Uranium hopeful DevEx makes bold play under new chief

[Ben Graham]

Finlayson speaks at the Resources Rising Stars Summer Series. (Photo: Kristie Batten)

It has been a pivotal week for uranium explorer DevEx Resources (ASX: DEV) under newly appointed managing director Marnie Finlayson.

Finlayson, who joined the company this week, previously served as managing director of battery materials for Rio Tinto (ASX, LON: RIO) and spent 17 of her 27 years at the mining giant, including a three-year assignment in Serbia overseeing the Jadar lithium project. She is also a director of Northern Star Resources (ASX: NST).

She told the Resources Rising Stars Summer Series that she joined DevEx for three key reasons. She said the global shift from energy transition to what she called energy addition is driving new demand for uranium, particularly as growth in AI and US data centres increases the need for low-emission baseload power. She said uranium is positioned to meet that need.

Finlayson added that DevEx’s uranium assets in the Northern Territory’s McArthur River Basin offered strong potential. The basin is considered analogous to Canada’s Athabasca Basin, host to high-grade deposits such as NexGen Energy’s Arrow and Cameco’s Cigar Lake. She said the region has the geology and structure to deliver a major discovery.

She cited the DevEx team, including founder and chairman Tim Goyder, as the final drawcard. Goyder has backed several Australian mining successes, including Liontown (ASX: LTR), Chalice Mining (ASX: CHN) and Minerals 260 (ASX: MI6). Finlayson said she hopes DevEx becomes the next in that line.

Busy week

DevEx’s new MD first day coincided with DevEx announcing a A$7.5 million (US$5 million) deal to buy Alligator Energy’s (ASX: AGE) Northern Territory uranium portfolio. Combined with existing ground and leases acquired last month from Rio Tinto, DevEx now controls a contiguous 9,200 square kilometre landholding in the Alligator Rivers Uranium Province. More than 700 million pounds of uranium has been discovered in the region, including at the historical Ranger and Jabiluka mines.

Finlayson signalled she is open to further consolidation. To support the latest acquisitions and fund a larger exploration program in 2026, DevEx launched a A$32 million capital raising. Strong demand for the 14.5c placement allowed the company to lift the amount raised, and it plans to seek a further A$3 million through a share purchase plan at the same price.

She said DevEx is now well funded with drill-ready targets and positioned to advance asset development into what she expects will be the next uranium cycle.