Location
Westmoreland Uranium Province, Northern Territory
Earning-in
The Murphy West Uranium (U3O8) Project is an exploration project covering a province-scale ~10,000km2 area in the Northern Territory, Australia.
The Project lies along the south-eastern margin of the prospective McArthur Basin, where DevEx’s flagship Nabarlek Uranium Project is located further to the north. The region is considered one of the world’s most prospective areas for uranium, with over 700 million pounds of uranium identified (in mined and unmined deposits1).
The Murphy West Project is located west of the Laramide Resources Limited’s (ASX:LAM) Westmoreland Uranium Project, with a reported Mineral Resource estimate of 51.9 million pounds of uranium2.
Exploration
Despite its highly prospective location, the Murphy West Project has undergone minimal exploration for uranium.
The Murphy West Project overlies strike extensions of key geological stratigraphy which hosts known uranium mineralisation, including the prospective Westmoreland Conglomerate.
DevEx is targeting the area for similar unconformity-type uranium mineralisation like that seen elsewhere in the region.
This emerging asset is a valuable addition and strengthens DevEx’s uranium growth strategy.
Next Steps
Regional scale exploration is underway, including extensive airborne radiometric and magnetic surveys.
View our latest Investor Presentation or ASX Announcements for the most up to date news.
Earn-In Agreement
DevEx has entered into three separate earn-in agreements:
- Under an agreement with Trek Minerals Limited (ASX: TKM), DevEx has the right to earn an 80% interest in all minerals on the Trek ground;
- Under an agreement with privately owned GSW Minerals Pty Ltd (GSW), DevEx has the right to earn up to a 75% in all minerals on the GSW ground;
- Under an agreement with privately owned Transition Minerals Limited (Transition), DevEx has the right to earn up to a 75% interest in the uranium mineral rights over the Transition ground.
Why Uranium?
Clean energy
Uranium is considered a vital component of the clean energy solution due to its ability to generate large amounts of electricity with minimal greenhouse gas emissions.
New and innovative technologies offer improved safety and efficiency, making nuclear power a sustainable, reliable and stable energy source.
Increased Demand
Climate change policy targets and increasing population are driving a global need to find low-carbon, large-scale power sources.
As a result, there has been a significant increase in the number of nuclear reactors being restarted and under construction. These reactors must be fuelled by uranium.
As demand for uranium grows, new discoveries will be increasingly critical.
Supply Constraints
Uranium production has been subject to geopolitical tensions and mine closures, with the World Nuclear Association predicting that current supply gaps are forecast to increase and extend to 2040 and beyond.
Supply constraints and increasing demands have stimulated uranium prices to recently reach 16-year highs in early 2024.
Policy Support
Changes in government energy policies are seeing support for nuclear power expansion and carbon pricing mechanisms that incentivise low-carbon energy sources, such as uranium-fuelled nuclear power.
At COP28, 22 countries launched a declaration to triple nuclear energy by 2050.
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- Production History:
McKay, A.D & Miezitis, Y. 2001. Australia’s uranium resources, geology and development of deposits. AGSO – Geoscience Australia, Mineral Resource Report 1. ERA Annual Production Reports 2001 to 2018. 1b. Mineral Resource: Deep Yellow Limited Mineral Resource Estimate Update for Angularli – 3 July 2023. Energy Resources of Australia Limited – Annual Statement of Reserves and Resources – January 2018. ↩︎ - Laramide Resources Limited, Westmoreland Uranium Project, National Instrument 43-101 Technical Report – Scoping Study (April 2016). ↩︎