In short: Nabarlek dry-season update: three priority targets drilled, applications lodged to bring five more to drill-ready, no assays yet. The KP Prospect hole is the one he flags — strongly altered basement plus a chlorite-hematite fault breccia: "Hematite tells you oxidized fluid moved through. Chlorite tells you that fluid chewed on the basement rock… Brecciation tells you the structure stayed open… Get all three in the same hole and you have confirmed the geology plumbing worked." Honest caveat: "alteration lets you vector, but it does not pay dividends" — the odds have moved "from very long to slightly less long." Cost basis $0.159, 65% allocated.
DevEx is drilling at Nabarlek in Australia's Northern Territory, next to what was once one of the highest-grade uranium mines ever operated. No assays have come back yet, so nothing is proven.
What the drilling did show is that the "plumbing" worked. In this style of deposit, uranium travels dissolved in oxidised underground fluids and only drops out when it meets something chemically reducing. A hole hit three things at once: hematite (proof oxidised fluid passed through), chlorite (proof that fluid chemically attacked the surrounding rock) and brecciation (proof the fracture stayed open long enough to keep channelling fluid rather than sealing after one pulse). All three together is the precondition for a deposit — and it is the one thing an explorer cannot fake with a good map.
His caveat is the right one: the altered zone around an orebody is typically an order of magnitude bigger than the orebody, and plenty of holes in this province have found beautiful alteration and no uranium at all. "Alteration lets you vector, but it does not pay dividends." The odds have moved "from very long to slightly less long," not to good.
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In short: Closed the Alligator Energy acquisition (~A$7.5m cash) for ~9,200 km² around Nabarlek — Australia's highest-grade uranium mine ever — assembling the largest land position in the Alligator Rivers province; consent renewal (expiring H1-2027) is the risk the cash-over-shares structure flags.
Devex is a uranium explorer in Australia's Northern Territory. This issue it closed a ~A$7.5m cash deal to buy Alligator Energy's ground, wrapping ~9,200 km² of contiguous land around Nabarlek — the highest-grade uranium mine Australia has ever operated (1.84% grade). Combined with separate Rio Tinto licence applications, Devex has assembled the largest land position in the Alligator Rivers province "for roughly the cost of a mid-sized drilling program."
The catch Mart flags is subtle but important: Devex chose to pay cash rather than shares, and nearly a quarter of the price is held in escrow pending renewal of a land-access agreement (with the Northern Land Council and Traditional Owners) that expires in early 2027. In this province, "consent is the scarce input" — you have to underwrite the community agreement before you underwrite the rock. Drill results over the next 12 months will decide whether the option premium was worth it.
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In short: Added to the URNJ ETF basket — a liquidity milestone that brings passive flows into the float; 17,000m drill campaign at Nabarlek North underway; cost basis $0.159, 65% allocated.
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In short: No company-specific news this issue; held in the Codex portfolio.
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In short: No company-specific news this issue; held in the Codex portfolio.
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