Nabarlek ML Project MLN 962 Annual Technical Report for the period 23 March 2017 to 22 March 2018

Abstract

Nabarlek MLN 962 is located in the western portion of the Arnhem Land Aboriginal Reserve, 28km east of the Gunbalanya (Oenpelli) Aboriginal Community and approximately 300km east of Darwin. MLN 962 contains the Nabarlek Uranium Mine which historically produced a total of 24.4 million pounds U3O8 at an average grade of 1.84% U3O8 (40.5 lb/tonne U3O8) between 1978 and 1988. Uranium Equities Limited (UEQ, the Company) acquired the mineral lease with the purchase of Queensland Mines Pty Ltd in mid-2008. UEQ believes that the region provides outstanding potential to discover additional economic high grade uranium mineralisation in the vicinity of the historical mine. In 2017, Uranium Equities Limited changed its name to DevEx Resource Limited. Work carried out during the reporting period comprised a review of the down plunge potential of the Nabarlek Mine. Historical cross sections and mine plans show several significant high grade pods within the broader deposit outline. It is considered that repetition of these high grade pods of uranium mineralisation at depth would constitute a valid exploration target and current drilling density is in-effective. Structural models, alteration studies and the age relationship of the Oenpelli Dolerite is currently being reviewed. Field work during the year was focused on remediation of several historical areas related to the old mine, and is discussed in the Nabarlek Mine Management Plan. No fieldwork was carried out within the Mineral Lease during the reporting period with exploration activities being instead focused on geophysics along the quarry fault which lies subparallel to the Nabarlek Shear. Ongoing work will comprise structural modelling of the Nabarlek high grade target beneath the deposit. Successful application of the ground geophysics on nearby tenement will have direct application to defining induced polarised chargable anomalies at Nabarlek also.