DevEx Raises $32M Placement Plus $3M SPP at $0.145 per Share
DevEx Resources has announced a $35 million capital raise to fund key uranium tenement acquisitions and an aggressive 2026 exploration campaign in the Northern Territory’s Alligator Rivers Uranium Province.
- Two-tranche placement raising approximately $32 million
- Share Purchase Plan targeting up to $3 million from existing shareholders
- Funds to support acquisitions from Rio Tinto and expanded exploration
- Placement price set at $0.145 per share, a discount to recent trading prices
- Shareholder approval required for second tranche involving related party participation
Strategic Capital Raise to Fuel Growth
DevEx Resources Limited (ASX – DEV) has unveiled a significant capital raising initiative aimed at bolstering its uranium assets in Australia’s Northern Territory. The company plans to raise approximately $35 million through a two-tranche placement and a Share Purchase Plan (SPP), positioning itself for a robust exploration push in 2026.
The first tranche of the placement, amounting to around $16 million, will proceed without the need for shareholder approval, while the second tranche, also targeting $16 million, awaits approval at a general meeting scheduled for January 2026. This second tranche notably includes participation from company directors, underscoring internal confidence in the strategy.
Consolidating a Dominant Land Position
The proceeds are earmarked primarily for acquiring key tenements in the Alligator Rivers Uranium Province, a globally recognised uranium hotspot. These acquisitions, sourced from Rio Tinto Exploration Pty Ltd, will consolidate DevEx’s holdings, creating a contiguous land package that enhances the company’s exploration potential.
Managing Director Marnie Finlayson highlighted the transformational nature of these acquisitions, emphasizing that the capital raise reflects strong investor confidence in DevEx’s assets and growth trajectory. The expanded landholding is expected to underpin an aggressive exploration campaign during the 2026 field season, aimed at unlocking the full potential of the Nabarlek and Murphy West Projects.
Shareholder Participation and Pricing Details
Alongside the placement, the SPP offers eligible shareholders in Australia and New Zealand the opportunity to invest up to $30,000 each at the same price as the placement shares, set at $0.145 per share. The SPP is capped at $3 million, with the company reserving discretion to scale back applications if demand exceeds this amount.
The placement price represents a discount ranging from 2.7% to 14.7% relative to recent trading prices, a common feature in capital raises designed to attract strong investor participation. Bell Potter Securities, Argonaut Securities, and Euroz Hartleys are acting as joint lead managers and bookrunners for the placement.
Looking Ahead
With the capital raising underway, DevEx is poised to enter 2026 with enhanced financial firepower and a strengthened asset base. The company’s focus on the Alligator Rivers Uranium Province aligns with broader market interest in uranium as a critical energy resource amid global energy transitions.
Investors will be watching closely for the outcome of the shareholder vote on the second tranche and the uptake of the SPP, as well as early results from the upcoming exploration activities that could validate the strategic acquisitions.
Bottom Line?
DevEx’s $35 million capital raise sets the stage for a pivotal year in uranium exploration, but shareholder approval and exploration success will be key to sustaining momentum.
Questions in the middle?
- Will shareholder approval for the second tranche be secured without significant opposition?
- How will the upcoming exploration campaign impact DevEx’s valuation and market perception?
- What are the potential risks if the Share Purchase Plan is heavily scaled back or undersubscribed?
