DEVEX RESOURCES LIMITED — Investor Presentation 2012

Apr 19, 2012

I N V E S T O R U P D A T E – A P R I L 2 0 1 2

Electric Metals Conference

I N V E S T O R U P D A T E – A P R I L 2 0 1 2

Disclaimer and Competent Person Statement

 Forward Looking Statements

• This Presentation may include statements that could be deemed “forward-looking statements”. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those expected in the forward-looking statements or not take place at all.

• No offer to sell or invitation to buy

• This Presentation is not, and should not be considered to, constitute any offer to sell, or solicitation of an offer to buy, any securities in Uranium Equities Limited, and no part of this Presentation forms the basis of any contract or commitment whatsoever with any person. Uranium Equities Limited does not accept any liability to any person in relation to the distribution or possession of this Presentation from or in any jurisdiction.

• Disclaimer

• Whilst care has been exercised in preparing and presenting this Presentation ,to the maximum extent permitted by law, Uranium Equities Limited and its representatives:

• make no representation, warranty or undertaking, express or implied, as to the adequacy, accuracy, completeness or reasonableness of this Presentation;

• accept no responsibility or liability as to the adequacy, accuracy, completeness or reasonableness of this Presentation; and

• accept no responsibility for any errors or omissions from this Presentation.

• Receipt of this Presentation

• If the recipient of this Presentation has signed any confidentiality or similar agreement covering information of the type herein contained, then the Presentation and all information therein is received subject to that agreement(s).

 Competent Person Statement

• The information in this presentation that relates to Exploration Results is based on information compiled by Mr Grant Williamson, Geology Manager – Exploration for Uranium Equities Limited, who is a Member of the Australian Institute of Geoscientists. Information on the West Arnhem Joint Venture and Lake Blanche Project is based on information supplied by Joint Venture operator Cameco Australia. Mr Williamson 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, Mineral Resources and Ore Reserves, and consents to the release of information in the form and context in which it appears here.

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I N V E S T O R U P D A T E – A P R I L 2 0 1 2

The PhosEner Process gy

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…..reviving uranium recovery from the phosphate fertilizer industry……

I N V E S T O R U P D A T E – A P R I L 2 0 1 2

Historical Uranium from Phos hates p

Proven reliable source of uranium.

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3.5 $140
3.0 $120
2.5 $100
2.0 $80
1.5 $60
1.0 $40
0.5 $20
0.0 $0
1978 1988 1998 2008
Production from
8
O
3
Phosphates (Mlb/a)
US U
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• Proven long term source of uranium

• hundreds of years of identified resources

• Over 5 million lb per annum produced globally in ’80’s

• Production ceased in ‘90’s due to high operating cost and low uranium price

• Addresses the world’s growing need for both energy and food security

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Scale of the O ortunit pp y

More than $1 billion in potential revenue per annum.

• Worldwide >140Mt phosphate processed annually.

• ~20 million lb of contained U O 3 8

• Multiple potential development opportunities globally.

• Major Phosphate Production:

• Group OCP (Morocco)

• Mosaic Co (USA)

 PCS (USA)  IFFCO (India)

• Increase in planned Phosphate production out of production centres containing high uranium in North Africa*

Worldwide distribution of phosphate production – area denotes relative production

• Source: IFDC Market Report June 2011 – World Phos Acid Capacity

I N V E S T O R U P D A T E – A P R I L 2 0 1 2

The PhosEner Process gy

The change required to rejuvenate an industry.

• Developed by UEQ in partnership with:

• Australian Nuclear Science and Technology Organisation (ANSTO).

• A major US based phosphate producer.

• PhosEnergy is a “bolt on process” to recover U3O8 as a by-product at existing phosphate production facilities.

• PhosEnergy applies conventional technologies in an innovative manner to achieve:

• Low operating cost - 20 – 25 US$/lb

• Industry competitive capital intensity ~ US$100/lb/a

• High uranium recovery - over 92%

• Improved environmental outcomes - reduced waste

Without material impact to the phosphate process.

I N V E S T O R U P D A T E – A P R I L 2 0 1 2

UEQ’s Share Funded

Technology developed and funding in place.

• Partnered with Cameco – One of the world’s largest uranium producers (Invested US$12.5M of which ~US$4M is on hand)

• Cameco can fund an additional US$4M to complete its earn-in to 73% of the technology

• UEQ retains 27% of the jointly owned entity

• Cameco has agreed to fund at least 50% of UEQ’s first facility capital requirements (terms to be negotiated)

• Cameco recently purchased the Founders 10% share of the technology for US$4.5M – implied value of UEQs share US$12M

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Above: The process was tested at pilot scale at an operating fertilizer production facility.

I N V E S T O R U P D A T E – A P R I L 2 0 1 2

Movin PhosEner into Production g gy

2012 Development Plan

• Demonstration Plant – commissioning in the USA

• Operation expected to begin in May 2012

• Several operational campaigns over the coming months

• Planned PFS level Engineering Study to run in parallel with Demonstration Plant.

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The Demonstration Plant constructed in 2011 is built inside two 40ft side opening shipping containers.

I N V E S T O R U P D A T E – A P R I L 2 0 1 2

Movin PhosEner into Production g gy

Demonstration Plant

• Plant Objectives

• Optimization of target operating conditions

• Generate inputs for engineering studies and cost estimates

• Plant Design Objectives

• Entirely housed within shipping containers for rapid deployment and mobility

• Required inputs limited to phosphate stream; water and power

• Self contained secondary containment to allow flexible site positioning

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I N V E S T O R U P D A T E – A P R I L 2 0 1 2

Commercialization Strate 2012 gy

• USA Focus

• Existing regulatory framework and precedent – shorter lead time

• ~ 6Mlb/a of recoverable uranium

• Existing synergies with Cameco operations in the USA

• Commercial model providing:

• Commercially attractive opportunity to P producers

• Technical solution and engineering support

• Regulatory and stakeholder support

• Product off-take

Near term production visibility

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I N V E S T O R U P D A T E – A P R I L 2 0 1 2

Exploration

Australia’s Premier Uranium Districts.

Near mine exploration and externally funded Greenfields exploration in world class uranium provinces with enviable partners…

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Nabarlek Mine Lease 1988
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I N V E S T O R U P D A T E – A P R I L 2 0 1 2

Nabarlek Project

The place to find world class deposits.

• Alligator Rivers: A world class Uranium province.

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• Nabarlek Mine: Closed in 1988. Mined 24.8Mlb U3O8 @ 1.84% with surface projection of 200m x 50m

• Nabarlek Project: 477 km[2] in the heart of the Alligator Rivers Uranium Field including:

• MLN962 UEQ equity 100%.

• West Arnhem Joint Venture with Cameco (UEQ 40%)

• Headwaters Project: Over 3000 km[2] of granted tenements. (Vale Earning 70%)

I N V E S T O R U P D A T E – A P R I L 2 0 1 2

WAJV – U40 Pros ect p

U40 and structural repetitions.

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• 2010 diamond drilling returned (see ASX release 21/12/2010):

Pitchblende blebs in NAD7492 core

NAD7492

6.8m @ 6.71 % U3O8 from 75m

7.3m @ 1.68 % Cu from 74.5m

4.5m @ 0.91 ppm Au from 76.5m

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• 2011 Exploration results:

NAD7504 1.85m @ 0.35% U3O8 NAD7506 0.5m @ 0.16% U3O8 0.6m @ 0.13% U3O8

• Gravity Survey over prospective QFZ.

• U40 analogous targets identified

I N V E S T O R U P D A T E – A P R I L 2 0 1 2

Frome Basin Project

Prime location in Australia’s ISL district.

Combination of JV and 100% UEQ tenure

• Targeting sandstone hosted tabular and Roll-Front uranium deposits

• Analogous geology to Beverley (21,000 t U3O8) Four Mile (~30,000 t U3O8)

Both of which lie approximately 30km north of UEQ’s project

• 2011 - 20 Rotary Mud drill holes for 3,426m drilling completed

• 0.37m @ 143ppm eU3O8 from 194.5m

• 1.09m @ 152ppm eU3O8 from 197.2m

I N V E S T O R U P D A T E – A P R I L 2 0 1 2

Oodnadatta & Marla Projects

• ~14,000 km[2] of ELs on the northern margin of the Gawler Craton (UEQ 100%)

• Prospective for IOCGU and Kazakhstan-style sandstone hosted uranium deposits

• Co-incident magnetic and gravity highs identified in Todmorden Target Area

• $40,000 PACE 2020 co-funding grant for ground gravity survey to define drilling targets

• Gravity survey planned for H1 2012

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Nabarlek Mine Lease 1988
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I N V E S T O R U P D A T E – A P R I L 2 0 1 2

Rudall River JV

Brownfields exploration adjacent the Kintyre Deposit

Project: Rudall River JV

• UEQ 40%: Cameco 60%

Previous Exploration:

• Excellent geochem database

• Recent GA Airborne EM survey over Patterson's district

• Adjacent the Kintyre deposit purchased by

Cameco/Mitsubishi for US$495 million in 2008

2012 Plan:

• Progress project to granted status

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Nabarlek Mine Lease 1988
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• Prepare work program

I N V E S T O R U P D A T E – A P R I L 2 0 1 2

2012 Strate gy

High Impact Exploration and PhosEnergy Commercialisation

: PhosEnergy

• Progress the Technology through Demonstration and PFS level Engineering Study;

• Seek additional pipeline projects to utilise Demonstration Plant asset.

• Exploration:

• focus on:

• Targeted near mine exploration; and

• Progressing a joint venture strategy on UEQ’s portfolio of early stage exploration projects which, if successful, will have a significant effect on shareholder value:

  • Sandstone hosted South Australian projects;

  • IOGC + U projects in South Australia

I N V E S T O R U P D A T E – A P R I L 2 0 1 2

ASX:UEQ

Capital Structure and People

Capital Structure

Shares

252M

Fully Diluted 264M Market Cap @ 4.3c $10.8M Cash (31 Dec) $3.3M

__________ Major Shareholders % UEQ Directors 16.5% (Tim Goyder 14.5%) Resolute Mining 4.5% Calm Holdings 4.0% Top 20 58%

Board

Tony Kiernan Chairman Bryn Jones Managing Director Tim Goyder Non Exec Director Tom Pool Non Exec Director

__________ Management

CFO & Company Secretary

Rolf Heinrich

Grant Williamson Manager Geology Nabarlek Mine Lease 1988 - Exploration James Davidson General Manager Urtek

Nabarlek Mine Lease 1988 - Exploration

Major Shareholdings at 30 December 2011