DEVEX RESOURCES LIMITED — Capital/Financing Update 2012

Sep 10, 2012

11 September 2012

The Company Announcement Officer Australian Securities Exchange Ltd via electronic lodgement

Uranium Equities Consolidates Ownership of Near-Mine Exploration Package Surrounding Nabarlek Uranium Mine

Enables UEQ to focus its resources and attention on highly prospective NT project

Highlights:

• UEQ to acquire Cameco’s 60% interest in the West Arnhem Joint Venture

• Consolidates 100% ownership of the ~450km[2] tenement package surrounding the Nabarlek Mineral Lease (100% UEQ), including the historic Nabarlek Uranium Mine (historic production 24Mlbs @ 1.84% U3O8)

• Exploration to expand on known prospects under UEQ’s stewardship

• As a part of the transaction, UEQ will reduce to a free-carried 15% interest in the Rudall River JV

Uranium Equities Limited (ASX: UEQ) is pleased to announce that is set to launch a new phase of uranium exploration within the highly prospective ground package surrounding the historic Nabarlek Uranium Mine in the Northern Territory after reaching agreement to acquire 100 per cent ownership of the tenements.

Our Strengths

• Breakthrough PhosEnergy Process

• Extensive exploration portfolio >24,000km[2]

• Multiple near term growth opportunities

The Company has reached agreement with Cameco Australia Pty Ltd (“ Cameco ”), to rationalise the ownership of two key uranium exploration joint ventures.

The agreements, relating to the West Arnhem and Rudall River Joint Ventures , will simplify the structure of UEQ’s uranium exploration portfolio in line with the Company’s longheld desire to consolidate 100 per cent ownership and management of the highly prospective tenements surrounding the historic Nabarlek Uranium Deposit.

This consolidation, together with the Company’s existing presence in the Arnhem Land region through the Nabarlek Mineral Lease and the Headwaters JV with Vale, will give UEQ a renewed focus in the region.

As part of the broader agreement, UEQ will also move to a free-carried 15 per cent interest in the separate Rudall River Joint Venture which adjoins the Kintyre uranium deposit owned by Cameco/Mitsubishi. Moving to a free-carried position at Rudall River allows Cameco significant synergies with its existing exploration operations in the region, while giving UEQ shareholders continued exposure to any future exploration success on these tenements.

UEQ’s Managing Director, Bryn Jones, said: “ the agreements with Cameco will enable UEQ to simplify the structure of its key uranium exploration projects in the Northern Territory and Western Australia, enabling it to focus its resources and attention on the highly prospective tenements surrounding the Nabarlek Uranium Mine.”

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

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

Key Commercial Terms

a) Consolidation of the Nabarlek Project

UEQ has secured the right to move to 100 per cent ownership in the West Arnhem Joint Venture tenements under the following terms:

• UEQ to spend $2 million over 48 months to complete the acquisition of Cameco’s 60% interest bringing UEQ’s total ownership to 100%;

• if UEQ elects to withdraw before acquiring a 100% interest, it will revert to its 40% contributing interest in the WAJV; and

• Cameco retains the right to ‘Claw Back’ to a 51% interest in the project on delineation of a Measured and Indicated JORC Compliant Resource of greater than 50 million pounds U3O8.

b) Free Carried on the Rudall River Project

Under the terms of a revised agreement, Cameco may earn 85% of the Rudall River Project under the following terms:

• refunding 60% of UEQ’s sunk cost to date on the Rudall River Project;

• sole-funding a minimum of $1 million over three years; and

• free-carrying UEQ’s residual 15% JV interest to a Decision to Mine.

The agreement is conditional on agreement being reached with the Native Title holders and the tenements being granted.

Project Summaries

The West Arnhem Joint Venture (“ WAJV ”) tenements surround the 100%-owned Nabarlek Mineral Lease, located in the Alligator Rivers Uranium Field in the Northern Territory (Figure 1). These tenements represent a rare near-mine uranium exploration opportunity surrounding the historic Nabarlek Uranium Deposit (previous production: 24Mlbs @ 1.84% U3O8).

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Figure 1 – Tenement holding and Prospects - Nabarlek Project

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Work by the joint venture partners over a number of years has identified exploration targets at a number of prospect areas which range from grass-roots to more advanced prospects with resource potential for a number of commodities. Many of these prospects have produced encouraging drilling results and the Company believes that a sustained and comprehensive ongoing work program is justified by the significant mineralisation potential of the region. A summary of significant intercepts is found in Table 1. A full listing of reverse circulation and diamond drilling results for each of the Prospects below is in Appendix 1.

Prospect	Year Drilled	Hole No	Intercepts(1)
U40	2010	NAD7492	6.8m @ 6.71% U3O8 from 75m 7.3m @ 1.68% Cu from 74.5m 4.5m @ 0.91g/t Au from 76.5m 1.5m@ 0.54g/tPd and 0.24g/tPtfrom 78.5m
		NAD7493	4.8m @ 1.85% U3O8 from 80.4m 13.8m @ 1.83% Cu from 77.4m 3.1m @ 6.89g/t Au from 82.1m 2.6m@1.57g/t Pd and 0.96g/t Pt from 82.6m
N147	2007	NARD6017	21.1m@0.37%U3O8from 115.1m
	2008	NAR6318	34m@ 0.12% U3O8from 112m
Coopers	2011	NAD7496	20m @ 0.22% U3O8from 40.5m 7m@1.24g/t Au from 53.5m
SMLB	2008	NAR6382	16m@0.04%U3O8from 135m
		NAR6384	15m @ 0.05% U3O8from 94m 3m@0.09%U3O8from 112m

Table 1 – Selected WAJV Drill Intercepts

The Rudall River Project consists of three Exploration Licence Applications covering a total area of 175km[2] , the westernmost of which adjoins the Kintyre Project owned by Cameco/Mitsubishi (Figure 2). Published reports indicate that the Kintyre Deposit has a current resource of 55Mlbs @ 0.58% U3O8 (Cameco Corporation, Q2 2012 MD&A)

The Rudall Project has had minimal exploration since the discovery of the Kintyre Project and subsequent adoption of the three mines policy. Following the US$495 million acquisition of the Kintyre Project by Cameco/Mitsubishi in 2008, there has been renewed interest in the district.

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Figure 2: The Rudall River Project

The Company believes the region is highly prospective for additional Kintyre-style vein-type mineralisation.

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Bryn Jones Managing Director

1 Samples were sent to Northern Territory Environmental Laboratories Pty Ltd in Darwin for sample preparation and multi-element analysis. Samples undergo mixed four acid digest with an ICP-MS (Lab Code G400M) or ICP-OES (Lab Code G400I) finish depending on the element. A split of each sample pulp is sent for Au, Pd and Pt analysis using 50g Fire Assay with an ICP-MS or ICP-OES finish (Lab Code FAPMM). Intercept calculations based on minimum of 2 metre downhole interval and up to 2 metres of internal dilution. Cut-off values used for intercept calculations are 200ppm U3O8, 500ppm Cu and 100ppb Au, Pd and Pt.

Competent Person Statement

The information in this report 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 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.

About Uranium Equities

Uranium Equities Limited (UEQ) has two main areas of focus: The development of the PhosEnergy Process; and exploration activities directed at high quality exploration assets covering more than 24,000km[2] in a number of Australian states and territories and various deposit styles.

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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Appendix 1 : RC and Diamond Drilling results

Appendix	1:RC and	Diamond Dr	illing results
Prospect	Hole No	Easting	Northing	RL	Azimuth	Dec	Total Depth Metres	Significant U3O8				Significant Other
								From	To	Metres	ppm	From	To	Metres	Assay
U40	NAD7492	327141	8644994	63	090	-60	124	55	61	6	514	76.5	81	4.5	0.91g/t Au
								75	81.8	6.8	67104	74.5	81.8	7.3	1.68% Cu
												78.5	80	1.5	0.54g/t Pd
												78.5	80	1.5	0.24g/t Pt
	NAD7493	327222	8644998	65	270	-60	110.6	80.4	85.2	4.8	18535	82.1	85.2	3.1	6.89g/t Au
												77.4	91.2	13.8	1.83% Cu
												82.6	85.2	2.6m	1.57g/t Pd
												82.6	85.2	2.6m	0.96g/t Pt
	NAD7494	327212	8645032	64	255	-60	141.3	no significant intercepts				no significant intercepts
	NAD7495	327141	8644973	64	090	-60	110.8	no significant intercepts				no significant intercepts
	NAD7498	327219	8645032	65	210	-60	231.5	25.5	27.5	2	545	no significant intercepts
	NAD7499	327183	8645053	65	210	-60	180.5	no significant intercepts				no significant intercepts
	NAD7500	327157	8645123	64	210	-70	303.6	no significant intercepts				no significant intercepts
	NAD7501	327200	8644993	66	285	-65	144.4	no significant intercepts				no significant intercepts
	NAD7502	327222	8644988	66	285	-65	180.5	no significant intercepts				no significant intercepts
	NAD7503	327203	8645014	66	260	-70	111.5	no significant intercepts				no significant intercepts
	NAD7504	327203	8645014	66	260	-60	81.2	no significant intercepts				no significant intercepts
	NAD7505	327208	8644988	66	260	-70	120.1	no significant intercepts				no significant intercepts
	NAD7506	327207	8644988	66	260	-60	96.3	no significant intercepts				no significant intercepts
	NAD7507	327208	8644988	66	260	-75	111.6	no significant intercepts				no significant intercepts
	NAD7508	327204	8645014	66	260	-76	114.7	no significant intercepts				no significant intercepts
	NAR7389	327140	8644994	63	090	-60	220	55	60	5	1132	55	57	2	0.17g/t Au
								78	83	5	12009	79	82	3	0.68g/t Au
												73	83	10	0.67% Cu
												79	81	2	0.17g/t Pd
	NAR7390	327082	8644996	67	090	-60	118	no significant intercepts				no significant intercepts
	NAR7391	327035	8644995	70	090	-60	142	no significant intercepts				no significant intercepts
	NAR7392	326990	8644994	72	090	-60	100	no significant intercepts				no significant intercepts
	NAR7393	327118	8644994	65	090	-60	148	no significant intercepts				no significant intercepts
	NAR7394	327159	8644996	63	090	-60	160	no significant intercepts				no significant intercepts

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Appendix 1 : RC and Diamond Drilling results (continued)

Appendix	1:RC and	Diamond Dr	illing result	s (continued	)
Prospect	Hole No	Easting	Northing	RL	Azimuth	Dec	Total Depth Metres	Significant U3O8				Significant Other
								From	To	Metres	ppm	From	To	Metres	Assay
N147	NAD6022	318409	8637642	68	195	-60	167.8	116.3	119.6	3.3	403	no significant intercepts
	NAD6023	318182	8637532	68	195	-60	187	no significant intercepts				no significant intercepts
	NAR6306	318359	8637526	70	225	-60	96	52	54	2	272	no significant intercepts
	NAR6307	318387	8637554	70	225	-60	102	62	66	4	364	no significant intercepts
	NAR6308	318415	8637583	70	225	-60	120	49	52	3	1056	no significant intercepts
								80	84	4	611
								90	96	6	492
								102	104	2	1700
	NAR6309	318401	8637512	72	225	-60	72	no significant intercepts				no significant intercepts
	NAR6310	318429	8637540	71	225	-60	78	no significant intercepts				no significant intercepts
	NAR6311	318374	8637654	68	225	-60	210	no significant intercepts				20	22	2	0.11g/t Au
	NAR6312	318347	8637629	68	225	-60	174	no significant intercepts				no significant intercepts
	NAR6313	318319	8637598	68	225	-60	162	58	68	10	267	no significant intercepts
								106	123	17	317
								135	142	7	507
	NAR6314	318369	8637532	70	225	-60	156	63	66	3	281	no significant intercepts
	NAR6315	318331	8637498	70	225	-60	108	no significant intercepts				no significant intercepts
	NAR6316	318434	8637612	69	225	-60	126	no significant intercepts				no significant intercepts
	NAR6317	318369	8637655	68	225	-75	210	no significant intercepts				no significant intercepts
	NAR6318	318288	8637565	68	225	-60	156	60	62	2	478	120	122	2	0.34g/t Au
								109	143	34	1245
	NAR6319	318290	8637627	68	225	-60	210	no significant intercepts				no significant intercepts
	NAR6320	318258	8637538	69	225	-60	162	118	132	14	1705	no significant intercepts
	NAR6321	318300	8637470	71	225	-60	90	no significant intercepts				no significant intercepts
	NAR6323	318248	8637579	68	225	-60	210	179	181	2	212	no significant intercepts
	NAR6324	318206	8637579	68	145	-60	150	118	142	24	883	68	72	4	0.11g/t Au
	NAR6326	318182	8637549	68	145	-60	144	115	117	2	597	no significant intercepts
								121	123	2	249
	NAR7364	318444	8637674	68	-	-90	25	no significant intercepts				no significant intercepts
	NAR7365	318415	8637711	67	160	-70	280	no significant intercepts				29	34	5	0.32g/t Au
	NAR7366	318484	8637727	68	160	-70	250	no significant intercepts				no significant intercepts
	NAR7367	318444	8637674	68	160	-70	250	no significant intercepts				no significant intercepts
	NARD6016	318355	8637581	68	225	-60	200.3	67	89	22	1197	80	82.3	2.3	0.37g/t Au
								102	104	2	1496
								108	129	21	1614
	NARD6017	318397	8637621	68	225	-60	242.7	115.1	136.2	21.1	3739	126	128	2	0.14g/t Au

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Appendix 1 : RC and Diamond Drilling results (continued)

Appendix	1:RC and	Diamond Dr	illing result	s (continued	)
Prospect	Hole No	Easting	Northing	RL	Azimuth	Dec	Total Depth Metres	Significant U3O8				Significant Other
								From	To	Metres	ppm	From	To	Metres	Assay
SMLB	NAR6380	315294	8640544	80	225	-60	36	no significant intercepts				no significant intercepts
	NAR6382	315287	8640545	81	-	-90	198	135	151	16	448	139	145	6	0.50g/t Au
	NAR6383	315211	8640579	82	-	-90	168	no significant intercepts				no significant intercepts
	NAR6384	315354	8640493	79	-	-90	180	71	77	6	425	no significant intercepts
								85	89	4	216
								94	109	15	518
								112	115	3	913
	NAR6385	315338	8640471	79	-	-90	180	no significant intercepts				no significant intercepts
	NAR6386	315175	8640653	81	-	-90	42	no significant intercepts				no significant intercepts
Coopers	NAD7496	319976	8637909	69	135	-60	114.4	40.5	60.5	20	2244	53.5	60.5	7	1.24g/t Au
	NAD7497	320006	8637878	69	225	-60	201.4	no significant intercepts				no significant intercepts
	NAR6334	320342	8638016	67	-	-90	24	no significant intercepts				no significant intercepts
	NAR6374	320577	8637983	69	-	-90	72	no significant intercepts				no significant intercepts
	NAR6375	320387	8638293	66	-	-90	60	no significant intercepts				no significant intercepts
	NAR7370	320026	8637954	67	135	-60	154	29	35	6	963	no significant intercepts
	NAR7371	319987	8637995	68	135	-60	178	35	45	10	735	no significant intercepts
								48	52	4	219
								56	59	3	341
	NAR7372	319954	8638030	68	135	-60	154	no significant intercepts				no significant intercepts
	NAR7373	320076	8637997	67	135	-60	159	no significant intercepts				no significant intercepts
	NAR7374	320036	8638041	67	135	-60	154	23	29	6	3282	no significant intercepts
	NAR7375	320001	8638077	67	135	-60	160	no significant intercepts				no significant intercepts
	NAR7376	320121	8638040	68	135	-60	154	no significant intercepts				no significant intercepts
	NAR7377	320077	8638082	68	135	-60	154	no significant intercepts				no significant intercepts
	NAR7378	320046	8638115	67	135	-60	154	34	37	3	396	no significant intercepts
	NAR7379	320191	8638198	67	135	-60	154	no significant intercepts				no significant intercepts
	NAR7380	320208	8638182	67	135	-60	118	no significant intercepts				no significant intercepts
	NAR7381	320275	8638253	67	135	-60	100	no significant intercepts				no significant intercepts
	NAR7382	320306	8638048	67	045	-60	82	no significant intercepts				no significant intercepts
	NAR7383	320324	8637998	67	135	-60	130	no significant intercepts				no significant intercepts
	NAR7384	320265	8638297	68	135	-60	136	no significant intercepts				no significant intercepts
	NAR7385	320074	8637901	68	135	-60	142	no significant intercepts				no significant intercepts
	NAR7386	319980	8637901	69	135	-60	142	40	63	23	1980	50	63	13	0.43g/t Au
	NAR7387	319936	8637943	68	135	-60	136	no significant intercepts				no significant intercepts
	NAR7388	319901	8637981	70	135	-60	142	no significant intercepts				no significant intercepts
	NAR7397	319932	8637851	71	135	-60	142	no significant intercepts				no significant intercepts

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