DEVEX RESOURCES LIMITED — Capital/Financing Update 2011

Nov 2, 2011

3 November 2011

The Company Announcement Officer Australian Securities Exchange Ltd via electronic lodgement

Underwritten non-renounceable rights issue

Highlights:

• 1-for-5 non-renounceable pro-rata rights issue at 5 cents to raise approximately $2.1 million before issue costs, to be fully underwritten by Patersons Securities Limited

• Funds to be used to progress the Company’s key Australian uranium projects

• PhosEnergy Process development continues to be funded under the Strategic Alliance with Cameco Corporation

Uranium Equities Limited (ASX:UEQ) is proposing a 1-for-5 non-renounceable rights issue to existing shareholders at 5 cents to raise approximately $2.1 million before issue costs (the Offer). The Offer is fully underwritten by Patersons Securities Limited.

The net proceeds from the Offer, together with existing cash reserves, will be used to further progress our key uranium projects in the Northern Territory, South Australia and Western Australia and for general working capital requirements. Our portfolio of near mine and greenfields projects includes Exploration Licences (and Applications) covering an area of over 24,000km[2] , representing a number of different uranium deposit styles and targets. In particular, the Company will be focussing funds raised to the following key projects:

Our Strengths

• Breakthrough PhosEnergy Process

• Nabarlek Project – A rare investment opportunity

• Multiple near term growth opportunities

• West Arnhem Joint Venture (Cameco (Managers) 60%: UEQ 40%) (NT) – The project area surrounds the Nabarlek Mineral Lease. The Company has reported significant uranium intercepts at the U40 and Coopers Prospects.

• Nabarlek Mineral Lease (UEQ 100%) (NT) – A rare near-mine exploration opportunity surrounding the historical Nabarlek Uranium Deposit (24Mlbs @ 1.84% U3O8).

• Frome Basin (SA) - 2,397km[2] strategic ground position in one of Australia’s prospective uranium provinces which hosts the Beverley and Four Mile deposits. The ground position comprises the West Lake Frome Joint Venture, a farm-in agreement with Cauldron Energy Limited (ASX: CXU), and three UEQ 100%-owned exploration licences.

• Rudall River (Cameco 60%: UEQ 40%) (WA) - Three exploration licence applications covering 162km[2] , the western-most of which adjoins the Cameco/Mitsubishi Kintyre Deposit, which according to published reports, contains in excess of 60 Mlbs U3O8.

• Marla Project (UEQ 100%) (SA) - 6,858 km[2] of exploration licences at the northern margin of the Gawler Craton which the Company considers prospective for IOCGU and Kazakhstan-style sandstone hosted uranium deposits.

HEAD OFFICE Level 5 29 King William Street Adelaide, SA 5000 T: +61 8 8110 0700 F: +61 8 8110 0777 E: reception@uel.com.au

PERTH OFFICE Level 2, 1292 Hay Street West Perth, WA 6005 GPO Box 2890 Perth, WA 6001 T: +61 8 9322 3990 F: +61 8 9322 5800

w w w . u e l . c o m . a u

In addition, the Company continues to develop the PhosEnergy Process for extraction of uranium as a byproduct of phosphate fertiliser production with the funding and business development support of Cameco Corporation, one of the world’s largest uranium producers.

Indicative Offer timetable

Key dates for the Offer are set out below. The dates are indicative only and the Company reserves the right to vary them in consultation with the Underwriter and subject to requirements of the ASX Listing Rules.

Announcement of the Offer	3 November 2011
Lodgement of Appendix 3B, Cleansing Notice and
Offer Document with ASX
Ex Date	11 November 2011
RecordDate	17 November 2011
Anticipated Despatch of Offer Document	22 November 2011
Offer Opens	22 November 2011
OfferCloses	6December 2011
ASX notified of under subscription	9 December 2011
Allotment of new shares	12 December 2011
Trading of new shares under the Offer expected to	13 December 2011
commence
Mailing of holding statements for new shares	15 December 2011

Further Information

The Offer is being extended to shareholders with registered addresses in Australia and New Zealand on the Record Date of the Offer, which is 5:00pm (ACDT) on Thursday, 17 November 2011 ( Eligible Shareholders ). Shareholders with a registered address outside Australia and New Zealand will not be eligible to participate in the Offer. As the Offer is non-renounceable, Eligible Shareholders will not be able to sell or otherwise transfer their entitlements.

The Offer is being made without disclosure to investors under Part 6D.2 of the Corporations Act 2001 (Cth) (Corporations Act), in accordance with section 708AA of the Corporations Act. Full details of the Offer will be contained in an Offer Document to be lodged with ASX (and available from ASX’s website at www.asx.com.au) and to be despatched to Eligible Shareholders in accordance with the timetable set out above. The Offer Document will also be available on the Company’s website at www.uel.com.au.

The Company will lodge with ASX an Appendix 3B under which the Company will apply for quotation on ASX of the new shares to be issued pursuant to the Offer. A “cleansing notice” for the Offer will also be issued to ASX under the Corporations Act. These documents will be available from the websites of the Company and ASX.

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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 historical 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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