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, with strategic stockpiling and long-term contracting driving higher prices through 2040.

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

• Strong stakeholder relationships and government support underpin the strategy, with uranium now on the Northern Territory's critical minerals list.

Exploration Pipeline and Technical Approach

• Consolidated contiguous land package enables seamless exploration from north to south, integrating datasets from recent acquisitions.

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

• Immediate drill targets include Sandfire, Big Radon, KP, and Nabarlek North, with additional prospects like Mustang and Caramel in the pipeline.

• Ground gravity and radon surveys identify fault zones and anomalies, prioritizing areas with strong mineralization indicators.

• Murphy West Project has large-scale uranium anomalies, with soil geochemistry and radiometrics supporting drill targets; five priority targets identified and preparations underway.

Project Advancement and Exploration Highlights

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

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

• Pipeline extends into 2026–2028, with ongoing target refinement and license applications.