DEVEX RESOURCES LIMITED — Investor Presentation 2009

Mar 15, 2009

Mark S Chalmers Managing Director

PAYDIRT’S 2009 URANIUM CONFERENCE Adelaide 16[th] March 2009

This document is confidential and is being distributed to a limited number of potential investors and shall not be construed as an advertisement or public offering of the securities referred to herein. This presentation does not constitute an offer to sell these securities and it is not soliciting an offer to buy these securities where the offer or sale is not permitted. It is not to be distributed to third parties without the consent of the Company. No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. While information in this document derived from third parties is obtained from sources which the Company believes to be reliable, such information is not guaranteed as to its accuracy or completeness. This document may contain product names, trade names, trademarks and service marks of the Company and of other organizations, all of which are the properties of their respective owners. All dollar amounts referenced herein, unless otherwise indicated, are expressed in Australian dollars. This confidential PowerPoint presentation supercedes and replaces any and all materials which may have been provided to potential investors.

UNITED STATES SECURITIES LAW CONSIDERATIONS. It is intended that the Securities will be made in reliance upon the availability of exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the "Securities Act"), by virtue of the Company's intended compliance with the provisions of Section 4(2) of the Securities Act and Regulation D promulgated under the Securities Act. The securities of the Company will be offered and issued only to a prospective investor who executes a definitive agreement that includes, among other things, representations that it is an “Accredited Investor” (as defined in Rule 501(a) of Regulation D), that it is acquiring the securities for its own account (and not for fractionalization or for the account, in whole or in part, of others) and that such Securities will not be taken with a view to resale or distribution in violation of U.S. federal or state securities law. There will be no offers or solicitations of offers to buy securities, nor will there be any sale of securities, in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction, nor shall there be any offer, sale or solicitations of offers to buy securities in any jurisdiction in which such offer, sale or solicitation would be unlawful. The securities has not been or will be registered under the Securities Act, or under any state securities laws. Accordingly, such securities may not be resold, pledged, hypothecated or otherwise disposed of or transferred except in accordance with the registration requirements of the Securities Act and any applicable state securities laws or pursuant to an applicable exemption from such registration requirements of the Securities Act and any applicable state securities laws.

The information in this report that relates to Exploration Results is based on information compiled by Mr David Brunt, a full-time employee of Uranium Equities Limited, who is a Fellow of the Australasian Institute of Mining and Metallurgy Inc. Mr. Brunt has sufficient experience in the field of activity being reported to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves, and consents to the release of information in the form and context in which it appears here.

• PhosEnergy – developing technology to recover uranium from phosphoric acid streams

• Outstanding exploration ground in the Alligator Rivers Region of the Northern Territory

• Several Joint Ventures/Strategic/Relationships with world leading companies

• Cameco (2 JVs)

• Vale (1 JV - New)

• Significant Phosphoric Acid producer (completed Phase 2)

• Consulting (BHP, ERA, Cameco, Laramide, a major trading house and others)

• Healthy Cash Balance of $9.7M (Feb 2009)

• A full team of Uranium Professionals with track record in the sector

• Other Exploration assets and JVs with other Juniors

ASX Code : UEQ ASX Code : UEQ listed listed Market ≈ A$14.0 million Market ≈ A$13.5 million Capital Capital Cash at ≈ A$9.7 million Cash at ≈ A$10.9 million Bank (Feb 2009) Bank (Dec 2008) Shares on 190 million Shares on 189 million Issue Issue Fully 217 million Fully diluted 220 million

Top Investors (31 Dec 2008)	%
Directors, employees and related parties	19
Corporate stakeholders (Laramide/Resolute)	18
Private stakeholders	12
NLM Capital Partners (USA)	4
Dr. Vermogensverwaltungs	3
Sprott Asset Management (CAN)	2

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A new technology to extract U O in the 3 8 superphosphate process Successfully piloted on a producers site Preliminary economics look highly favourable.

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Phosphates have been a major source of U3O8 • Historical production in the USA for many years. Worldwide up to 5.2 MLbs/a. (graph on right USA production only)

• Production ceased in 1990’s on high operating costs and falling uranium price

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US Based Production Potential

• Uranium from Phosphates could double US production by 2015

• Strategic energy supplies for US

• Low sovereign risk

• Several mines and plants up and operating

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World Production

• Opportunity for worldwide (current) production of 19Mlb/a

• Approximate world resources in phosphate rocks ~ 21Blb U3O8 (IAEA 2001)

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Status

• Pilot Plant completed

• Patent Application filed

• Plans for 2009

• Demonstration Plant

• PFS

• Decision to proceed H2 2010

Results to date

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the potential
to tap stranded
worldwide
production estimated
at 19 Mlb pa
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• Encouraging Pilot Plant results

• Achieves high uranium recovery

• Capable of producing U3O8 at lowest quartile of operating costs for ‘new’ producers

• No identified process radioactive waste residuals

Nabarlek Mine Lease West Arnhem Joint Venture Headwaters Project

the asset quality to build

Ground Position 5,850km[2 ]

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Nabarlek Mine Lease
West Arnhem JV
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A world class uranium province:

► Jabiluka (360 Mlbs U3O8 ) ► Ranger (194 Mlbs U3O8 ) ► Koongarra ( 16 Mlbs U3O8 ) ► Nabarlek ( 24 Mlbs U3O8 )

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Headwaters Project
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Exploration success at Ranger in the “3 Deeps” area 300–500m depth with potential of 30–40k U3O8 tonnes.

Renewed systematic exploration generating new targets

• Agreement reached with Vale to earn 70% through sole funding to a BFS on the Headwaters

Project (formerly Mt. Evelyn – name change as per TO request). Vale to earn up to 80% if UEQ elects to not participate in the BFS.

• Minimum commitment of $1M in first two years but subject to the grant of 2 of 4 Exploration

Licenses. One EL at granting stage and others expected in 2009.

• 10 Outstanding prospects identified by previous explorers.

• Vale, is the 2[nd] largest metals and mining company in the world.

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Nabarlek discovered 1970, produced between 1979-1988. Australia's highest grade uranium deposit.

24mlbs from 570,000t @ 1.84% U3O8

100% UEQ ownership Plus 40% interest in ground surrounding ML with Cameco

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Early exploration focussed on delineating the Nabarlek Orebody

No exploration between 1973 -1981, Drilling initiated 1983 -1984.

10 year hiatus until AFMEX (1994) drilled around the margins of the mining lease.

No further exploration has been carried out until UEQ’s 2008 program.

901 historical drillholes completed, 643 (71.3%) are <30m deep. 2% >200m deep.

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New Targets
Nabarlek Deeps
1
(Ranger-style Nabarlek
Shear extensions)
4 3 3
Displaced shear
2
basement targets
1 & 2
1 & 2 3 Dolerite-hosted targets
Classic unconformity-
4
related targets
... a renewed focus with new targets
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Nabarlek Deeps Targets
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Structural control of mineralisation Rather than traditional “unconformity” targets

• Ranger 3 Deeps

• ►30,000t-40,000t of contained U3O8 beneath existing pit 250m-500m from surface

Nabarlek Deeps

• ►Structural controlled mineralisation underneath dolerite

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N147 Prospect

►High grade U mineralisation extended 55m to the west.

►Best intersection 36.2m @ 0.172% eU3O8 from 108.2 m

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SMLB Prospect: Best intersection 15.4m @ 0.045% eU3O8 from 94.1 m.

Mine Lease: Best intersection 9.5m @ 699ppm U3O8 from 68.5m (inc. 1.3m @ 0.254ppm U3O8 from 73.8m

Bedrock drilling along major structures identified uranium anomalies at the North Tip, Delver, N84 , Cooper and Embayment prospects.

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Vale Exploration Pty Ltd to sole fund $1M within 2 years to earn 70%

Analogous geological environment that host uranium mineralisation present at Westmoreland

Significant uranium, gold and PGE mineralisation within the near surface sandstones and volcanics

• 10 prospects identified from radiometric surveys

► Casper–Banshee Prospects

• Secondary U in sandstone (1.51% U3O8)

• Anomalous Au (236.6ppm ), PGE’s (49.6ppm Pd, 8.03ppm Pt) at Casper.

• Flying Ghost 1.56% U3O8 in rock chips & 5 diamond

• drillholes show strongly elevated gamma (20-100 BG) in down-hole gamma logs.

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Cameco minimum commitment of $500,000 with ability to earn 60% by spending $4.5M.

► Sandstone-hosted, roll-front targets analogous to the major Kazakhstan Uranium Fields.

► Target criteria established & land access negotiated.

• PhosEnergy – “patent pending” technology to recover uranium from phosphoric acid

streams with medium term cash flow potential

• High potential for further world class discovery in Australia

• Several Joint Ventures/Strategic/Relationships with world leading companies

  • Cameco, Vale and Significant Phosphate producer

  • Consulting (options)

• Healthy Cash Balance of $9.7M (Feb 2009). Budgeted to spend ~$2M/a from our

• treasury in 2009

• A full team of Uranium Professionals with track record in the sector

• Other Exploration assets and JVs

• Looking for other Partners for Nabarlek ML and others