DEVEX RESOURCES LIMITED — Capital/Financing Update 2014

Jul 17, 2014

18 July 2014

Market Announcements Office Australian Securities Exchange via electronic lodgement

Non-renounceable Rights Issue & Placement

Highlights:

• 1-for-3 non-renounceable pro-rata rights issue at 1 cent to raise up to $1.0 million before issue costs

• The rights issue is partially underwritten for a total of $330,000.

• Placement to sophisticated and professional investors at 1 cent per share to raise $450,000

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• Funds to be used for exploration programs in the Alligator Rivers Uranium Field and for general working capital requirements

Uranium Equities Limited (ASX:UEQ) advises that it will undertake a 1-for-3 nonrenounceable rights issue to eligible shareholders at 1 cent for each new share ( New Share ) to raise up to $1.0 million before issue costs (the Offer ). Directors, accounting for approximately 18.4% of total shares on issue have committed to fully take up their entitlements.

Lotaka Pty Ltd ( Underwriter ), a company associated with Tim Goyder, a director of Uranium Equities, is partially underwriting the Offer up to $330,000. The Underwriter will be paid a fee of 3.5% of the underwritten amount, and the underwriting is on customary terms. Eligible shareholders will also have the ability to apply for additional shares.

In addition, the Company has firm commitments to place 45,000,000 shares at 1 cent per share to sophisticated and professional investors ( Placement ) under the Company’s 15% placement capacity, taking the total potential funds raised to $1.45 million before issue costs. Placement shares will be issued after the Record Date so Placement subscribers will not be entitled to participate in the Offer.

Shareholders at the Record Date (other than Directors and related parties of the Company disclosed in the Prospectus as underwriters of the Offer) may apply for additional shares, over and above their entitlement at 1 cent per share ( Additional Shares ).

ASX: UEQ

HEAD OFFICE

22B Beulah Road Norwood, SA 5067 T: +61 8 8110 0700 F: +61 8 8110 0777 E: reception@uel.com.au

PERTH OFFICE

The funds raised under the Offer will be used to underpin ongoing exploration programs targeting high-grade uranium deposits within the Company’s high quality exploration portfolio in the Alligator Rivers Uranium Field (ARUF) in the Northern Territory, and for general working capital.

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

Uranium Equities has consolidated a dominant position covering more than 5,000 square kilometres in this world-class uranium province with proven potential for high-grade discoveries. The ARUF hosts Energy Resources of Australia Limited’s Ranger Uranium Mine and Jabiluka Deposit, as well as the historical high-grade Nabarlek Deposit. The Field’s mineral endowment, including mined resources, exceeds 500 million pounds of uranium[(1)] .

The recent discovery of high-grade uranium by Cameco Australia Pty Ltd at its Angularli Prospect – where drill-hole WRD0084 returned intersections including 12.2m @ 1.1% U3O8 and 20.2m @ 5.2% U3O8[(2)] – has added to the prospectivity of the region. Uranium Equities’ tenement applications lie adjacent to this exciting new discovery.

Indicative Offer timetable

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

Announcement of the Offer	18 July 2014
Lodgement of Appendix3BandProspectuswith ASX
Ex Date (being the date that Shares start trading without the Entitlements to participate in the Offer)	24 July 2014
Record Date	5.00pm (ACST) 28 July 2014
Anticipated Despatch of Prospectus	31 July 2014
Offer Opens	31 July 2014
Offer Closes	5.00pm (ACST) 12 August 2014
New Shares quoted on a deferred settlement basis	13 August 2014
ASX and Underwriter notified of under subscription	15 August 2014
Issue of newshares (deferred trading ends)	19August2014
Trading of new shares under the Offer expected to commence	20 August 2014

Further Information

The Offer is being made to shareholders with registered addresses in Australia and New Zealand on the Record Date of the Offer, which is 5:00pm (ACST) on Monday, 28 July 2014 ( 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 nonrenounceable, Eligible Shareholders will not be able to sell or otherwise transfer their entitlements.

Eligible Shareholders (other than Directors and related parties of the Company) may, in addition to taking up their Entitlements in full, apply for Additional Shares in excess of their Entitlements. Additional Shares will only be available where there is a shortfall between applications received from Eligible Shareholders, the number of Additional Shares issued to the underwriter and the number of New Shares proposed to be issued under the Offer. Additional Shares will be issued at the discretion of the Directors at the issue price of 1 cent per Additional Share.

If any shortfall remains after the allocation of Additional Shares to Eligible Shareholders as set out above, the Directors reserve the right to place the remaining shortfall at their discretion (at a price not less than the issue price of 1 cent per Share) within three months of the close of the Offer.

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Full details of the Offer will be contained in a Prospectus 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 indicative timetable set out above. The Prospectus 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 and Placement.

Yours faithfully,

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Tim Goyder Executive Chairman

• (1) Sources: Energy Resources of Australia Limited ASX Announcement – Annual Statement of Reserves and Resources - 30th January 2014 Alligator Energy Limited ASX Announcement – Quarterly Activities Report – 30th April 2014 Lally FH and Bajwah ZU, 2006. Uranium Deposits of the Northern Territory. NTGS Report 20

(2) Source: Northern Territory Geological Survey (NTGS) AGES Conference 2013 presentation by Ian Scrimgeour

About Uranium Equities

Uranium Equities Limited (UEQ) is a uranium explorer with exploration activities directed at high quality exploration assets in Australia’s premier uranium districts.

UEQ’s key asset, the Nabarlek Project, provides a rare near mine exploration opportunity surrounding the historical Nabarlek uranium deposit (previous production: 24 Mlb @ 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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