Key Highlights

  • The 2026 Nabarlek drilling campaign is complete, comprising 40 holes for 11,050 metres across four priority targets: Big Radon, KP, Sandfire and Nabarlek North
  • Nabarlek North intersected uranium mineralisation including 1.7m at 1,116ppm eU₃O₈ from 168.8m and 2.3m at 920ppm eU₃O₈ from 184m, with mineralisation potentially continuing to the north-west
  • KP drilling passed through approximately 100m of sandstone cover into intense chlorite-haematite alteration at the unconformity, closely resembling the alteration style at the nearby historical Nabarlek uranium mine
  • DevEx held a cash position of $21.7 million at 30 September 2026, plus a 21.63% interest in Lachlan Star Limited (ASX:LSA) valued at approximately $8.8 million

A Multi-Year Uranium Pipeline Takes Shape

DevEx Resources Limited (ASX:DEV) has completed the first year of what is framed as a deliberate, multi-year uranium exploration campaign in Australia's Northern Territory, with the September 2026 Quarterly Report confirming that 40 holes for 11,050 metres of first-pass drilling across four priority targets at its Nabarlek Project have now been finished.

The company is exploring within the McArthur Basin — a geological setting it compares to the world-class Athabasca Basin in Canada, which hosts some of the planet's most significant uranium mines. The McArthur Basin region already holds more than 700 million pounds of uranium endowment, and DevEx's district-scale landholding — assembled through acquisitions from Alligator Energy and Rio Tinto Exploration — positions it as one of the more substantive exploration-stage uranium plays on the ASX.

Nabarlek North: Uranium in the Ground

The most direct exploration result from 2026 comes from the Nabarlek North Prospect, where RC drilling intersected uranium mineralisation. Hole RC13 returned 1.7 metres at 1,116 parts per million equivalent uranium oxide (eU₃O₈) from 168.8 metres, and RC12 returned 2.3 metres at 920ppm eU₃O₈ from 184 metres, including 0.8 metres at 1,361ppm eU₃O₈. The mineralisation may continue to the north-west, where initial hyperspectral results have mapped an extensive illite alteration zone along the projected extension of the Nabarlek Fault Corridor.

It is worth noting that eU₃O₈ intercepts in RC holes are calculated from down-hole Gamma readings, with laboratory assays pending. The gamma readings are proxies for uranium concentration and will be confirmed once laboratory results are received.

KP: Alteration That Mirrors the Nabarlek Mine

The KP Prospect delivered one of the quarter's more geologically compelling findings. Drilling passed through approximately 100 metres of sandstone cover before entering intense chlorite-haematite alteration at the unconformity between the overlying McArthur Basin sandstones and the underlying basement rocks. DevEx's geologists note that this alteration extends into the lower basement and bears close similarity to the alteration style seen at the nearby, historically mined Nabarlek uranium deposit — a deposit that produced 24 million pounds of uranium at 1.84% U₃O₈.

The alteration intensity is described as increasing to the north-west, which will inform targeting for the 2027 drill program. This is the kind of geological signal that experienced uranium explorers treat with genuine interest: the same hydrothermal system that deposited uranium at Nabarlek appears to have been active at KP.

Big Radon and Airborne Hyperspectral Survey

At the Big Radon target, first-pass drilling confirmed a 20-metre-wide fault zone with shallow uranium mineralisation adjacent to it: 1.6 metres at 680ppm eU₃O₈ from 26 metres, including 0.4 metres at 1,041ppm eU₃O₈. A detailed airborne hyperspectral survey was flown across the company's granted tenements in August 2026, with initial post-quarter results identifying an extensive illite alteration zone within the sandstones above the north-westerly projection of the Nabarlek Fault Corridor. This highlights several kilometre-scale areas for priority field mapping and pathfinder sampling ahead of the next round of drill targeting.

Corporate Position

DevEx enters the 2027 exploration season from a well-funded position. Cash of $21.7 million at 30 September 2026 is complemented by the company's 21.63% interest in ASX-listed Lachlan Star, which carried a Market Value of approximately $8.8 million at the same date. The combination provides a total liquid asset base of approximately $30.5 million, which gives the company meaningful runway to advance its Northern Territory pipeline.

Sector Context

Uranium has re-entered the mainstream Investment conversation on the back of nuclear energy's rehabilitation as a low-carbon baseload power source. Multiple countries, including several large economies in Europe and Asia, have reversed earlier decisions to phase out nuclear power. This is generating renewed appetite for uranium exploration assets, particularly in established geological settings with historical production. DevEx's Nabarlek Project sits adjacent to a historical mine that operated from the 1980s, providing both geological confidence and infrastructure precedent.

Risks

Uranium exploration in the Northern Territory involves navigating access agreements with Traditional Owners and the Northern Land Council, a process that can affect drilling timelines. The company noted that Traditional Owners have consented to NLC negotiating access agreements over the priority Mustang and Junction applications, with anthropological surveys completed.

The use of eU₃O₈ gamma measurements as a proxy for uranium grade introduces some uncertainty until laboratory assays confirm the readings. Historical correlations between gamma and laboratory results can vary.

What to Watch Next

The 2026 campaign results are now being used to define and prioritise drill targets for 2027. The hyperspectral survey data will be reviewed over the coming months to identify additional priority targets for field investigation. Laboratory assay confirmation of the gamma-logged uranium intercepts at Nabarlek North and Big Radon will be an important near-term data point. The pace of access agreement negotiations over Mustang and Junction will also influence the timing of drilling in those areas.