DEVEX RESOURCES LIMITED — Interim / Quarterly Report 2007

Oct 28, 2007

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

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Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

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URANIUM EQUITIES LIMITED
ABN Quarter ended (“current quarter”)
74 009 799 553 30 SEPT 2007
Consolidated statement of cash flows
Current quarter Year to date
Cash flows related to operating activities $A (3 months)
$A
1.1 Receipts from product sales and related debtors 1,340,534 1,340,534
1.2 Payments for (a) exploration and evaluation (1,124,876) (1,124,876)
(b) development (282,451) (282,451)
(c) production
(d) administration (1,341,787) (1,341,787)
1.3 Dividends received
1.4 Interest and other items of a similar nature received 29,871 29,871
1.5 Interest and other costs of finance paid (691) (691)
1.6 Income taxes paid
1.7 Other
Net Operating Cash Flows (1,379,400) (1,379,400)
Cash flows related to investing activities
1.8 Payment for purchases of: (a)prospects
(b)equity investments
(c)other fixed assets (71,566) (71,566)
1.9 Proceeds from sale of: (a)prospects
(b)equity investments
(c)other fixed assets
1.10 Loans to other entities
1.11 Loans repaid by other entities
1.12 Other (deferred consideration on disposal of
tenements)
(71,566) (71,566)
Net investing cash flows
1.13 Total operating and investing cash flows (carried (1,450,966) (1,450,966)
forward)
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• See chapter 19 for defined terms.

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Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. (net)
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings
1.17 Repayment of borrowings
1.18 Dividends paid
1.19 Other
Net financing cash flows
Net increase (decrease) in cash held (1,450,966) (1,450,966)
1.20 Cash at beginning of quarter/year to date 23,138,947 23,138,947
1.21 Exchange rate adjustments to item 1.20
21,687,981 21,687,981
1.22 Cash at end of quarter
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Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related entities
Current quarter
$A
1.23 Aggregate amount of payments to the parties included in item 1.2 188,740
1.24 Aggregate amount of loans to the parties included in item 1.10 -
1.25 Explanation necessary for an understanding of the transactions
Receipts in 1.1 of $1,250,000 relate to a debtor as at 30 June 2007.
Payments in item 1.2(d) of $465,000 relate to the Mulga Rocks Court Case action.
Payments in item 1.23 relate to salaries and directors fees paid to Executive and Non-Executive
Directors of the Company.
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Non-cash financing and investing activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows N/A

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

N/A

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A	Amount used $A
	Nil	Nil
	Nil	Nil

Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development	$A
	2,215,000
	500,000
Total	2,715,000

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Reconciliation of cash at the end of the quarter (as shown in	Current quarter	Previous quarter
the consolidated statement of cash flows) to the related items	$A	$A
in the accounts is as follows.
5.1 Cash on hand and at bank	1,687,981	3,138,947
5.2 Deposits at call	20,000,000	20,000,000
5.3 Bank overdraft
5.4 Other (Bank Guarantee)
Total: cash at end of quarter(item 1.22)	21,687,981	23,138,947

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed	Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
	E51/1108	Kitchener (Western Australia) - relinquished	100%	0%
	E63/971	Salmon Gums (Western Australia)– relinquished	100%	0%

• See chapter 19 for defined terms.

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6.2 Interests in mining tenements acquired or increased NIL	Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter

• See chapter 19 for defined terms.

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Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference �securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs.	Nil	Nil	Nil	Nil
	N/A	N/A	N/A	N/A
7.3 �Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital.	189,410,801	189,410,801	N/A	N/A
	Nil	Nil	N/A N/A	N/A N/A
7.5 �Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured.	Nil	Nil	N/A	N/A
	Nil	Nil	N/A	N/A
7.7 Options Share Options Partly Paid Performance Shares(1)	5,000,000 500,000 100,000 2,400,000 700,000 150,000 225,000 800,000 750,000 1,260,000 14,350,000	Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil	Exercise price $0.155 $0.155 $0.155 $0.35 $0.35 $0.35 $0.55 $0.55 $0.55 $0.60 Issued at $0.15 credited as paid to $0.075 with $0.075 topay.	Expiry date 21.10.2009 30.11.2009 20.12.2010 31.05.2011 01.09.2011 01.10.2011 01.11.2011 01.12.2011 17.01.2012 21.06.2012 17.05.2016

• See chapter 19 for defined terms.

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7.8 Issued during quarter Share Options 7.9 Exercised during quarter 7.10 Expired during quarter	Nil	Nil	N/A	N/A
	Nil	Nil	N/A	N/A
	Nil	Nil	N/A	N/A
7.11 Debentures (totals only)	Nil	Nil
7.12 Unsecured notes(totals only)	Nil	Nil

• (1) Partly paid performance shares issued do not represent ordinary shares or preference shares and have therefore been classified as share options for this purpose.

• See chapter 19 for defined terms.

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• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here:

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Date: 30 September 2007

Managing Director

Print name: Mark Chalmers

• See chapter 19 for defined terms.

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• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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• See chapter 19 for defined terms.

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