Murphy West Uranium Project

Location

Exploration

Why Uranium

Next Steps

Ownership

Figure 1. Murphy West Project location and nearby uranium deposits.

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.

DevEx recently completed a detailed airborne radiometric and magnetic survey. First-pass interpretation of the radiometric and magnetic dataset has identified multiple large, high-priority uranium anomalies that lie within the targeted prospective corridor and range up to 2km.

Figure 2. Location of the Murphy West Uranium Project along strike from known uranium occurrences in the Northern Territory and Queensland.

Next Steps

These unexplored anomalies, located west of Laramide Resources’ Westmoreland uranium deposits, represent exciting exploration targets, particularly given the role played by radiometric surveys in discovering the Westmoreland deposits.

Field investigation to test these high-priority uranium targets, with first pass surface geochemistry and geological reconnaissance is underway.

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?

Low Carbon

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.

Energy Transition

Climate change policy targets and increasing population are driving a global need to find low-carbon, large-scale power sources.

At COP28, 22 countries pledged to triple their nuclear energy generation by 2050.

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 leading to expectations of significant supply shortfalls over the coming years.

AI-Driven Demand

Driven by the rapid and unprecedented growth of energy-intensive data centres and advanced AI, uranium has become a key focus as the world’s largest tech companies seek to secure reliable energy sources from nuclear power providers.

Major investments from companies such as Google, Meta and Microsoft highlight the critical role uranium will play to reduce our dependency on fossil fuels and replace them with low carbon, nuclear power.

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.

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  1. 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. ↩︎
  2. Laramide Resources Limited, Westmoreland Uranium Project, National Instrument 43-101 Technical Report – Scoping Study (April 2016). ↩︎