DevEx Resources (DEV) Q1 2026 TU earnings summary

Executive summary

• Advanced exploration at Nabarlek Uranium Project with ground-based gravity surveys and geochemical sampling to refine drill targets for high-grade uranium in 2026.

• Murphy West Uranium Project progressed with surface geochemistry, identifying kilometre-scale multi-element anomalies and preparing for a multi-target drill program in 2026.

• Kennedy Rare Earth Project advanced with bulk sample column leach test work to assess low-cost REE extraction viability.

• Jimblebar Copper-Nickel Project completed SQUID electromagnetic survey, with results under review.

Financial highlights

• Exploration and evaluation expenditure for the quarter was $1,917,832; administration costs totaled $570,229.

• Net cash used in operating activities was $2,403,000 for the quarter.

• Cash and cash equivalents at quarter-end were $3,263,000, down from $7,119,000 in the previous quarter.

Outlook and guidance

• Drilling at Nabarlek, Big Radon, KP, Sandfire, and Spitfire Prospects planned for the 2026 field season, pending final heritage and regulatory approvals.

• Murphy West Project to expand surface sampling and commence drilling in April 2026.

• Operating cashflows expected to decrease in the next quarter due to the wet season, reducing exploration activities.