DevEx Resources (DEV) Status update summary

Strategic Focus and Market Outlook

• Refreshed strategy centers on uranium exploration in the Northern Territory, leveraging a dominant land position and strong balance sheet post-capital raise.

• Aspires to become a 10-million-pound uranium producer by developing three assets, with growth through exploration, M&A, and partnerships.

• Market fundamentals highlight a widening uranium supply deficit driven by energy transition, AI/data center demand, and supportive government policy.

• Policy momentum is accelerating for nuclear, with governments backing new build programs and fuel security.

• Strategic stockpiling and long-term contracting are driving higher uranium prices and widening supply deficits through 2040.

Exploration Pipeline and Technical Approach

• Consolidated contiguous land package enables seamless exploration across key corridors, integrating datasets from recent acquisitions.

• Focus on high-grade unconformity-style deposits, using multi-layered data (magnetics, radiometrics, geochemistry, hyperspectral) to refine targets.

• Priority drill targets for 2024 include Sandfire, Big Radon, and KP, with additional targets in Mustang and Caramel regions.

• Murphy West project in southern McArthur Basin advances with geochemistry and radiometrics, targeting 2026 drilling and five priority targets identified.

• Nabarlek Project consolidates a world-class uranium province, with historical production of 24Mlbs at 1.84% U3O8.

Project Advancement and Exploration Highlights

• Multiple drill-ready targets identified around Nabarlek, including Sandfire, Big Radon, KP, and Nabarlek North.

• Caramal region exploration is underway, with historical drilling confirming high-grade uranium and new permits being sought.

• Ground gravity and radon surveys identify fault complications and anomalies, guiding drill placement for large-scale discoveries.

• Murphy West Project has large-scale uranium anomalies, with soil geochemistry and radiometrics supporting drill targets.

• Drilling scheduled to commence around June 20, 2024, subject to weather and access, with regular updates promised.