DEVEX RESOURCES LIMITED — Capital/Financing Update 2009

Nov 8, 2009

9[th] November 2009

Uranium Equities announces that Cameco will fund PhosEnergy development

Highlights:

• Uranium Equities Limited (ASX:UEQ) secures funding of up to US$16.5M through Cameco Corporation for the continued development and commercialisation of the PhosEnergy Process.

Uranium Equities Limited announces that Cameco invests in the PhosEnergy Process

Uranium Equities Limited (UEQ) is pleased to advise that Cameco Corporation (TSX:CCO, NYSE:CCJ) (Cameco) is to partner in the continued development and commercialisation of the PhosEnergy Process .

Through a tranched investment of up to US$16.5M in the continued development and commercialisation of the Process, Cameco will have the right to earn up to 70% of UEQ’s right to earn a 90% stake in the technology.

The first tranche of US$2.5M will earn Cameco a 10.6% interest with subsequent investment tranches of two lots of US$5M and a final US$4M (totalling US$16.5M) to see its interest increase incrementally. Cameco has the option to cease sole funding at the conclusion of each tranche.

If Cameco funds the entire US$16.5M referenced above, Cameco has also agreed to provide a funding facility for a minimum of 50% of UEQ’s portion of capital expenditure related to the construction of the first commercial plant developed by the joint entity under terms to be determined which would include repayment out of earnings.

UEQ will continue to manage the development. A Joint Technical and Commercial Committee is to be established to guide the development which will utilise the significant in-house process engineering expertise of Cameco and UEQ in the field of uranium recovery from phosphate streams.

Cameco, with its head office in Saskatoon, Saskatchewan, is one of the world’s largest uranium producers and suppliers of conversion services. Its expertise in this field will add substantially to the Process’s development.

If Cameco invests the entire US$16.5M referenced above, the relevant parties’ interests in the technology related to the PhosEnergy Process will be:

• Cameco 63% • UEQ 27% • Original developers 10%

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The PhosEnergy Process

Uranium Equities, through USA registered Urtek LLC (“Urtek”), has undertaken the development of new technology for the extraction of uranium from phosphoric acid streams produced in the production of phosphate based fertilisers (“the PhosEnergy Process ”). UEQ currently holds a 43% interest in Urtek and through ongoing process development expenditure has the right to acquire up to 90% of Urtek.

Development of the PhosEnergy Process has progressed through pilot plant scale at a significant rate at a US-based phosphoric acid facility which has confirmed the effectiveness of the Process in the extraction of uranium from phosphoric acid streams. Operating cost estimates based on the pilot plant operation results indicate that, with contingency[1] , the PhosEnergy Process is capable of producing uranium at operating costs in the order of US$25-$30/lb with over 90% uranium recovery.

Historically, production from phosphoric acid peaked at over 5M lbs U3O8 per annum during 1978-1983. All worldwide uranium production from these sources ceased in the early 1990s as a consequence of high operating costs and falling (low) uranium prices.

The estimated low operating costs achieved under the PhosEnergy Process to date indicate commercially robust production is achievable via this Process . These estimated production costs, if realised in commercial application, will place the PhosEnergy Process in the lowest quartile of ‘new’ uranium production.

Worldwide over 100Mt of phosphate rock is processed into phosphoric acid annually. It is estimated that in the order of 20M lbs of recoverable uranium, approximately US$1 billion in potential revenue, is contained in these streams. This uranium is currently not being recovered, leaving a large dormant resource waiting to be exploited.

Based upon the results achieved to date, the application of the PhosEnergy Process provides the potential for Uranium Equities Limited, in partnership with Cameco, to secure a significant position in the future production of uranium from phosphate ores on a worldwide basis.

Presently agreements have been reached with two phosphate fertiliser producers to carry out laboratory test work to establish the commercial applicability of the PhosEnergy Process at their operations. Negotiations with a further two phosphate fertiliser producers for preliminary screening tests are well advanced.

Non-provisional patent applications have been filed in the USA, Jordan and the Patent Cooperation Treaty (PCT) signatory countries as of 31 July 2009. An additional provisional patent application for a process complementary to the PhosEnergy Process has been filed in Australia.

1 Operating cost contingency of 35% has been used. Cost estimates were for production in central Florida, USA.

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Yours faithfully,

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

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.

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