DEVEX RESOURCES LIMITED — AGM Information 2009

Nov 18, 2009

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A Near Term Production Focus

Pre-Production Technology Development and Brownfields Exploration in World Class Districts

AGM Address, November 2009

Disclaimer and Com etent Person Statement p

• Forward Looking Statements This Presentation may include statements that could be deemed “forward-looking statements”. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions , such statements are not guarantees of future performance and actual results or developments may differ materially from those expected in the forward-looking statements or not take place at all.

• No offer to sell or invitation to buy

• This Presentation is not, and should not be considered to, constitute any offer to sell, or solicitation of an offer to buy, any securities in Uranium Equities Limited, and no part of this Presentation forms the basis of any contract or commitment whatsoever with any person. Uranium Equities Limited does not accept any liability to any person in relation to the distribution or possession of this Presentation from or in any jurisdiction.

• Disclaimer

• Whilst care has been exercised in preparing and presenting this Presentation ,to the maximum extent permitted by law, Uranium Equities Limited and its re p resentatives:

• make no representation, warranty or undertaking, express or implied, as to the adequacy, accuracy, completeness or reasonableness of this Presentation;

• accept no responsibility or liability as to the adequacy, accuracy, completeness or reasonableness of this Presentation; and

• � accept no responsibility for any errors or omissions from this Presentation.

• Receipt of this Presentation

If the recipient of this Presentation has signed any confidentiality or similar agreement covering information of the type herein contained, then the Presentation and all information therein is received subject to that agreement(s).

• Competent Person Statement

The information in this presentation that relates to Exploration Results is based on information compiled by Mr Grant Williamson, Geology Manager – Exploration for Uranium Equities Limited , who is a Member of the Australasian Institute of Mining and Metallurgy Inc and a member of the Australian Institute of Geoscientists. Mr. Williamson 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, Mineral 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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Ke Assets y

Opportunities For Near Term Production.

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• The PhosEnergy Process: provides the opportunity to re-establish uranium from phosphates as a major production source globally.

• Historic Nabarlek Uranium Mine: A rare Brownfields exploration opportunity.

• past production 24 Mlbs @ 1.84% U3O8.

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Uranium From Phosphates The change required to rejuvenate an industry

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• Developed by UEQ with Australian Nuclear Science and Technology Organisation (ANSTO).

• PhosEnergy is a new “bolt on process” to recover U 3 O 8 as a by product at existing phosphate production facilities.

• PhosEnergy applies conventional technologies in an innovative manner to achieve:

• Low o p eratin g cost

• High uranium recovery

• Improved environmental outcomes

Without material impact to the phosphate process.

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Scale of the O ortunit pp y

More than $1 billion in lost revenue per annum.

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• Worldwide 100Mt phosphate .

• processed annually

• 20M lbs of contained U O . 3 8

• ’

• • 15 - 18% of world s annual U3O8 production currently going unrecovered.

• Multiple potential development opportunities loball .

• g y

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The Current Position

The Process confirmed to pilot plant scale.

• Large scale pilot plant testwork completed, over US$5M invested.

• N on- P rov s ona i i l P a en t t applications filed.

• Further laboratory testwork in progress to refine low operating & capital cost parameters.

• Cameco funding ongoing development through tranched investment of up to US$16.5M.

• Cameco to fund at least 50% of UEQ’s first facility capital requ remen s. i t

The Ste s to U O Production p 3 8

Potentially very short lead time.

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• Pursue joint venture proposals to develop uranium extraction facilities at existing phosphate operations:

- Negotiations underway with 4 producers.

• Undertake testwork on ore/acid types from target operations:

• Testwork initiated on 2 batches

.

• Agree and finalise joint development terms and complete feasibility.

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In Summar y

Provides multiple options to near term production

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• Large resources defined and waiting to be exploited.

• No effective competition: competing historical process has high operating costs ($60 - $70/lb) and 50% higher capital costs.

• PhosEnergy operating costs $25 - $30/lb .

• Multiple concurrent production opportunities – .

• project pipeline

• Short lead time to development.

• Large annual production potential (10 – 20M lb) at the lower end of the cost curve.

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Uranium E uities q

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Brownfields exploration in world c ass m nera l i l di s r c s t i t

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Alli ator Rivers Uranium Field g

The place to find world class deposits.

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• Alligator Rivers: A world class Uranium province.

• Jabiluka (360 Mlbs U3O8)

• Ranger (194 Mlbs U3O8)

• Nabarlek ( 24 Mlbs U3O8)

• Koongarra ( 16 Mlbs U3O8)

• Analogous to the Athabasca province with an order of magnitude less exploration expenditure.

• Nabarlek Pro j ect: 520 km[2] in the heart of the Alligator Rivers Uranium Field.

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A Rare “Brownfields” Ex loration p Opportunity

“In the shadow of the Headframe.”

• N a b ar e l k P ro ec - t E x ens ve t i j

• Land Position.

• Nabarlek Mine Lease 100%.

• West Arnhem Land Joint Venture (40% UEQ : 60% .

• CAMECO)

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• Nabarlek Mine - Australia’s highest grade uranium mine (1.84% U3O8) closed 1988.

• No exploration activity since 1982.

• Underexplored by modern s an t d ar d s.

Targets for immediate Structural targets along mineralised corridor. drilling

• Possible extensions to the Nabarlek mineralisation control structure remain untested beneath transported soil and laterite cover.

• Regional geochemical anomalism requires follow .

• up drilling

• Targets supported through a combination of geochemistry and geology.

• Mitsui $2M option over the Nabarlek Project to potentially gain around 25% of UEQ’s holding in the region for a minimum purchase price of $15M.

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N147 Discover y

Significant ore grade mineralization.

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• Significant intercepts:

- 21 0m. @ 0 374%. U 3 O 8

• 36.2m @ 0.172% eU3O8

• 14.5m @ 0.224% eU3O8

• 23.4m @ 0.138% eU3O8

• Open along strike in both directions.

• R ece n t S AM su rv ey s h o w s appa r e n oblique dislocation through N147 trending to the NE

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Coo ers Pros ect p p

Large Geochemical anomaly – structural targets.

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• Significant geochemical anomaly extends over 400m.

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• Peak Value 1544ppm U3O8 (ASX announcement 17/9/2009)

• Close proximity to the Nabarlek Mine and the N147 Discovery.

• Structural targets below and a acen t t o th e anoma li es dj

• remain untested.

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Regional Geochemistry Major Uranium system with ore grade mineralisation.

• Significant ore grade mineralisation defined at N147 prospect.

• Wi r ead u r a ni u m desp

• anomalism in shallow RAB drilling identifies tar ets for follow u g p

• drilling.

• • Extensive areas under cover rema n to e i b tested.

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Brownfields O ortunities pp

Near deposit exploration in large mineral systems.

• Rudall Pro j ect: ( UEQ 40% : Cameco 60% ) Tenements adjoining Cameco’s Kintyre Uranium Deposit (70 Mlbs @ 0.38%)

• Narraweena : (UEQ 100%) Tenements adjoin and cover ex ens ons o t i t th e m nera i li se d h os t t o the Ben Lomond Uranium Deposit (10.7 Mlbs @ 0.25%)

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Greenfields O ortunities pp

Third party funded exploration for world class deposits.

• Headwaters: (Vale earning 70% : UEQ 30%) Large under-explored tenement position in the Alligator River’s Uranium Field. Widespread uranium occurrences.

• Lake Blanche: (Cameco earning 60% : UEQ 40%) exp or ng or ro l i f ll f ron uran um n a t i i sedimentary province with analogies to the world class Kazahkstan uranium fields .

• Watson: (UEQ 51% : Intermet 49%) Anomalous uranium mineralisation in paleochannels analogous setting to the “4 mile” uranium deposit.

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Our Partners

Major industry partners investing in quality assets.

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Cameco Investment in PhosEnergy

Mitsui Investment in the Nabarlek Project Cameco WALJV (UEQ 40%)

Vale Headwaters JV (UEQ 30% to BFS) Cameco Rudall River JV (UEQ 40%) Cameco Lake Blanche JV (UEQ 40%)

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ASX:UEQ

Quality assets with near term production focus.

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30 Day VWAP A$0.20 Market Capital Cash at Bank Shares on Issue Fully diluted

≈ A$42 million ≈ A$11.3 million projected Dec ‘09

210 million 225 million

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