Dr. Joss, a little bit. Good afternoon, everyone, and thanks for the kind introduction, and thanks again to Reed Corporate for the opportunity to present here today, and to all you investors as well for coming along and hearing our discussion today. I'm very pleased to present to you DevEx, and why we believe we're uniquely positioned for growth in what we believe is going to be a resurging uranium sector. We've heard a lot of great stories on the gold side in the last couple of days. I'm here to make the case for uranium and why perhaps you should have at least considering some DevEx stock in your portfolio. So let's get into it. So our usual disclaimer to read at your leisure. Just a brief overview of our value proposition on a page.
We believe that, as mentioned in the intro, that DevEx is one of only a handful of ASX-listed uranium explorers operating in what is elephant country in the Northern Territory. We're set to benefit from a resurging uranium market, uranium price, as the demand for clean energy accelerates. We've got a strategy to leverage off our existing portfolio, 16,000 sq km of land tenure in the Northern Territory, plus a strategy to grow through acquisitions. We're operating in a target-rich environment, and we are, as I mentioned, one of the dominant explorers in that part of the world. We're led by a proven team who are both investors and have experience in the exploration space. Our team, the corporate team that we have, Tim Goyder is our Chairman and major shareholder. Doesn't need much of an introduction to most of you, I would imagine. Tim's 19.6% shareholder in DevEx.
He knows what it takes, and that's, if you heard his discussion yesterday, that's making sure exploration companies are well funded, have the right team, and we have good ground holdings. Tim's very supportive of our exploration strategy and what we're looking to try and achieve here at DevEx, and has been the Chairman of DevEx for over 20 years. Brendan Bradley's our Technical Director, long history and experience in uranium exploration, especially in the Northern Territory, and he leads our exploration strategy up in the Northern Territory. Myself, Managing Director and former banker, banked many, many mining projects over the years, always been in the resources space. So DevEx itself, we've got a market cap currently sitting at around AUD 40 million, 441 shares on issue.
We've got cash in the bank of around AUD 7 million and investments in Lachlan Star and EntX, which was a spin-out from DevEx many years ago. Our major shareholders, including Tim, obviously, but the top 20 account for just over 50% of the stock. So nice register, very supportive. So why are we so bullish on the uranium market? Now, obviously, Hedley got up this morning and gave us a good overview of where we're at in the cycle, but also in terms of particular commodities focused on gold and copper. I'm sure, I don't want to talk for Hedley, but I'm sure if he had more time, he would have given uranium a bit of a nod as well. The outlook is strong, and all we would be suggesting is perhaps to consider putting some uranium stocks into your portfolio.
If you look at the chart to the left here, this shows from the World Nuclear Association the demand forecast for uranium to go into nuclear reactors by 2040, and below that, the bar charts, the expected supply coming online. This is from existing operations, known deposits that will be developed, and potentially new future developments. That supply-demand gap is expected to accelerate and widen up to 200% by 2040. While last year we saw the uranium price kick up a little bit, we got up to over $100 a pound. The market started getting quite excited about that. Share prices for uranium stocks were up. It's come off again since then. It's bumping along. It started to see some signs of recovery again and back around $75-$76 a pound for the spot price. The term price is where it's at, though.
The term price is sort of starting to creep up. We're seeing contracts being written at around $85 a pound. So we're expecting to see, with that demand-supply imbalance continuing, mostly due to lack of investment, but also significant increase in demand, that we'll start to see the uranium price kick up, and ultimately we'll see it above that $100 a pound and sustained above that $100 a pound, which will see more projects coming online. So the case for nuclear energy. Well, it's a safe and scalable source of clean energy. Not always the best topic to discuss in Australia, but when there's 32 other countries in the world that use nuclear power and around 10% of world power generation comes from nuclear power, it's something we can't avoid. It is a safe, clean, scalable source of power, as I said.
There's just under 438 nuclear reactors operating in the world presently, 62 currently in construction and another 87 in planning stage. Many, many countries have agreed to triple their output of nuclear power by 2040. That's only going to lead to one thing, and that's more uranium demand. Uranium mining and nuclear power, I mean, nuclear power in Australia is probably a topic we're not going to be discussing for a little while to come still, but at least for uranium mining, it's two states in Australia, or the Northern Territory and South Australia, where uranium mining is possible. It's not banned, and we're operating in the Northern Territory where we have 16,000 sq km of land tenure.
Just to get into our portfolio of assets that we already have, we're centered around our McArthur Basin area, which is the Nabarlek Uranium Project, which was the historical Nabarlek Uranium Mine, and then to the southern end of that is the Murphy West Uranium Deposit or Project, sorry, which I'll talk on a bit more detail in a second. Kennedy is our rare earth project. We already have a 150 million tonne resource there. It's a great asset. We're working through doing some heap leach testing on that one at the moment as well. What's our exploration strategy? It's pretty simple. We're looking for monster deposits in an area that's known to host them. These figures on the slides now show you where these unconformity-style monster deposits are hosted. There's only two regions in the world.
One is the Athabasca Basin in Canada and then the McArthur Basin in Australia. This is the same scale. If you look at the scale bar down the bottom, 200 km across, we're operating in an area where we have 16,000 sq km of ground in an area that's known to host deposits, but also is very underexplored. The Athabasca Basin itself has hosted deposits like Cigar Lake, McArthur River, but is very much controlled by the majors, and it's very difficult to get ground there. We've got our full run of the McArthur Basin. So just drilling into our Nabarlek project in a bit more detail. So Nabarlek was a mine, was Australia's highest-grade uranium mine ever. It was mined in the late 1980s, early 1990s. It was, well, discovered in the late 1980s. It was mined in four months.
It was processed over the following eight years, producing around 3 million pounds per annum. So it was 24 million pounds in total at a grade of 1.84% uranium. To the south of us is the Jabiluka Deposit, which sadly sits within the Kakadu National Park and may likely never see the light of day. South of that is the Ranger Uranium Mine, which is now finished. We're sitting in the same geological trend, a structure that we believe hosted Nabarlek and is going to likely host another one somewhere around our area. That's what we're hoping for. Our strategy has been focused on looking for the right rocks, intersecting with the right structure, and using various different geological techniques to identify where those anomalies may be identified. We're focused now on these right rocks and right structures.
As you can see on the slide here, the outline in blue are our exploration tenements, 6,000 sq km in the Alligator Rivers province here. The red area, the outline there is our Nabarlek mining lease, which we still have, and where our exploration camps are based. To the north, we have some new tenements, which I'll talk on in a second. So we're looking at, as I mentioned, the right rocks and the right structures. The two fault zones within the Nabarlek immediate region are the Nabarlek Fault and then the U40 Fault corridor. Nabarlek itself, we were drilling in 2023 and 2024. To the north of Nabarlek, the historical mine, and to the south, we intersected significant uranium mineralization where it intersected those faults.
We're now coming back and reanalyzing that and looking at some additional data to try and test where the areas would be continuing to the south. The U40 Fault zone, again, some incredible intersections that were encountered in drill holes back in pre-Fukushima, actually, most of those with Cameco, where we got grades of up to 7% or over 7% uranium, over 6 meters and just on 75 meters of cover. So compared to Athabasca, where they sit under sandstones, typically somewhere between 200 and 300 meters of cover, around Nabarlek, it was sitting at surface, and the rest of the sandstone cover sitting between sort of 60 to 80 meters. It's still blind, though. So outside of Nabarlek, we need to use these other techniques to try and uncover where we can start drilling.
We recently, during the wet season this year, undertook a review of all the data that we've collected over the years. We've got an incredible data set of over 50 years' worth of geological data, including a radon track etch survey that was done by Queensland Mines back in the late 1980s. That just identifies where there's radon gas emitting through the fracture zones or the fault zones. That identified these new areas where the high magenta bars demonstrate high radon anomalies sitting across these fault zones. Not overly creative, but we named the main one, Big Radon, for it does what it says. There's a lot of radon anomaly coming through there, and it sits exactly over the Nabarlek Fault zone. It's never been drilled. It's a whopping target that we want to go after.
We've just completed all of our heritage surveys over that area and getting prepared to get in there. KP to the north, similar situation, high anomalies, radon anomalies. Then we've also identified another two, Leatherhead and Overload. To the north, as I mentioned before, we early on this year had two new exploration licenses granted. These are sitting just to the south of Deep Yellow's Angularli Deposit. Angularli's a 32 million pound deposit at just over 1% uranium grade. It sits on a structure, and that structure continues on into our exploration tenements to the south. We've had that license now granted. We've met with the traditional owners, and we were given clearance to go out there on our work program meetings. We've done our heritage surveys, and we're now underway with a gravity survey that's been completed there.
Just moving to the south, Murphy West, southern end of the McArthur Basin. This is an earlier stage exploration strategy. We hold that land under joint venture with a number of companies, many of them represented here at the moment, over 10,000 sq km of ground. We're taking a mineral system analysis approach. Last year, we flew radiometric survey and gravity survey, and we're now undertaking soil geochemistry surveys on that area. Very exciting area. It sits to the west of Laramide's Westmoreland deposit, which is a 65 million pound deposit. So we've got two massive uranium deposits either end of the McArthur Basin, and we've got 16,000 sq km sitting in the middle. So we're busy. We're on the ground. The team are up there at the moment. We've completed our gravity survey.
We got a grant from the Northern Territory Government to co-fund some maiden drilling at Big Radon and KP. We're relogging some of the historical core again on the strategy of identifying the right rocks with the right structures. That will allow us the opportunity to zero in on those targets that we want to drill again at Nabarlek and at U40. Then to the north, near Angularli, we've completed that gravity survey. We're now evaluating all of that to identify the areas that we would want to go and drill. Then Murphy West, we're currently doing the ground soil geochemistry at the moment as well. We're a proven team. We've got good backing from Tim and his followers. We're here to grow shareholder value. We're focused on building that portfolio through acquisitions, but also through the drill bit.
I hope you can keep an eye on our story, and please come and see me at the booth. Thank you.