DEVEX RESOURCES LIMITED — Interim / Quarterly Report 2011

Apr 26, 2011

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10

Name of entity

Name of entity
Uranium Equities Limited
ABN 74 009 799 553	Quarter ended (“current quarter”)
74 009 799 553	31 March 2011

Consolidated statement of cash flows

Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes (paid)/received 1.7 Other (provide details if material) Net Operating Cash Flows	Current quarter $A’000	Year to date (9 months) $A’000
	‐ (746) ‐ ‐ (161) ‐ 89 (15) ‐	‐ (4,322) ‐ ‐ (571) ‐ 328 (34) 180 ‐
	(833)	(4,419)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 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 (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	‐ (2,227) (12) ‐ ‐ ‐ ‐ ‐	‐ (4,450) (61) ‐ 5,966 ‐ ‐ ‐ ‐
	(2,239)	1,455
	(3,072)	(2,964)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Appendix 5B Mining exploration entity quarterly report
1.13 Total operating and investing cash flows (brought forward)	(3,072)	(2,964)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 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 (provide details if material) Net financing cash flows	‐ ‐ ‐ ‐ ‐ ‐	‐ ‐ ‐ ‐ ‐ ‐
	‐	‐
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter	(3,072) 9,685 44	(2,964) 10,555 (934)
	6,657	6,657

Note : Cash balance includes $1.1M held in UFP Investments LLC, a majority owned US subsidiary, held on account from Cameco as part of earn in expenditure on the PhosEnergy Process.

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		116
		‐
1.25	Explanation necessaryfor an understandingof the transactions
	Item 1.8 “Payment for purchases of equity investments” comprises investments made in Urtek LLC to fund the ongoing development and commercialisation of the PhosEnergy Process. Item 1.9 “Proceeds from Sale of Equity Investments” comprises the 2ndInvestment Tranche of US$5.0M received from Cameco for an additional 21.2% of UFP Investments LLC. UFP holds a 58% interest in Urtek LLC, the company developing the PhosEnergy Process. Item 1.23 Current quarter consists of legal & consulting fees paid to a director ($12k), director’s fees ($33k), and salaries and superannuation paid to the managing director ($71k). All transactions are on commercial terms.

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

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

• 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

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’000	Amount used $A’000
	Nil	Nil
	Nil	Nil

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	500
	‐
	‐
	200
Total	700

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as	Current quarter	Previous quarter
shown in the consolidated statement of cash flows)	$A’000	$A’000
to the related items in the accounts is as follows.
5.1 Cash on hand and at bank	1,384	3,660
5.2 Deposits at call	3,273	4,026
5.3 Bank overdraft		‐
5.4 Other (Bank Guarantee)	2,000	2,000
Total: cash at end of quarter(item 1.22)	6,657	9,685

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter
	‐	‐	‐	‐

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 note3) (cents)	Amount paid up per security (see note3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy‐ backs, redemptions	N/A	N/A	N/A	N/A
	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, buy‐ backs	210,260,801	210,260,801	N/A	N/A
	Nil Nil	Nil Nil	Nil Nil	Nil Nil
7.5 +Convertible debt securities (description)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted	N/A	N/A	N/A	N/A
7.7 Options (unlisted share options) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	1,700,000 700,000 25,000 400,000 250,000 100,000 500,000 2,300,000 750,000 125,000 1,000,000 500,000 500,000 1,900,000 875,000 3,000,000	Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil	Exercise price $0.35 $0.35 $0.55 $0.55 $0.55 $0.60 $0.60 $0.30 $0.45 $0.30 $0.191 $0.30 $0.30 $0.30 $0.25 $0.25	Expiry date 31.05.2011 01.09.2011 01.11.2011 01.12.2011 17.01.2012 21.06.2012 15.11.2012 01.03.2013 01.03.2013 13.05.2011 31.07.2011 02.12.2013 01.12.2011 01.07.2012 15.11.2013 25.11.2013
	Nil	N/A	N/A	N/A
	Nil	N/A	N/A	N/A
	30,000	Nil	Exercise price $0.60	Expiry date 28.2.2011
7.11 Debentures (totals only)	Nil	Nil
7.12 Unsecured notes(totals only)	Nil	Nil

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Compliance statement

• 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 5).

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

Sign here: Date: 27 April 2011 Managing Director

Print name: Bryn Jones

Notes

• 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 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting 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.

== == == == ==

• See chapter 19 for defined terms.

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