DEVEX RESOURCES LIMITED — Capital/Financing Update 2009

Jul 6, 2009

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7 July 2009

Australian Securities Exchange Limited Exchange Plaza 2 The Esplanade PERTH WA 6000

Attn: The Manager – Companies

Dear Sir,

AGREEMENT REACHED WITH CAMECO AUSTRALIA PTY LTD TO JOINT VENTURE THE RUDALL RIVER URANIUM PROJECT, WESTERN AUSTRALIA

Uranium Equities Ltd (ASX Code: UEQ) is pleased to announce it has entered into a Joint Venture with Cameco Australia Pty Ltd (Cameco) on its Rudall River Uranium Project, East Pilbara, Western Australia. This Joint Venture represents the third Joint Venture with Cameco in three pro-uranium Australian states (NT, SA & WA).

Tenements:

The Rudall River Uranium Project comprises 3 Exploration Licence Applications covering 172km[2] near the Kintyre Uranium Deposit, see Figure 1 Location Map.

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Figure 1: Location Map - Rudall River Uranium Project, Western Australia

Terms of the Agreement:

The Terms provide that on granting of the tenements:

• Subject to any necessary Ministerial consents, Uranium Equities will hold 40% and Cameco 60%,

• The Parties to jointly fund exploration activities in proportion to their respective interests (UEQ 40%; Cameco 60%), and

• Cameco will be the Manager of the Joint Venture.

Geology and Exploration Potential:

The Rudall River Uranium Project (“the Project”) lies within the northwest tending Paterson Orogen at the eastern edge of the Pilbara Craton. The Orogen comprises two major components: an older highly deformed crystalline basement, the Palaeoproterozoic Rudall Metamorphic Complex (RMC), and a younger (ProterozoicPhanerozoic), less-deformed, sedimentary cover sequence comprising Yeneena Supergroup.

The Project tenements are located to the east and up to 25 kilometres away from the Kintyre uranium deposit. The Kintyre deposit from published reports[1] may host 62 to 80 million pounds U3O8 with an average grade of 0.30 – 0.40% U3O8. The Kintyre deposit is owned 70% Cameco Corporation and 30% Mitsubishi Development Pty Ltd.

The Project tenements cover historic uranium prospects with the western tenements having analogous structural settings to that seen at Kintyre. TEMPEST electromagnetic targets have recently been identified and remain to be systematically tested.

In commenting on the Rudall River Project agreement with Cameco, UEQ Managing Director, Mark Chalmers said:

“We are excited about this additional Joint Venture with Cameco in this highly prospective area. We look forward to our joint exploration efforts in this area.”

Yours faithfully,

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MARK CHALMERS

Managing Director

The information in this report that relates to Exploration Results is based on information compiled by Mr David Brunt, a Director and Consultant to 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.

CONTACT:

Mark Chalmers, Managing Director 0417 861 482 David Brunt, Director 0419 848 713

1 Reference: “Cameco Acquires Advanced Australian Exploration Project”, Cameco

Corporation News release, Saskatoon, Saskatchewan, Canada, July 9, 2008

Uranium Equities Limited ABN 74 009 799 553 Level 6 West, 50 Grenfell Street Adelaide SA 5000 Tel: +61 8 8110 0700 Fax: +61 8 8110 0777 Email: info@uel.com.au Website: www.uel.com.au