An Australian Uranium Explorer – Could this be a good position for the next Uranium Rush?
- Noel Ong
- 2 hours ago
- 7 min read
Presentation
DevEx Resources Limited (ASX: DEV) is leaning hard into the Northern Territory uranium thesis with a 2025 program that moves from mapping to gravity-constrained drilling across Nabarlek’s Big Radon and KP prospects (Figure 1)—two kilometre-scale radon anomalies now tied to fault architecture by new ground gravity. Heritage clearances are being finalised, and the NT Government has tipped in $160k to co-fund the maiden holes, a tidy endorsement at this stage.
Figure 1: DevEx’s uranium ground. (source: DEV)
The second runway is the Angularli Fault Corridor—Sandfire and Spitfire—on trend from Deep Yellow’s Angularli (32.9 Mlbs @ 1.09% U₃O₈), with gravity, surface geochem, and drill permits already in motion. A third leg, Murphy West, brings scale via ~2 km radiometric uranium anomalies now being ranked for first collars. With $7.1m cash (30 Jun 2025) and a ~$39.3m market cap (8.9c, 12 Sep 2025), DEV is executing a “Right Rocks + Right Structures = Right Targets” plan aimed at a Jabiluka/Ranger-style find.
Highlights
2025 drill focus locked in at Nabarlek (Figure 2): gravity surveys completed across Big Radon and KP to define drill targets beneath kilometre-scale Radon Track Etch anomalies; NT Government co-funding of $160k secured for maiden drilling at both prospects. Heritage surveys being finalised.
Figure 2: Several large Radon Track Etch anomalies recognised from the +25,000 samples collected at Nabarlek. (source: DEV)
Angularli Fault Corridor (Figure 3) now live: gravity completed (Aug) at Sandfire & Spitfire; RC and diamond drilling permits lodged. The corridor sits along strike from Deep Yellow’s Angularli deposit (32.9 Mlbs @ 1.09% U₃O₈).
Figure 3: Angularli Fault Corridor — Sandfire/Spitfire (source: DEV).
Murphy West emerging: new airborne radiometrics/magnetics define multiple uranium anomalies up to ~2 km; surface geochemistry now underway to rank drill collars. Early interpretation supports both unconformity-type and Westmoreland-type uranium systems (Figure 4).
Figure 4: Murphy West Project - An emerging uranium asset (source: DEV).
Strategy + capacity: DEV is the dominant uranium explorer in the NT (~16,000 km² where uranium mining is permitted) with a clear model—“Right Rocks + Right Structures = Right Targets”—seeking a Jabiluka/Ranger-style discovery within its 100%-owned Nabarlek Uranium Project primely located on the NW margin of the McArthur Basin, in the Alligator Rivers Uranium Province, NT (Figure 5).
Figure 5: Murphy West Project - An emerging uranium asset (source: DEV).
Cash $7.1M (30-Jun-25); Market cap ~$39.3M (12-Sep-25 @ 8.9c); Chairman Tim Goyder holds 19.58%.
Project snapshot & location
Nabarlek Uranium Project (100%, NW McArthur Basin, NT): Tier-1 province hosting historical Nabarlek Mine (24 Mlbs @ 1.84% U₃O₈). DEV has multiple high-grade intercepts from 2023–2024 and is mapping the Nabarlek and U40 Fault Corridors, plus the Angularli corridor to the southeast (Figure 6). Aim: position Nabarlek- or Jabiluka-host rocks against the controlling structures to define new ore lenses beneath cover.
Figure 6: Nabarlek & U40 Fault Corridors (key intercepts) (source: DEV).
What’s new on the ground?
(Figure 7)
Nabarlek (Big Radon & KP): Ground gravity completed; radon geochem defines large, high-order anomalies with alteration footprints in the overlying sandstones—classic undercover Jabiluka-style vectors. Heritage approvals being finalised; co-funded maiden drilling is next.
Angularli corridor (Sandfire/Spitfire): Gravity complete to map basement faults; permits lodged for RC/diamond drilling. Proximity to known high-grade systems (Angularli, Sandy Creek South, Aurari) is a key de-risking feature.
Murphy West: Surface geochem is live to ground-truth airborne uranium anomalies (to ~2 km). Targets sit near the McArthur Basin unconformity and along faulted offsets in the Westmoreland Conglomerate—two distinct uranium models to test.
Figure 7: DEV Exploration Portfolio Map (source: DEV).
The Exploration Model (Why uranium?)
DEV is applying an Athabasca-style approach to the McArthur Basin, focusing on radon anomalies, alteration halos, and gravity-defined structures to pinpoint structure–host rock intersections under shallow cover. The aim is to replicate the discovery mechanics of the Ranger/Jabiluka district in a largely underexplored NT footprint.
With the supply shortfall forecast to grow ~200% by 2040 and prices well above pre-2021 levels (Figure 8), DEV’s assets are aligned to strengthening uranium fundamentals.
Figure 8: DEV’s assets are aligned with a strong resurgence (source: DEV).
Capital, board & capacity to execute
Capital: Shares 441.69M; Options/PRs 10.85M; Cash $7.1M (30-Jun-25). Market cap ~A$39.3M at 8.9c (12-Sep-25). Investments include Lachlan Star (26.16%) and entX (4%). Top-20 holds 52.74%.
Led by a proven team: Tim Goyder (Chair), Todd Ross (MD), Brendan Bradley (Technical Director), Stacey Apostolou (GM Corporate)—a team with uranium and capital-markets depth aligned to a targeted NT campaign.
Near-term newsflow to watch
Nabarlek (Big Radon/KP): Heritage completion → kick-off drilling.
Angularli corridor (Sandfire/Spitfire): Permit outcomes → drill timing.
Murphy West: Surface geochem results → rank ~2 km radiometric anomalies into drill targets.
Targeting refinement: Ongoing core re-logging to sharpen the “Right Rocks vs Right Structures” model.
REE option value (Queensland)
Kennedy REE Project (100%) (Figure 9): 150 Mt @ 1,000 ppm TREO (470 ppm TREO-CeO₂) Inferred, shallow, unconsolidated “non-swelling” clays; preliminary metallurgy indicates rapid desorption in ~30 minutes at pH~4 with low acid consumption; adjacent to highway & infrastructure. A complementary “energy metals” asset as uranium exploration advances.
Figure 9: Kennedy Project location (source: DEV)
Samso Concluding Comments
DevEx is lining up fertile host rocks in the NT, clear structural corridors (Nabarlek/U40 and Angularli), and multi-scale vectoring—using techniques from radon and radiometrics to gravity, allowing a narrowing of the search space beneath cover. A well-used recipe that has worked in other Tier-1 uranium provinces. The path is simple: first convert anomaly maps into gravity-constrained collars and then let the drill bit (The Truth Machine) answer grade, thickness, and continuity.
Angularli (Sandfire/Spitfire) provides genuine adjacency to known high-grade uranium, which is the kind of de-risking investors should want at this stage. Murphy West adds scale and optionality: large, coherent radiometric features with dual models (unconformity and Westmoreland-style) broaden the chance of a discovery “type.” If Nabarlek/Angularli is the near-term quality shot, Murphy West is the leverage.
Summarising the execution risk will come in these three levers: (1) timely heritage and permitting, (2) "lucky" drill design with the help of a gravity/structure story, and (3) timely assay results for the market. Investors should be ready for potential early wins that are not monster hits. What will be the reality is potentially alteration, structure, and pathfinder geochemistry aligned with gravity lows, allowing exploration to progress with some confidence.
The market cap of DEV is probably a bit high with being at over AUD $61M but there are very interesting shareholders in the company, and I would never bet against them. When FireFly took over the Green Bay project, they had a market capitalisation of over AUD $100M and they are not nearly AUD $1B. All I can say is keep your eyes on this, or take a position and go about your normal daily lifestyle.
As usual, the next phase of work is proof of concept, and if there are legs in the results, uranium is not a bad commodity to be in with what I feel is a uranium rush. A rush may not be the ultimate journey, but there will be a lot of interest in this sector post-2025.
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