DevEx Resources (DEV) Noosa Mining Investor Conference summary

Market outlook and uranium demand

• Global uranium market faces a significant supply shortfall, with demand expected to outpace supply by over 200% by 2040, driving prices to a 16-year high in early 2024 and increased exploration activity.

• Spot uranium prices rallied above AUD 100/lb last year, with term prices currently around AUD 83/lb.

• Nuclear energy is recognized as a scalable, clean, zero-emission power source, with 438–440 reactors operating globally and 60–62 under construction; China plans 30 more reactors in 20 years.

• Growing AI and nuclear energy demand, combined with shrinking uranium supply, underpins a bullish outlook for uranium assets.

Company positioning and strategy

• Holds a dominant exploration portfolio in the Northern Territory, with over 16,000 sq km of land in the McArthur Basin, where uranium mining is permitted.

• Led by a small, experienced board with significant insider ownership; Chairman holds 19.9%.

• Board includes experienced mining executives and geologists, with significant shareholdings and a focus on value creation.

• Well-funded with AUD 7.8 million in cash as of March 2025 and a market cap of over AUD 36 million.

• Aggressive exploration and acquisition strategy targets underexplored uranium projects and advanced asset growth.

Project portfolio and exploration activities

• Portfolio includes flagship Nabarlek (site of Australia’s highest-grade uranium mine), Kennedy, and Murphy West projects, covering uranium, rare earths, and base metals.

• Nabarlek Project is in a world-class uranium region, with multiple high-grade intercepts from recent drilling.

• Actively exploring for new Jabiluka-style deposits using advanced targeting methods, including radon anomaly detection.

• Recently identified new targets (Big Radon, KP) and secured a AUD 160,000 government grant for drilling; 2025 focus includes gravity surveys and maiden drilling at these prospects.

• Murphy West Project has identified multiple large-scale uranium anomalies; systematic exploration and surface geochemistry are underway to guide drilling.