DevEx Resources Limited (ASX:DEV) December 2024 Quarterly Report
Operational Highlights
DevEx Resources Limited (ASX:DEV) provided an update on its Nabarlek Uranium Project, noting an ongoing review of drilling results from 2024. This analysis aims to assess the geological controls of higher-grade uranium mineralization and strategize for the next drilling round. Additionally, first-pass ground-based radiometric and surface geochemical sampling were successfully completed, confirming new priority radiometric anomalies identified through a recent airborne survey. Preliminary samples from these investigations have been submitted for analysis.
Tenement Developments
In line with the grant process for tenement applications, DevEx has reached an agreement with Traditional Owners and the Northern Land Council regarding two priority tenements. These applications, located to the north of the historical Nabarlek Mine, are anticipated to be granted in the next quarter. The tenements boast high prospective value due to their proximity to the Angularli Deposits.
Murphy West Uranium Project
The Murphy West Uranium Project has also seen developments with initial field investigations targeting unexplored uranium anomalies. These anomalies were initially identified in a previous airborne survey, and investigations are expected to persist into the March quarter. Preliminary interpretations have categorised these anomalies as either Unconformity-Type or Westmoreland-Type uranium anomalies, highlighting the project’s expansive potential alongside the rich endowment in the McArthur Basin.
Financial Performance
For the December quarter, DevEx incurred exploration and evaluation expenditures of $1,980,274, contributing to a total of $6,719,440 year-to-date. The company ended the quarter with a cash balance of $9,047,517, reflecting solid financial management amid continued operational activities.
Corporate Updates
In corporate matters, DevEx issued unlisted options and performance rights post-Annual General Meeting approvals. As of the end of December, DevEx holds a 30.15% interest in Lachlan Star Limited and a 4.47% stake in the unlisted technology firm, entX Limited.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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