OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor DEV ASX

DevEx Resources Limited

Discovery Drill Stage · Uranium · Rare Earths · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.19
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$135M
EV
A$96.6M
Cash
A$27.2M
Debt
A$0
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$27.2M Finite
Debt A$0 Net cash A$27.2M
Basic shares 710.3M 2026-09-08
Runway 11.13 quarters Issuer Appendix 5B divides A$27.171m unrestricted cash by A$2.441m June-quarter operating outflow; it excludes one-off acquisition spending and could shorten as drilling and earn-in spending rise. Restricted cash is the last separately reported December 2025 figure, not added to free cash.

Liquidity

Financial position

Cash funds the current exploration campaign but no mine build. June 2026 Appendix 5B reports no loan or standby facilities; December 2025 accounts separately report leases and rehabilitation provision. September capital structure has potential dilution from options and rights.

Capital structure

Ownership and dilution

Ordinary shares
710.3M
Fully diluted
751M

441,690,671 at FY2025 annual report plus 268,389,752 placement/SPP shares at A$0.145 and 250,000 converted performance rights equals 710,330,423 ordinary shares. September cessation removed 1,500,000 unquoted options, leaving 28,750,000 DEVAJ, 2,000,000 priced options and 9,900,000 rights: 40,650,000 potential shares. The denominator includes every option/right with no assumed exercise proceeds; authorization and lapsed options never change ordinary shares.

Security classes5
ClassTypeQuantityStrikeExpiry
DEV quoted fully paid ordinary sharesOrdinary Share710.3M——
DEVAJ options, various strikes and expiries after 1.5m September lapseOption28.8M——
DEVAB options at A$0.27 expiring 21 November 2028Option1MA$0.272028-11-21
DEVAC options at A$0.32 expiring 21 November 2028Option1MA$0.322028-11-21
DEVAA performance rightsPerformance Right9.9MA$0—

KPI history

Operating metrics

Source values by period
Operating metric source table2
MetricProjectPeriodPeriod typeValueStatus
OtherNabarlekSeptember 2024 quarterQuarter24,300 metres RC and diamond drilledReported
OtherNabarlek27 August 2026 exploration updatePoint In Time3 priority targets with drilling commenced or first pass completedSource Derived
Company guidance1
MetricProjectPeriodLowHighStatus
Rc And Diamond Drilling Plannednabarlek2026 dry season15,00015,000 metres approximatelyCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-01-29Ann. 2025-12-03RaisingDev Ordinary SharesA$38.9M268.4MA$0.145CompletedA$38.9m gross total; first tranche and SPP then shareholder-approved second tranche. Ordinary shares included in current count.Period 2025-12-03 to 2026-01-29 · Holder approval required

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-26

FY2025 annual agreement baseline plus original Transition, GSW, Trek and AGE terms; June/September 2026 updates checked. No disclosed live offtake, stream, tolling or hedge. Some Traditional Owner royalty and JV terms remain undisclosed.

DevEx funds exploration for a conditional uranium-rights interest; Transition retains other minerals and a feasibility-stage free carry.

Earn In · Active
Counterparties
Transition Minerals Limited
Applies to
Murphy West Uranium Project · Uranium
Economic direction
Mixed
Period
From 2023-10-09; no end date stated
Key terms
Earnable uranium interest: 75 %
Required spending: 3,500,000 AUD
Free carry: —
How it affects our valuation

No valuation treatment is available for this arrangement.

DevEx's conditional interest carries spending and partner free-carry obligations.

Earn In · Active
Counterparties
GSW Minerals Pty Ltd
Applies to
Murphy West Uranium Project · Uranium
Economic direction
Mixed
Period
From 2024-03-15; no end date stated
Key terms
Earnable all-mineral interest: 75 %
Required spending: 3,000,000 AUD
Free carry: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Separate Trek ground applications; DevEx must fund earn-in and inherits contingent Lawn Hill obligations.

Earn In · Active
Counterparties
Trek Metals Limited
Applies to
Murphy West Uranium Project · Uranium
Economic direction
Mixed
Period
From 2024-06-11; no end date stated
Key terms
Earnable all-mineral interest: 80 %
Required spending: 2,000,000 AUD
Free carry: —
Contingent prior-owner payment: 3,000,000 AUD maximum
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional Jimblebar earn-in; DevEx now seeks expressions of interest to assign rights.

Earn In · Active
Counterparties
Trek Metals Limited
Applies to
Jimblebar Copper-Nickel Project · Copper · Nickel
Economic direction
Mixed
Period
From 2024-06-11; no end date stated
Key terms
Earnable all-mineral interest: 75 %
Initial option spending: 100,000 AUD
Earn-in spending: 3,000,000 AUD
Free carry: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Royalty is contingent on production; no present mine cash flow is forecast.

Royalty · Active
Counterparties
Tin Camp Creek royalty holder, not named in issuer summary
Applies to
Nabarlek Uranium Project · Uranium
Economic direction
Burden
Period
From 2026-06-29; no end date stated
Key terms
Gross proceeds royalty: 1 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Exploration access agreements on AGE tenements provide future Traditional Owner production benefits, with no disclosed rate.

Royalty · Active
Counterparties
Northern Land Council · Traditional Owners
Applies to
Nabarlek Uranium Project · Uranium
Economic direction
Burden
Period
From 2026-06-29; no end date stated
Key terms
Future production royalties: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional clawback applies to Beatrice tenements, not all Nabarlek ground.

Joint Venture · Conditional
Counterparties
Cameco
Applies to
Nabarlek Uranium Project · Uranium
Economic direction
Burden
Period
2018-04-19 to 2033-04-19
Key terms
Cameco potential interest: 40 %
Resource trigger: 100,000,000 lb U3O8
How it affects our valuation

No valuation treatment is available for this arrangement.

Potential project-level ownership dilution is limited to specified Tin Camp Creek tenements; terms not quantified.

Joint Venture · Conditional
Counterparties
Traditional Owners
Applies to
Nabarlek Uranium Project · Uranium
Economic direction
Burden
Period
From 2026-06-29; no end date stated
Key terms
Potential JV interest: — %
How it affects our valuation

No valuation treatment is available for this arrangement.