DevEx Raises $6.9M in Oversubscribed Uranium Exploration Share Plan
DevEx Resources has successfully raised nearly $7 million through an oversubscribed Share Purchase Plan, significantly exceeding its initial $3 million target to fund expanded uranium exploration in Australia’s Northern Territory.
- Share Purchase Plan initially targeted $3 million but raised $6.9 million
- 47.7 million new shares to be issued at $0.145 each
- Strong shareholder participation with 419 holders applying
- Funds to support expanded exploration in Alligator Rivers Uranium Province
- Recent land acquisitions consolidate over 9,200 km² of exploration ground
Oversubscribed Share Purchase Plan Signals Strong Investor Confidence
DevEx Resources Limited (ASX – DEV) has announced a robust response to its recent Share Purchase Plan (SPP), raising approximately $6.9 million, more than double its initial $3 million target. The oversubscription reflects strong shareholder confidence in the company’s strategic direction and growth prospects within the uranium sector.
Capital Raising to Fuel Aggressive Exploration Campaign
The funds raised will underpin an expanded exploration program in the Alligator Rivers Uranium Province, Northern Territory, where DevEx has consolidated a dominant land position exceeding 9,200 square kilometers. This includes recent acquisitions from Rio Tinto Exploration Pty Ltd and Alligator Energy Limited, positioning DevEx to aggressively pursue uranium prospects in the Nabarlek and Murphy West projects throughout 2026.
Shareholder Participation and Terms
The SPP was offered to nearly 4,000 eligible shareholders, with 419 participating, representing an 11% participation rate. The company has resolved to accept all valid applications without scaling back, issuing 47.7 million new shares at $0.145 each, the same price as a recent placement. These shares will rank equally with existing shares and are expected to commence trading on the ASX on 30 December 2025.
Strategic Implications for DevEx and the Uranium Market
This capital injection not only strengthens DevEx’s balance sheet but also signals the market’s growing appetite for uranium exploration amid rising global demand for clean energy resources. By consolidating key tenements and securing funding, DevEx is positioning itself to be a significant player in Australia’s uranium sector, potentially accelerating its path toward resource delineation and development.
Looking Ahead
As DevEx prepares to deploy these funds, investors will be watching closely for exploration results and how effectively the company leverages its expanded land holdings. The success of this capital raise may also set a precedent for future funding rounds, reflecting the broader market’s confidence in uranium’s strategic importance.
Bottom Line?
DevEx’s oversubscribed capital raise sets the stage for an intensified uranium exploration push in 2026.
Questions in the middle?
- What are the expected timelines and milestones for the expanded exploration program?
- How will recent land acquisitions impact DevEx’s resource potential and valuation?
- What market factors could influence uranium demand and DevEx’s share performance moving forward?
