DEVEX RESOURCES LIMITED — Capital/Financing Update 2012

Mar 26, 2012

27 March 2012

ASX Markets Announcements Australian Securities Exchange Ltd via electronic lodgement

PhosEnergy Process

Uranium Equities Limited (ASX: UEQ) advises it has elected not to exercise its option to acquire an additional 3 per cent interest in the PhosEnergy Process from its Strategic Alliance partner, Cameco Corporation (“Cameco”). Having considered various funding strategies and the fact that development of the PhosEnergy Process continues to be fully funded by Cameco, the UEQ Board decided it would be excessively dilutive to existing shareholders to raise equity funding for the option.

To date Cameco has contributed US$12.5 million of the US$16.5 million required to complete its earn-in to the Process. If Cameco invests the final US$4 million, the PhosEnergy Process technology will be owned as to:

Cameco 73% UEQ 27%

Uranium Equities remains committed to the development and commercialisation of the PhosEnergy Process and its other projects.

Our Strengths

• PhosEnergy Process – Low cost by-product uranium recovery

• Nabarlek Project – A highly endowed uranium region

• Multiple near term growth opportunities

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Bryn Jones Managing Director

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

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 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.

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.

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