Location
Alligator Rivers Uranium Province, Northern Territory
Ownership 100%
DevEx is targeting high grade uranium at the prospective Nabarlek Uranium Project, a dominant +4,700km2 tenement package located in the Alligator Rivers Uranium Province (ARUP) in the Northern Territory (Figure 1).
The ARUP is considered amongst the world’s most prospective areas for high-grade uranium mineralisation, with over 600 million pounds of uranium (U3O8) identified in mined and unmined deposits.
At the heart of the project lies the historical Nabarlek Uranium Mine, considered Australia’s highest-grade uranium mine with a previous production of 24 Mlbs @ 1.84% U3O8. The project includes the Narbalek Mining Lease and surrounding tenure.
Exploration
The discovery of large, high-grade fault hosted unconformity-type uranium deposits, similar to either the Nabarlek Uranium Deposit or the nearby world-class Jabiluka Uranium Deposit and Ranger Uranium Mine – which produced 300Mlbs @ 0.23% U3O8 over 40 years (‘Ranger type’) – remains the priority focus for DevEx.
The successful 2023 – 2024 drilling campaigns returned multiple, high-grade uranium intercepts from prospects along the U40 Fault and the Nabarlek Fault Corridor, surrounding the historical Nabarlek Uranium Mine.
Next Steps
A review of primary geological controls to stacked high-grade mineralisation is underway, working to unlock the full potential of these results. This ongoing analysis will form the basis for planning for the next phase of follow-up drilling in 2025.
View our latest Investor Presentation or ASX Announcements for the most up to date news.
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.
Keep Up To Date
Sign up to receive the latest DevEx updates and news
directly to your inbox.