Key Highlights

  • The 2026 Nabarlek campaign finished with 40 RC and diamond holes for 11,050 metres across Big Radon, KP, Sandfire and Nabarlek North.
  • Nabarlek North RC drilling returned 2.3m at 920ppm eU3O8 from 184m, including 0.8m at 1,361ppm eU3O8, and 1.7m at 1,116ppm eU3O8 from 168.8m.
  • Cash stood at A$21,698,189 at 30 September 2026, alongside a 21.63% stake in Lachlan Star valued at A$8.8 million.
  • An August airborne hyperspectral survey mapped an extensive illite alteration zone along the north-west projection of the Nabarlek Fault Corridor.

DevEx Resources Limited (ASX:DEV) wrapped up its 2026 drilling at the Nabarlek Uranium Project in the Northern Territory during the September quarter, completing 40 first-pass RC and diamond holes totalling 11,050 metres at four priority targets. Uranium mineralisation was intersected at Nabarlek North and Big Radon, intense chlorite-haematite alteration was found at KP, and an airborne hyperspectral survey flown in August identified a large illite alteration zone. The company ended the period with A$21.7 million in cash.

Drill Results Across Four Nabarlek Targets

The campaign began in July and tested the Big Radon, KP, Sandfire and Nabarlek North prospects. At Nabarlek North, first-pass RC drilling intersected a sub-horizontal zone of uranium mineralisation within a haematite alteration zone in the footwall of the Oenpelli Dolerite. Down-hole gamma results included 1.7m at 1,116ppm eU3O8 from 168.8m in hole NAR26013 and 2.3m at 920ppm eU3O8 from 184m in hole NAR26012, which included 0.8m at 1,361ppm eU3O8. The company noted these results may reflect uranium remobilised away from the targeted fault, and that laboratory assays are pending. A second traverse identified a possible fault offset at the unconformity between holes RC16 and RC18, where RC18 recorded anomalous uranium of up to 107ppm eU3O8.

Seven RC and diamond holes at Big Radon tested the northern part of a three-kilometre radiometric and radon anomaly south of the historical Nabarlek Mine. They identified a fault zone about 20 metres wide and, in hole NAR26002, 1.6m at 680ppm eU3O8 from 26m, including 0.4m at 1,041ppm eU3O8. The fault has been tested on only two traverses spaced 300 metres apart.

At KP, drilling beneath roughly 100 metres of McArthur Basin sandstone met intense chlorite-haematite alteration at the unconformity, similar in style to alteration near the Nabarlek deposit. Diamond hole NBDD26003 cut a 10-metre-wide fault breccia, and alteration intensity increases to the north-west. Sandfire, drilled along strike from Deep Yellow's Angularli deposit, intersected a silica-rich fault zone beneath 15 to 90 metres of Cretaceous cover, but the unconformity and overlying sandstone had been eroded, and the target area was downgraded.

Hyperspectral Survey, Caramal Relogging and Tenement Access

The airborne hyperspectral survey, supported by A$150,000 in NT Government Resourcing the Territory funding, covered the full length of several uranium-bearing fault corridors. Initial review highlighted several kilometre-scale areas for field mapping and pathfinder sampling. At Caramal, relogging of historical core in hole CAD11-021 found a 14-metre-wide chlorite-altered breccia with a thin dolerite, up to 83ppm U3O8, resembling the host to the Caramal deposit and lying immediately north of where known mineralisation ends. Drill permit applications covering Caramal and four other targets were lodged in June and await approval.

Traditional Owners consented to the Northern Land Council negotiating access agreements over the Mustang and Junction tenement applications, and anthropological surveys on both have been completed. The exploration access agreement for the Tin Camp Creek tenements EL24921 and EL24922 was renewed, which released A$1.75 million of the A$7.5 million Alligator Energy acquisition price from escrow.

Spending, Cash and Holdings

Exploration and evaluation expenditure for the quarter was A$5,055,257, with a further A$568,026 spent on administration and staff costs. Net operating cash outflow was A$5.29 million, and cash fell from A$27.17 million at the start of the quarter to A$21,698,189. The company holds 79,672,720 shares in Lachlan Star Limited, a 21.63% interest valued at A$8.8 million, and a 4.04% interest in unlisted entX Limited. The Murphy West project is awaiting drilling approval, the Kennedy rare earth project is under further testwork, and the company is seeking expressions of interest for its Jimblebar earn-in rights.

Where the Quarter Leaves DevEx

The quarter closed DevEx's first drilling phase at Nabarlek, with 11,050 metres completed, uranium intercepts at two prospects and alteration mapped at KP and across the north-west fault corridor. Results are now being used to rank targets for 2027, while the A$21.7 million cash balance is supplemented by listed holdings valued at A$8.8 million.