DEVEX RESOURCES LIMITED — Capital/Financing Update 2009

Nov 9, 2009

10[th] November 2009

Uranium Equities grants Mitsui an option to invest in the Nabarlek Project

Highlights:

• Mitsui to pay $2M for an option to invest in the Nabarlek Project.

• The option, exercisable prior to the end July 2010, gives Mitsui the right to purchase a 25% interest in the Nabarlek MLN and a 9% interest in the West Arnhem Land Joint Venture for a minimum of $15M.

Mitsui Investment

Uranium Equities Limited (“UEQ”) is pleased to advise that Mitsui & Co. Ltd (“Mitsui”) has been granted an option (“the Option”) to invest in the strategic Nabarlek Project.

Under the terms of the agreement Mitsui, upon payment of a $2 million option fee, shall have the right, until the end of July 2010, to purchase a stake in the Nabarlek Project situated in the world-class Alligator Rivers Uranium Field. During the term of the Option the Option fee will be applied towards exploration and rehabilitation activities on the Nabarlek Project.

If Mitsui elects to exercise the Option it will have the right to purchase, from UEQ, a 25% interest in the Nabarlek Mineral Lease (UEQ 100%); and a 9% interest in the West Arnhem Land Joint Venture (WALJV) with Cameco Australia (UEQ 40%, Cameco 60%). Consideration for the purchase will be $15M or a value determined by an agreed valuation model, whichever is the greater.

The Nabarlek Project

The Nabarlek Project provides a rare Brownfields exploration opportunity in and around the historic Nabarlek Uranium Deposit, Australia’s highest grade orebody (24 Mlbs @ 1.84% U3O8). Exploration for faulted offsets and structural repetitions in undrilled positions in close proximity to the orebody provide low risk high reward targets.

The Nabarlek deposit lies within a uranium mineral system, defined by widespread anomalous uranium in aircore and RC geochemical drilling and ore grade intercepts at a number of locations. The mineral system, as currently defined, extends over more than 50 km[2] and is covered beyond the Mineral Lease, by exploration licenses held in joint venture with Cameco Australia Pty Ltd.

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During the 2008 field season, drilling by the joint venture at the N147 Prospect improved continuity of, and established the presence of, a significant body of uranium mineralisation at this location. The controls on mineralisation are complex and are not fully understood. As a consequence further drilling is required to evaluate the full potential of this discovery. RC drilling at N147 in i 2008 returned significant ore grade uranium, up to 36.2m @ 0.172% eU308 .

Aircore and RC geochemical drilling on the West Arnhem Land Joint Venture tenements has defined anomalous uranium in bedrock at several locations over a broad area. The anomalies and their widespread distribution point to the strength of the uranium mineral system and its potential for significant discovery. Ongoing evaluation of the bedrock anomalies will be undertaken in conjunction with further geochemical drilling in areas concealed beneath shallow cover sequences that have received little effective historical exploration.

Recent geochemical drilling at the Coopers Prospect returned anomalous results (100ppm U308 cut-off grade) within strongly chloritised and hematitic mafic rock (dolerite) including:

NAA7130 8m @ 334ppm U3O8ii from 22m and 1m @ 1329ppm U3O8ii from 36m NAA7121 1m @ 637ppm U3O8ii from 23m and 3m @ 652ppm U3O8ii from 27m (Including 1m @ 1544 ppm U3O8ii[from 27m) ] NAA7119 9m @ 176ppm U3O8ii from 22m

Surrounding these significant anomalies are several weaker, yet still anomalous ii intervals with values ranging from 34 to 90ppm U3O8 .

Yours faithfully,

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Bryn Jones Managing Director Ph +61 (0) 412 577 406

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About Uranium Equities

Uranium Equities Limited (UEQ) has two main areas of focus: The development of the PhosEnergy Process ; and exploration activities directed at a small core of high quality exploration assets which include the key Nabarlek Project.

The PhosEnergy Process is an innovative patented process for the extraction of uranium as a by-product from phosphate in the production of phosphate based fertilisers.

The global annual production potential of uranium from the phosphate industry is in the order of 20 Mlbs U3O8. This quantity of uranium is mined in phosphate ores but not recovered annually on a worldwide basis. The major phosphate based fertiliser producers are located in Northern Africa, North America and Asia.

The PhosEnergy Process has been proven to pilot scale with results establishing a robust process capable of achieving high levels of uranium recovery at the lower end of the cost curve.

The Nabarlek Project provides a rare near mine exploration opportunity surrounding the historic Nabarlek uranium deposit (24 Mlbs @ 1.84% U3O8). The deposit lies within an extensive uranium mineral system which extends over more than 50 square kilometres within the Mineral Lease and the surrounding tenements. The mineral system which contains widespread anomalous uranium geochemistry and ore grade mineralisation at several locations remains largely untested.

i Logged by an Auslog Total Gamma 32mm slimline probe through the drill rods with equivalent U3O8 grades calculated using a Dead Time Correction Factor = 1.011203E-05 seconds, Calibration Constant (k)= 4.732521E-05, Casing Factor=1.95 & Logging Speed=4m/min. Tools were calibrated in the South Australia Glenside test pits in March 2008.

ii Uranium (U3O8) analyses were obtained on-site using a calibrated Niton handheld X-Ray Fluorescence (“XRF”) Analyser. Statistical comparison of independent laboratory analyses (ICP method) and Niton XRF values for 140 samples indicates replication of results between the two methods to +/- 11 ppm U3O8 for values up to 100 ppm U3O8. From 100 to 500 ppm U3O8 the values were in the range +/- 22 ppm U3O8.

The information in this announcement that relates to Exploration Results is based on information compiled by Mr. Grant Williamson, Geology Manager - Exploration of Uranium Equities Limited, who is a Member of the Australasian Institute of Mining and Metallurgy Inc. and 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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