DEVEX RESOURCES LIMITED — AGM Information 2008

Nov 26, 2008

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..... upgrading opportunity in the Uranium sector

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Annual General Meeting 27 November 2008 Mark Chalmers Managing Director

www.uel.com.au

ACN 009 799 553

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This document is confidential and is being distributed to a limited number of potential investors and shall not be construed as an advertisement or public offering of the securities referred to herein . This presentation does not constitute an offer to sell these securities and it is not soliciting an offer to buy these securities where the offer or sale is not permitted. It is not to be distributed to third parties without the consent of the Company. No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. While information in this document derived from third parties is obtained from sources which the Company believes to be reliable, such information is not guaranteed as to its accuracy or completeness. This document may contain product names, trade names, trademarks and service marks of the Company and of other organizations, all of which are the properties of their respective owners. All dollar amounts referenced herein , unless otherwise indicated , are expressed in Australian dollars . This confidential PowerPoint presentation supercedes and replaces any and all materials which may have been provided to potential investors.

UNITED STATES SECURITIES LAW CONSIDERATIONS. It is intended that the Securities will be made in reliance upon the availability of exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the "Securities Act"), by virtue of the Company's intended compliance with the provisions o f S ec ti on 4(2) o f th e ecur S iti es c an A t d R egu a l ti on promu ga e D l t d un d er e ecur th S iti es c . A t Th e secur iti es o f th e ompany w C ill b e o ff ere d an d i ssue d on y o a l t prospective investor who executes a definitive agreement that includes, among other things, representations that it is an “Accredited Investor” (as defined in Rule 501(a) of Regulation D), that it is acquiring the securities for its own account (and not for fractionalization or for the account, in whole or in part, of others) and that such Securities will not be taken with a view to resale or distribution in violation of U.S. federal or state securities law. There will be no offers or solicitations of offers to buy securities, nor will there be any sale of securities, in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction , nor shall there be any offer , sale or solicitations of offers to buy securities in any jurisdiction in which such offer , sale or solicitation would be unlawful . The securities has not been or will be registered under the Securities Act, or under any state securities laws. Accordingly, such securities may not be resold, pledged, hypothecated or otherwise disposed of or transferred except in accordance with the registration requirements of the Securities Act and any applicable state securities laws or pursuant to an applicable exemption from such registration requirements of the Securities Act and any applicable state securities laws.

REPORTING. The information in this presentation that relates to Exploration Results is based on information compiled by Mr David Brunt, a full-time employee of Uranium Equities Limited, who is a Fellow of the Australasian Institute of Mining and Metallurgy Inc. Mr. Brunt has sufficient experience in the field of activity being reported to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves, and consents to the release of information in the form and context in which it appears here.

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the asset quality to build substantial shareholder value

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A world class uranium province:

► Jabiluka (360 mlbs U 3 O 8 ) ► Ranger (194 mlbs U3O8 ) ► Koongarra ( 16 mlbs U3O8 ) ► Nabarlek ( 24 mlbs U 3 O 8 )

Exploration success at Ranger in the “3 Deeps” area 300 – 500 metre depth with potential of 30 – 40 k U3O8 tonnes. Analogous to Athabasca Uranium Province, Canada

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Uranium Province Athabasca (Canada) Alligator Rivers
U3O8 Endowment 1,400 million lb 950 million lb
World production largest third largest
Exploration spend (C$) ≈ $500 million pa ≈ $20 million pa
Number of explorers 77 7
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... an under explored, world class uranium province

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High grade Nabarlek Uranium Mine (24 million lb @ 1.84% U 3 O 8 past production) Mine corridor largely un es e t t d over ~ 18 k m Multiple targets to be tested

N147 d it/G a b o au F lt epos Zone

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Alligator Rivers 2008 Highlights
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(Nabarlek ML, West Arnhem JV & Mt Evelyn)
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Nabarlek ML: Limited drilling with Best Result achieved on Nabarlek Shear 9.5m @ 0.069% eU3O8 from 68.5m including 1.3m @ 0.254% eU3O8 N147 Deposit: Best Result. 36.2m @ 0.172% eU3O8 from 108.2m High grade uranium extended 55m to west

SMLB Prospect: Best result 15.4m @ 0.045% eU3O8 from 94.1m

Bedrock drilling along major structures indentified uranium anomalies at the North Tip, Delver, N84, Cooper and Embayment prospects.

Mt Evelyn: Consent to explore Northern portion of tenement given by NLC , Southern portion consents pending.

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Mining Lease and surrounding JV ground SMLB Prospect 27.0m @ 0.07% U3O8 N147 Deposit 21.1m @ 0.37% U3O8 Bedrock geochemical anomalies, Gabo Fault Zone

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Zone
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Historical drilling not systematic

• UEQ Cameco 2007/2008 has yielded significant interce ts: p

Best 2007 21.1m @ 0.37% eU3O8 Best 2008 36.2m @ 0.17% eU3O8 Further opportunities to extend and ex and de osit p p and for re eats p

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► Pl an s h ows , G T Contours, extent of mineralisation and ENE orientation. ► Drilling in 2008 extended mineralisation 55m to WSW ► Open in two directions. 10

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Nabarlek area –
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multiple opportunities for further discovery
► E ncourag ng resu ts i l
in 2008
Shallow RAB/RC
►
undertaken in 2008
has defined further
geochemical
anomalies
► Significant probability
for additional high
grade mineralization
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Nabarlek area
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Gabo Fault Zone Bedrock uranium anomalies
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A ccess nego ti a ti ons completed on EL 25220

NLC Exploration Agreement approved EL 25220 NLC Agreements for other ELs expected April 2009 prior to 2009 field season

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Target

• 100 million lb U O lb 3 8

• B l 4 Mil t l ever eye s y e

• uranium deposit

• Key Target Criteria ► Favourable host sands / extensive alaeochannel p

• ► Potential uranium depositional site identified (redox front)

• Multi-target opportunity

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Shallow , covered BIF sequence established from airborne magnetics; Extensive dema netised g zones within BIF; 2008 drilling: primary target (gravity anomaly) tested – mafic intrusive not Fe Secondary Fe targets present in project area. Further assessment re uired . q

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E x ens on o e t i t th Ben Lomond (10 Mlb U3O8) structural trend. Radiometric anomalies alon trend. g High grade uranium mineralisation in rock chip samples.

• ~~[Uncertainty as to Title. Overly]~~[ing Defence Dept ground. ] Title situation being resolved before further work.

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Sandstone-hosted uranium targets analogous to the major Kazakhstan Uranium fields New Cameco JV announced on Lake Blanche (Up to $4.5m to earn 60%)

Target criteria established and initial land access possible on Lake Blanche

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A new technology to extract U3O8 in the superphosphate process

Phosphates have been a major source of U3O8

• ►Historical production 3.7-5.2Mlb a p

• ►Production ceased in 1980’s on high operating costs and fallin uranium rice g p

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Status

► Pilot Plant constructed and operating

► Patent Application filed

► Technology assessment end 2008

► Decision to move to commercial scale eva ua l ti on poss ibl e w ithi n 12 mon th s Results to date

the potential to ta stranded p worldwide roduction estimated p at 19 Mlb pa

► Encoura g in g Pilot Plant results

~~► Achieves high level of uranium extractio~~ n

► Capable of producing U3O8 at lowest quartile operating costs

► Significant reduction in radioactive waste residuals

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Top Investors (30 Jun 2008)	%
Directors,employees and relatedparties	21
Corporate stakeholders (Laramide/Resolute)	18
Private stakeholders	8
New City Investment Management (UK)	4
NLM Capital Partners (USA)	4
Sprott Asset Management (CAN)	2

ASX listed Code : UEQ Market Capital ≈ A$11 . 5 m illi on Cash at Bank ≈ A$11.0 million ( Nov 2008) Shares on 189 million Issue Fully diluted 220 million

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Project portfolio with growth options � upgraded

options for growth and upgraded financial capacity secured

A cqu re i d N a b ar e l k ML an d b ega n i exploration

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New JV with Cameco established on Lake Blanche

Achieved outstanding exploration results on ML and JV

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PhosEnergy Process advancing substantially, (patent application, pilot and ~~outstandin results g )~~

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� PhosEnergy, advance to Demonstration and Feasibility Value add C on ti l i i it l d � nue exp or ng pr or y an options for positions with “JV” funding as much and as possible. growth Extend N147 and look for other manage � occurrences along the “Nabarlek” financial structures . capacity Manage cash burn to insure financial � ca abilit is maintained p y � Continue to expand and advance relationships with the “Big End of Town”

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Th an k you
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Contact Us:
Level 6 West , 50 Grenfell Street, Adelaide, South Australia, 5000
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ACN 009 799 553