Rob's gonna walk us through the DevEx story. And you guys had a huge increase in your shares back in December-
Yeah.
That brought on more great team members. Marnie Finlayson.
Yeah.
came on board, and I'm interested to see what you're gonna do in 2026. You've had some great little finds as well, obviously.
That's right.
Would you please make him very welcome, and let's dive into DevEx. Last one before morning tea.
Thanks very much, Chrissy, and thanks for giving us the opportunity to present DevEx to this forum. We are a well-funded, frontier-focused uranium explorer with outstanding executive and exploration teams, and we are positioned to deliver value through execution of meaningful exploration programs, mergers, and acquisitions. I'll leave you to read the disclaimers at your leisure. We are positioning ourselves for growth in the uranium sector, and we have a very clear pathway on how to achieve this. The first and second milestones are in place. In recent months, we have built up our a very commanding land position in a world-class uranium province, and we have built up our executive and exploration teams to give us full value chain expertise across exploration, acquisition, development, and operations.
We have a two-lane growth strategy that will lead to the value creation based firstly on drilling targets in a well-stocked target pipeline, and secondly, achieving growth through strategic mergers and acquisitions. One of the key drivers of success in exploration is the quality of the board and the level of support that they give to the exploration team. Another key driver is access to capital. At DevEx, we are extremely fortunate to have both. We have the highly capable chair, board, chaired by Tim Goyder, who is also the chair of Liontown Resources and Minerals 260. Tim has a remarkable track record in building high-functioning teams and delivering resource projects. As Chrissy mentioned, Marnie Finlayson joined us recently as Managing Director. Marnie is a minerals processing engineer, has over 27 years of experience in operational and project development project development.
She is a former managing director of Rio Tinto's Battery Materials business unit. She's also a non-exec director of Northern Star. Matthew Yates, Matthew Yates, also a geologist, has recently joined the board as a non-exec director. Matt brings decades of experience in exploration and resource development, including the advancing of uranium projects in Africa. As a geologist, our technical director, Brendan Bradley, has more than 25 years of experience in exploration and resource development and has been working in the uranium space for the last 10 years. Overseeing corporate development, Stacey Apostolou brings over 30 years of finance experience within the exploration and mining industry. So we have the expertise and experience, and our capital structure is excellent. With a market cap of around AUD 160 million, and following our recent capital raise, we have AUD 39 million cash.
This gives us an incredibly solid runway to execute meaningful exploration programs that make for discoveries, and it places us in the hunt for a strategic, strategic acquisition of an advanced project. But why is DevEx focused on uranium? This graph, sourced from the World Nuclear Association, neatly summarizes the current uranium supply and demand fundamentals and forecasts them out to 2040. As we can see, there's been a year-on-year growth in demand for uranium, and that up until now, supply has generally met the demand. However, by 2030, the supply of uranium is forecast to plateau, leading to a significant and widening gap between supply and demand. Our strategy is to position ourselves in that gap, fill that gap, and be ready to meet that growth in demand for uranium.
The DevEx exploration team has been tasked with discovering a giant, high-grade, unconformity-type uranium deposit within a world-class region, and at a board level, we have the expert experience and the expertise required to turn a discovery into a profitable operating asset. This oblique image of the top end of Australia summarizes our discovery opportunity. In pale blue, you can see the McArthur Basin extending for 800 kilometers from Westmoreland deposit in the south, southeast, to the Angularli Uranium Deposit in the northwest. The McArthur Basin is a geological package of sedimentary rocks that plays a critical role in the formation and the preservation of uranium deposits.
As illustrated by this image, DevEx has a commanding land position within the McArthur Basin, with our exploration efforts focused jointly on our 100% Nabarlek Project area in the northwest and our Murphy West Project, which we operate under earn-in agreements in the southeast. Giant, high-grade, unconformity-style uranium deposits occur in only two regions of the world: North Australia and the northern parts of Canada. On the right, in yellow, we have the Canadian Athabasca and Thelon basins, and on the left, we have the Australia's McArthur Basin, also colored in yellow. These maps are drawn to the same scale, the 200-kilometer scale bar and those pale circles providing a means of comparison between these two basins.
I draw your attention to the size of the opportunity that exploring in the McArthur Basin in Australia gives us, and the discovery potential that our land position has in this premier underexplored uranium province. A key part of our exploration strategy is aimed at targeting Jabiluka scale opportunities, giant high-grade unconformity-type uranium deposits, sometimes masked by sandstone cover. This style of uranium deposit occurs on or very close to the contact between older deformed basement rocks, in blue, that have been buried by younger sedimentary rocks, seen here in yellow. The contact between the older rocks and the overlying younger rocks represents a gap in the geological record that we refer to as an unconformity.
After that, you need faults to cross-cut the unconformity, followed by the circulation of uranium-rich fluids, which within the fault, and you need those fluids to also react with chemically favorable rocks close to the fault zone to produce a uranium deposit. As you can see, as illustrated by these cross-sections, the uranium deposits straddle the unconformity or extend into the basement, or they form along those key reactive rock types. Many of the deposits are blind, which makes discovery challenging, but our discovery team is working to refine our exploration techniques to allow us to identify subtle geological, geophysical, and geochemical signatures that assist to target blind mineralization. We are honing our ability to identify the right rocks and the right structures.
Let's focus for a moment on the Nabarlek Project Area within the Alligator Rivers Uranium Province in the northwestern part of the McArthur Basin. The province has an endowment of over 730 million pounds of uranium and includes the world-class Jabiluka and Ranger deposits, which are 50-60 kilometers from our core tenure. This area has been an established uranium mining district for over four decades. We operate in an area where we have built strong relationships with the community, and we have agreements that stretch over a long period of time. Our project area is centered on the historic Nabarlek deposit, Australia's highest grade uranium resource mined in the late 1970s and early 1980s. Although now under rehabilitation, the site provides us the means to rapidly establish processing infrastructure in the event of discovery in the greater project area.
Our recent acquisitions, either completed or nearing finalization, stitch together a commanding land position. On this map, existing DevEx tenure is colored in shades of blue. The other colors indicate the ground we have acquired or are in the process of acquiring from Rio Tinto and Alligator Energy. So this is what our great project, Nabarlek Project Area will look like in the very near future once those acquisitions have been finalized. With granted tenure in dark blue and the applications in pale. We'll be exploring across 9,200 sq km under a single DevEx banner.
By bringing this package together under a DevEx banner, we gain unencumbered access to explore highly prospective regional-scale structures, such as the one linking Nabarlek deposit with the Caramal resource and the trend that runs southwards from Deep Yellow's Angularli deposit in the north to U40 in the center. This land consolidation gives us the opportunity to merge multiple proprietary data sets and fully leverage the exploration advantages that this gives us in pursuit of our goal to discover a Jabiluka-sized uranium deposit through targeting approaches that recognizes the right reactive rocks, the right structural corridors, and critically identifying where the structures and reactive rocks intersect each other. We have a target-rich environment, a well-stocked target pipeline, and we are looking forward to a very active 2026.
In the following slides, I will look at the core part of our work around Nabarlek, and then we'll head north to look at our Sandfire target. This is a closer look at our core tenure that hosts the historic Nabarlek deposit and the nearby structural corridors that we believe are prospective. The basement rocks are in blue, and the McArthur Basin sandstone cover rocks are in yellow. Firstly, along the Nabarlek fault corridor, we are continuing our work to identify where the Nabarlek host rocks, or rocks that have very similar reactive characteristics, reoccur within the geological package at depth, and critically, where they may be cut by the Nabarlek fault system. We have identified important structural corridors to the east and west of Nabarlek that connect known uranium occurrences and which provide a further focus for our continued exploration.
Here we look at our core tenement from an oblique perspective, and we are displaying Radon Track Etch data, which acts as a pathfinder for uranium. Some of these radon anomalies, including Big Radon and KP, remain untested. We have completed ground gravity surveys at these multi-kilometer anomalies, and we are advancing them towards drill testing this year. To this end, we have received co-funding from the Northern Territory government to support the initial drill testing, and heritage and environmental surveys have been completed. Elsewhere, such as at Leatherhead, we have identified hyperspectral anomalies, which we believe reflect hydrothermally altered sandstone overlying potentially mineralized structures. Jumping north up to Sandfire, our current exploration activities are not only focused around Nabarlek, but up at Sandfire, located in the northern part of our tenure, we have a target that's approximately three kilometers from Deep Yellow's Angularli deposit.
It falls across a regional-scale structure that links Angularli with several other uranium occurrences in the district. This is a target that we've worked up over the latter parts of last year and completing ground gravity surveys and geochemical surveys, and we've defined quite a tight target, which we are planning on drilling in the coming season. Heritage and environmental surveys have been completed. And finally, a brief word on our Murphy West project in the far southeastern part of McArthur Basin. We are the exploration operators over this tenure, working under earning agreements with Transition, GSW, and Trek. Our Murphy West project adjoins Arafura Resources' land package that straddles the Northern Territory-Queensland border, and which hosts a 65 million-pound Westmoreland uranium deposit. DevEx has flown an extensive airborne radiometric and magnetic survey, and a rigorous targeting exercise has been completed.
Several top-ranked targets have been covered by geochemical surveys, the results of which are encouraging and have been released to the market. Follow-up surveys are in progress or were in progress right until the onset of the current wet season. We plan to progress a number of these Murphy West targets to drill testing later this year. In conclusion, we have the right team and the funding to execute two parallel strategies. The first is to make a discovery within our tenure, and the second is growth through acquisition of an advanced project. To make a discovery, we have a well-stocked target pipeline within our existing tenure, commonly comprising coincident geophysical and geochemical anomalies, and in addition, we have targets derived from the projection of the right rocks and the right structures.
On top of this, our target pipeline is being bolstered by the opportunities we can see in the ground we are acquiring from Rio Tinto and Alligator Energy. Regarding acquisitions, we have increased our internal project generation and business development capacity and are actively looking for advanced project opportunities to balance our portfolio. Thanks for following our story. Stay tuned for what is going to be a very exciting 2026, and over tea, stop by booth 50 and we'll chat some more. Thanks very much.