$17.2m DevEx boost for drilling and exploration
Thursday, August 18th, 2022
DevEx Resources is seeking $17.2 million to underpin its drill programs and exploration strategies at its various operations.
The company has accepted firm commitments for a placement of fully paid ordinary shares at 34 cents each.
Following completion of the capital raise, DevEx anticipates a cash balance of about $23m, putting it in a strong position to accelerate the drilling program at the Nabarlek uranium project in the Northern Territory, as well as follow-up exploration at the Junee copper-gold project in NSW and the Sovereign nickel-copper-PGE project in WA.
DevEx managing director Brendan Bradley said the placement would provide the company with the balance sheet to build exploration momentum at Nabarlek, alongside aggressive exploration campaigns at Junee and Sovereign.
DevEx holds a dominant ground position of about 4500 square kilometres of granted and tenement applications within the Alligator Rivers province of the NT, which hosts world-class uranium deposits such as the Ranger mine and the Jabiluka resource.
The company has achieved early success with drilling at the Nabarlek South and North Buffalo prospects, intersecting several zones of uranium mineralisation adjacent to historical intercepts.