DevEx Secures 9,200km² Uranium Tenements, Including 6.5Mlbs Caramal Resource

A Major Land Grab in a Premier Uranium Province

DevEx Resources Limited has taken a decisive step to bolster its position in one of Australia’s most prolific uranium regions by agreeing to acquire Alligator Energy Limited’s entire uranium exploration tenure in the Alligator Rivers Uranium Province (ARUP) of the Northern Territory. This acquisition dramatically expands DevEx’s contiguous landholding to approximately 9,200 square kilometres, effectively consolidating multiple under-explored uranium corridors around the historical Nabarlek Uranium Mine.

The ARUP is renowned for its uranium endowment, boasting over 700 million pounds of uranium already defined, with major deposits such as Nabarlek, Ranger, and Jabiluka underpinning its global significance. DevEx’s expanded footprint now surrounds these legacy assets, positioning the company to leverage the region’s proven geological potential.

Unlocking Fault Corridors and Historical Resources

The acquisition ties together key uranium-bearing fault zones, notably the Nabarlek North corridor, which includes the U40 and Angularli Fault Zones, and the Tin Camp Creek area encompassing the Orion Fault Corridor. These fault systems have seen limited modern exploration despite historical drilling revealing promising uranium mineralisation.

Among the highlights is the Caramal deposit within the Tin Camp Creek tenure, where Alligator Energy previously reported a historical Inferred Mineral Resource Estimate (MRE) of 6.5 million pounds of uranium oxide (U3O8) at a grade of 0.31%. While this resource was estimated under the older JORC Code 2004 and has not yet been independently validated by DevEx, the company plans to reassess and update the resource in line with current JORC 2012 standards.

Strategic Synergies and Next Steps

This acquisition complements DevEx’s recent purchase of adjacent tenements from Rio Tinto Exploration Pty Limited, assembling a dominant and contiguous land package in the ARUP. Managing Director Marnie Finlayson emphasised that this consolidation provides a clearer line of sight to potential new discoveries and a robust pipeline of exploration targets along proven uranium structures.

DevEx intends to commence detailed desktop reviews of historical data, including drill core and geological frameworks, followed by ground-based investigations targeting fault-hosted uranium anomalies identified in government airborne surveys. The company aims to integrate these findings into its exploration plans for 2026, funded from existing cash reserves.

Financial and Regulatory Considerations

The acquisition price is set at $7.5 million, with $1.75 million held in escrow pending renewal of key exploration access agreements due to expire in mid-2027. The deal includes shares in subsidiary companies and multiple granted exploration licences, some subject to royalties and joint venture rights involving traditional owners and Cameco’s claw-back provisions on certain tenements.

While the historical resource estimates and exploration results provide a strong foundation, DevEx acknowledges the need for further evaluation to confirm these figures under modern reporting standards. This cautious approach reflects the company’s commitment to rigorous technical validation as it advances its district-scale exploration strategy.