DEVEX RESOURCES LIMITED — Capital/Financing Update 2012

Apr 25, 2012

26 April 2012

The Company Announcement Officer Australian Securities Exchange Ltd via electronic lodgement

Marla Project Update

Highlights:

• Native Title Agreements signed allowing exploration access

• Detailed ground gravity program planned to commence mid May with preferred contractor selected

Uranium Equities Limited (ASX: UEQ) is pleased to provide an update on the Marla Project in the far north of South Australia.

Project Exploration Potential

The project consists of nine granted exploration licences totalling 6,858 km[2] situated at the underexplored northern margin of the Gawler Craton ( Figure 1 ). The Company considers the tenements to be highly prospective for the discovery of economic Iron – Oxide – Copper – Gold ± Uranium (IOCGU) deposits. The Gawler Craton is the premier region for IOCGU mineralisation and hosts deposits such as Olympic Dam, Prominent Hill and Carrapateena.

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Our Strengths

• Breakthrough PhosEnergy Process

• Nabarlek Project – A rare investment opportunity

• Multiple near term growth opportunities

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

Figure 1

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The Marla Project is situated in the Hamilton Basin at the boundary between the Gawler Craton and Musgrave Province. Significant coincident magnetic and gravity features have been identified within a west-northwest trending structural corridor. The stand out target identified from the geophysics is a large circular magnetic feature with a coincident gravity response. It is possible that this represents an IOCGU alteration system.

Native Title Agreements

Native title negotiations have progressed to allow exploration access to the Marla Project. Company representatives attended on-country meetings with Traditional Owners in Marla and Coober Pedy where exploration access agreements were signed with three of the four native title holder groups that cover the majority of the project area. Negotiations with the fourth group are nearing completion.

At each meeting the company was introduced and the exploration plan discussed. Information was well received by attendees and approvals were given to proceed with the proposed detailed gravity program.

Detailed Ground Gravity Program

A review of existing geophysical data has identified a number of significant coincident magnetic and gravity features which will be systematically explored in coming months. The Todmorden region has been targeted due to well defined large scale structural lineaments and comparatively shallow basement depths (Figure 2). Existing regional gravity data is however too widely spaced to identify specific drill targets. The Company is therefore commencing a detailed ground gravity survey over the most prospective IOCGU target areas.

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The ground gravity survey of 2,000 stations will cover an area of 1,612km[2 ] at between 500m and 1km spacings. A helicopter will be deployed to access each station to minimise ground disturbance and significantly reduce the survey duration.

Once the detailed gravity data has been processed and reviewed with available magnetic data, drill targets will be identified and planning for drill testing the most prospective targets will commence.

A $40,000 co-funding grant was awarded as part of the South Australian Government’s PACE 2020 Initiative to undertake the ground gravity program.

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Bryn Jones Managing Director

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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