DEVEX RESOURCES LIMITED — Capital/Financing Update 2014

Jul 17, 2014

18 July 2014

Dear Optionholder

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Notice to Optionholders of Non-Renounceable Entitlement Offer

We write to you as the registered holder of Uranium Equities Limited (ASX: UEQ) ( UEQ or the Company ) options as at today's date.

As advised in the Company's ASX announcement dated 18 July 2014, UEQ is undertaking a nonrenounceable pro-rata entitlement offer to eligible shareholders of ordinary fully paid shares in the Company at an issue price of 1 cent per share and on the basis of 1 new share ( New Share ) for every 3 shares held at the record date on 28 July 2014 ( Record Date ) ( Entitlement Offer ). Pursuant to the Entitlement Offer, the Company will issue up to 101,312,926 New Shares to raise up to $1,013,129 before costs.

The Entitlement Offer will be available to all UEQ shareholders registered on the Record Date whose registered address is in Australia or New Zealand ( Eligible Shareholders ).

The Entitlement Offer is partially underwritten by Lokata Pty Ltd, an entity associated with Tim Goyder, a director of the Company.

A prospectus in relation to the Entitlement Offer was lodged with ASIC on 17 July 2014 and will be sent to Eligible Shareholders in due course.

Under the terms of the options you currently hold, there is no entitlement to participate in the Entitlement Offer unless you exercise your options, and are entered onto the register as a shareholder of the Company by 5pm (ACST) on the Record Date.

If you wish to participate in the Entitlement Offer, a notice of options exercise and payment of the options exercise price should be lodged with the Company's share registry, Computershare Investor Services Pty Ltd, with sufficient time to ensure that you are registered as a shareholder of the Company by the Record Date.

If you do not wish to participate in the Entitlement Offer, no action is required.

If you require clarification on any of the above matters, please contact the share registry on 1300 556 161 or Rolf Heinrich on (08) 8110 0700.

Yours sincerely

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Tim Goyder Executive Chairman