres in length.

These anomalies fall into two categories, those associated with the unconformity at the base of the basin and those within the Westmoreland Conglomerate, a known uranium-bearing sequence.

We have now begun surface geochemical sampling over these radiometric targets to assess for uranium anomalism at surface and determine which areas are most prospective for drilling.

“DevEx now plans to follow up these survey results with surface geochemistry during the September Quarter, aimed at identifying surficial uranium anomalism warranting drilling.”

This is the first step in a systematic exploration process designed to rank and advance multiple large scale targets across a region that has seen limited modern exploration.

Looking Ahead: advancing high-impact targets with strong foundations

DevEx Resources is entering the second half of 2025 with strong momentum across its Northern Territory uranium portfolio.

By combining detailed historical datasets with modern exploration tools, and leveraging structural interpretation and geochemical insights, the company is building a robust pipeline of drill ready targets.

The support of government co-funding programs and proactive engagement with Traditional Owners further enhances DevEx’s ability to execute its exploration plans efficiently and responsibly.

As survey results, geochemical data and re-logging programs progress in the months ahead, the company will continue to provide regular updates as it moves closer to the next round of drilling and the potential for new high-grade uranium discoveries.

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