DevEx Resources (DEV) H2 2026 earnings summary

Executive summary

• Consolidated a district-scale land position in Australia's Alligator Rivers Uranium Province, now holding 9,200km² of contiguous uranium tenure around the historic Nabarlek Uranium Mine, making it the largest landholder in the province.

• Completed acquisitions from Alligator Energy and Rio Tinto Exploration, underpinning a multi-year exploration pipeline targeting high-grade uranium discoveries.

• Raised $38.9 million in capital, ending the year with $27.2 million in cash, supporting expanded exploration and acquisitions.

• Appointed new leadership, including a Managing Director with significant industry experience, and was included in the Sprott Junior Uranium Miners ETF.

• Maintained strong stakeholder relationships, with no environmental or lost time incidents reported.

Financial highlights

• Net loss before tax of $18.2 million for FY2026, compared to $9.1 million in FY2025, primarily due to increased exploration and evaluation expenses.

• Exploration and evaluation expenses rose to $12.8 million (FY2025: $6.8 million), reflecting acquisitions and expanded drilling.

• Cash and cash equivalents at year-end were $27.2 million, up from $7.1 million in the prior year.

• Net assets increased to $34.9 million (FY2025: $13.8 million), with working capital surplus of $26.6 million.

• Share-based payment expense of $2.1 million (FY2025: negative $13k), and total equity raised during the year was $38.9 million before costs.

Outlook and guidance

• Entering FY2027 with active drilling and a multi-year pipeline of targets in a resurgent uranium market.

• Focus remains on advancing the Nabarlek and Murphy West Uranium Projects and evaluating further uranium asset acquisitions.

• Non-core assets will be assessed for value realization to support the uranium growth strategy.