DEVEX RESOURCES LIMITED — AGM Information 2011

Nov 21, 2011

I N V E S T O R U P D A T E – N O V E M B E R 2 0 1 1

AGM Presentation

I N V E S T O R U P D A T E – N O V E M B E R 2 0 1 1

Disclaimer and Competent Person Statement

 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 representatives:

• 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.

2

I N V E S T O R U P D A T E – N O V E M B E R 2 0 1 1

2011 Project Update - Exploration

Exploration in Premier Uranium Districts.

 Nabarlek Project

• Further extensions to U40 mineralisation on the West Arnhem JV (UEQ 40%);

• Ground based gravity survey completed on both the Quarry Fault Zone and the Nabarlek Mineral Lease;

 Frome Basin

• 3,426m Rotary Mud Drilling completed

• Anomalism & target conditions encountered

• Lake Blanche - identified palaeochannels

• Widespread anomalism encountered during >9000m rotary mud drilling

• Headwaters - identified radiometric anomalies

• Ground Reconnaissance completed

Project Pipeline:

• $40,000 PACE funding grant received for Marla Project

==> picture [337 x 284] intentionally omitted <==

----- Start of picture text -----

Nabarlek Mine Lease 1988
----- End of picture text -----

• Rudall River Project native title negotiations progressing

I N V E S T O R U P D A T E – N O V E M B E R 2 0 1 1

WAJV – U40 Pros ect p

U40 and structural repetitions.

• 2010 diamond drilling returned (see ASX release 21/12/2010):

==> picture [344 x 159] intentionally omitted <==

NAD7492

• 6.8m @ 6.71 % U3O8 from 75m

• 7.3m @ 1.68 % Cu from 74.5m

• 4.5m @ 0.91 ppm Au from 76.5m

==> picture [353 x 273] intentionally omitted <==

----- Start of picture text -----

Above: Pitchblende
blebs in NAD7492 core
----- End of picture text -----

• UEQ 40%:Cameco 60% and Managers

• 2011 Exploration preliminary results:

• Diamond drilling at U40

NAD7501 1.3m @ 0.88% eU3O8 NAD7504 1.0m @ 0.65% eU3O8

• Gravity Survey over prospective QFZ. Data collected and awaiting interpretation

• 20km of QFZ yet to be drill tested.

I N V E S T O R U P D A T E – N O V E M B E R 2 0 1 1

2011 Nabarlek ML – 100% UEQ

Drilling in the shadow of the Headframe.

• Broad spaced geochemical drilling in 2010 produced several targets

• 2011 field program has focussed on the Boomerang Corridor north of the Nabarlek Pit

• 4,933m RC drilling completed, extending known mineralisation

• Open to north and south

• Detailed ground gravity completed to identify key structures

==> picture [378 x 357] intentionally omitted <==

----- Start of picture text -----

Nabarlek Mine Lease 1988
----- End of picture text -----

I N V E S T O R U P D A T E – N O V E M B E R 2 0 1 1

Frome Basin Project

Prime location in Australia’s ISL district.

Tenure:

• West Lake Frome JV with Cauldron Energy (UEQ Earning 80%)

• UEQ 100% Tenements

Model:

• Targeting sandstone hosted, structurally controlled tabular and Roll-Front uranium deposits

• Analogous geology to Beverley (21,000 t U3O8) Four Mile (~30,000 t U3O8)

• Both of which lie approximately 30km north of UEQ‟s project

I N V E S T O R U P D A T E – N O V E M B E R 2 0 1 1

Frome Basin 2011 Drillin g

==> picture [386 x 274] intentionally omitted <==

----- Start of picture text -----

Nabarlek Mine Lease 1988
----- End of picture text -----

• 20 Rotary Mud drill holes for 3,426m drilling completed

• Best results include:

• 0.37m @ 143ppm eU3O8 from 194.5m

• 1.09m @ 152ppm eU3O8 from 197.2m

• potential trap sites identified adjacent to the major fault zones

• Eyre Formation sands intersected during drilling are reduced and permeable

I N V E S T O R U P D A T E – N O V E M B E R 2 0 1 1

2011 Lake Blanche JV

Large scale regional drilling program

Project: Lake Blanche JV

• Cameco Earning 51%

(Cameco Managers)

Previous Exploration:

• 2009 Drilling identified anomalous uranium in 2 holes and redox front

• 2010 Ground EM survey highlighted potential broad palaeochannel drainage

2011 Exploration - Widespread anomalous uranium intersected

• 9000m rotary mud drilling targeting prospective Tertiary and Cretaceous sediments completed

• Best result of 0.8m @ 200ppm pU3O8 from 123 metres intersected in the Eyre Formation

==> picture [291 x 382] intentionally omitted <==

----- Start of picture text -----

Nabarlek Mine Lease 1988
----- End of picture text -----

I N V E S T O R U P D A T E – N O V E M B E R 2 0 1 1

Marla Project

• 6,858 km[2] of ELs on the northern margin of the Gawler Craton (UEQ 100%)

• Considered prospective for IOCGU and Kazakhstan-style sandstone hosted uranium deposits

• Co-incident magnetic and gravity highs identified in Todmorden Target Area

• $40,000 PACE 2020 co-funding grant for ground gravity survey to define drilling targets

2012 Plan:

==> picture [377 x 296] intentionally omitted <==

----- Start of picture text -----

Nabarlek Mine Lease 1988
----- End of picture text -----

• Complete native title negotiations Q1

• Complete gravity survey

• Drill high priority targets

I N V E S T O R U P D A T E – N O V E M B E R 2 0 1 1

Rudall River JV

Brownfields exploration adjacent the Kintyre Deposit

Project: Rudall River JV

• UEQ 40%: Cameco 60%

Previous Exploration:

• Excellent geochem database

• Recent GA Airborne EM survey over Patterson's district

• Adjacent the Kintyre deposit purchased by

Cameco/Mitsubishi for US$495 million in 2008

2012 Plan:

• Progress project to granted status

==> picture [424 x 300] intentionally omitted <==

----- Start of picture text -----

Nabarlek Mine Lease 1988
----- End of picture text -----

• Prepare work program

I N V E S T O R U P D A T E – N O V E M B E R 2 0 1 1

Uranium E uities q

The PhosEnergy Process.

The PhosEnergy Process

==> picture [594 x 196] intentionally omitted <==

I N V E S T O R U P D A T E – N O V E M B E R 2 0 1 1

Scale of the O ortunit pp y

More than $1 billion in potential revenue per annum.

• Worldwide >140Mt phosphate processed annually.

• ~20 million lb of contained U O 3 8

• Multiple potential development opportunities globally.

• Major Phosphate Production:

• Group OCP (Morocco)

• Mosaic Co (USA)

• PCS (USA)

• IFFCO (India)

• Increase in planned Phosphate production out of production centres containing high uranium in North Africa*

==> picture [308 x 203] intentionally omitted <==

Worldwide distribution of phosphate production – area denotes relative production

• Source: IFDC Market Report June 2011 – World Phos Acid Capacity

I N V E S T O R U P D A T E – N O V E M B E R 2 0 1 1

Historical Uranium from Phos hates p

Proven reliable source of uranium.

==> picture [21 x 111] intentionally omitted <==

----- Start of picture text -----

Production from
8
O
3
Phosphates (Mlb/a)
US U
----- End of picture text -----

==> picture [10 x 126] intentionally omitted <==

----- Start of picture text -----

Uranium Spot Price (US$/lb)
----- End of picture text -----

• Over 5 million lb per annum produced globally in ‟80‟s.

• Production ceased in „90‟s due to high operating cost and low uranium price.

• Traditional technology remains high operating and capital cost;

• PhosEnergy provides a step-change in process economics

• Increasing focus on phosphate fertilizer impurities and lower grade rock sources are exploited.

I N V E S T O R U P D A T E – N O V E M B E R 2 0 1 1

The PhosEner Process gy

The change required to rejuvenate an industry.

• Developed by UEQ in partnership with:

• Australian Nuclear Science and Technology Organisation (ANSTO).

• A major US based phosphate producer.

• PhosEnergy is a “bolt on process” to recover U3O8 as a by-product at existing phosphate production facilities.

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

• Low operating cost - 20 – 25 US$/lb

• High uranium recovery - over 92%

• Improved environmental outcomes - reduced waste

• Without material impact to the phosphate process.

I N V E S T O R U P D A T E – N O V E M B E R 2 0 1 1

UEQ‟s Share Funded

• Partnered with Cameco – One of the world‟s largest uranium producers (Invested US$12.5M of which ~US$4.5M is on hand)

• Cameco can fund an additional US$4M to complete its earn-in to 70% of UEQ‟s rights in the technology.

• Cameco has agreed to fund at least 50% of UEQ‟s first facility capital requirements (terms to be negotiated).

• Cameco recently purchased the Founders Shares of the technology for US$4.5M (For 10%). UEQ retains rights to it‟s 30% pro-rata share until February 2012.

Technology developed and funding in place.

==> picture [355 x 286] intentionally omitted <==

Above: The process was tested at pilot scale at an operating fertilizer production facility.

I N V E S T O R U P D A T E – N O V E M B E R 2 0 1 1

PhosEner – 2011 Activities gy

Continued advancement towards commercialisation

• Demonstration Plant - construction completed and shipped to USA

• Operation awaiting regulatory approvals.

• Planned PFS to run in parallel with Demonstration Plant.

==> picture [502 x 212] intentionally omitted <==

The Demonstration Plant constructed in 2011 is built inside two 40ft side opening shipping containers.

• Further technical refinement ongoing aiming to further improve operating cost and efficiency;

I N V E S T O R U P D A T E – N O V E M B E R 2 0 1 1

2012 Strate gy

High Impact Exploration and PhosEnergy Commercialisation

Exploration:

• Finalize Review of 2011 exploration results.

• Plan Exploration for 2012 focusing on:

• Targeted near mine exploration; and

• Progressing a joint venture strategy on UEQ‟s portfolio of early stage exploration projects which, if successful, will have a significant effect on shareholder value:

  • Sandstone hosted South Australian projects;

  • IOGC + U projects in South Australia

: PhosEnergy

• Progress the Technology through Demonstration and PFS;

• Seek additional pipeline projects to utilise Demonstration Plant asset.

I N V E S T O R U P D A T E – N O V E M B E R 2 0 1 1

2011 AGM Presentation Thank You

18