Highlights

• DevEx drilled 40 holes for 11,050 metres across four Nabarlek targets, with laboratory assays still pending.

• Nabarlek North returned downhole gamma readings of 1,116 ppm eU3O8 over 1.7 metres and 920 ppm over 2.3 metres.

• A hyperspectral survey over about 2,250 square kilometres mapped an illite alteration zone northwest of the drilling.

• DevEx held cash of A$27.17 million at 30 June 2026, and A$1.75 million of escrowed consideration is being released.

DevEx Resources Limited (ASX:DEV) has put its first drill campaign across the Nabarlek district on the table, and the results are already redirecting its next moves. Early downhole gamma readings from Nabarlek North look promising, one target has been downgraded, and a new airborne survey has highlighted fresh ground to the northwest. Shares were trading at A$0.150 on 23 October 2026, up 3.45%.

Gamma Hits Point North

The company drilled four priority targets at its 100%-owned Nabarlek Uranium Project in the Northern Territory. In total, the campaign covered 40 holes for 11,050 metres across Big Radon, KP, Sandfire and Nabarlek North. The figures reported are downhole gamma equivalents, and laboratory assays are still pending.

At Nabarlek North, reverse circulation hole NAR26013 returned 1.7 metres at 1,116 ppm eU3O8 from 168.8 metres. NAR26012 returned 2.3 metres at 920 ppm eU3O8 from 184 metres, including 0.8 metres at 1,361 ppm. A second line of holes found an offset in the unconformity, and the structure remains open to the northwest.

At the KP prospect, drilling went through about 100 metres of sandstone into chlorite-haematite basement similar to that at the historical Nabarlek deposit. Diamond hole DD4 showed gamma readings of up to about 30 ppm eU3O8, and alteration intensity increases to the northwest. Sandfire fared worse. The fault zone sat where predicted, but the hole showed no significant uranium and no chlorite alteration, so DevEx downgraded the target.

A District-Scale Land Position

The drilling sits on top of a larger consolidation. DevEx completed its acquisition of Alligator Energy's uranium tenements in June 2026, building about 9,200 square kilometres of contiguous tenure in the Alligator Rivers Uranium Province. On 28 September 2026 it renewed the exploration access agreement for exploration licences 24921 and 24922 at Tin Camp Creek. That was the last condition on A$1.75 million held in escrow, which is now released to Alligator Energy under the sale agreement.

The hyperspectral survey, flown by HyVista over about 2,250 square kilometres in August 2026, mapped an extensive illite alteration zone in sandstones northwest of the drilling. DevEx said it identified several kilometre-scale areas for priority field work. Separately, tenement applications at Mustang, Corsair, Junction and Skytrain carry uranium channel anomalies, and DevEx expects access to take 12 to 18 months following Traditional Owner consent for the Northern Land Council to negotiate.

Funding and Capital Position

DevEx reported cash of A$27.17 million at 30 June 2026, down from A$36.72 million at the start of the quarter. Quarterly operating outflow was A$2.44 million and investing outflow was A$6.72 million. Exploration and evaluation spend was A$2.27 million in the quarter. The company calculated a runway of about 11.1 quarters at the current operating burn rate. In its October update it said it remains well funded for planned exploration.

Next Steps and Milestones

DevEx plans to release laboratory assays, seismic results and ground geophysics as they arrive. It will carry out field mapping and pathfinder sampling, refine targets at KP and Nabarlek North, and decide where to deploy drill capital based on the new data. It also intends to progress land access agreements for priority tenements, and is relogging and remodelling the Caramal deposit to the south.

The company will hold its annual general meeting on 24 November 2026, where shareholders will vote on the remuneration report, the election of director Matthew Yates, a 10% placement facility and performance rights for Managing Director Marnie Finlayson.