Good afternoon. I've cleared the room. This is great. Okay, good start. Good afternoon. Something else different for this afternoon. You've heard from bauxite, iron ore, low-carbon tech, and now uranium. I do have to represent my uranium peers at this conference, so hoping I do a good job there. I'm the managing director of DevEx. I did spend 17 years prior to this role working for Rio Tinto, and I worked across a number of different assets and operational roles, project development and strategy. A lot of people have said to me, "Why did you leave Rio and end up in a uranium exploration company?" There's three key reasons for that. The first is I'm passionate about the thematic. In Rio, I led the battery materials business.
I was really focused on energy transition materials, and I see a world now where it's energy addition, and that's nuclear provides a green baseload solution to that challenge. Second was the prospectivity of our uranium exploration activities in the Northern Territory, where there is no moratorium on uranium mining. The final part is to join the Team Goyder stable. It's the next little horse in the starting gate after Chalice, Liontown, and Minerals 260. I am here to build a business, and I'm here to generate value for shareholders. I will be making some forward-looking statements, so please review this. Our company. Early this year, we refreshed the DevEx strategy, and we're now laser-focused on uranium. We have a strong board, and we have a clear strategy about how we're going to grow.
We're going to grow through exploration, we're going to grow through acquisition and developing into a supply shortfall, and we're going to grow through having early and enduring partnerships with key stakeholders. We are well-funded, and we're ready to deliver. We did a capital raise late last year, so we have good cash in the bank. We've closed out the Alligator acquisition, which was the key reason for the raise, and it consolidated our land position in the Northern Territory. We also have investments in Lachlan Star Resources, so a gold company which was vended out of DevEx. We also have an asset called Kennedy in Queensland, which is an ionic clay, that is non-core. Over time, those assets will be recycled to feed back into uranium. We are very well-funded. We've got good coverage through the brokers noted here, and we have an excellent board.
We've got Mattie Yates joined our board around the same time as me, and hopefully he's in the room. He's on our board. Stacey Apostolou, who's our corporate development GM, is also joining me here today. We've had a bit of a bump up on our share price, so I think she's been doing a great job at the booth. We also have Andy Brown, who joined us as a technical advisor earlier this year to support our exploration program. The reason I'm calling that out is he was a uranium geologist in the Northern Territory for 27 years, and then he went and worked in the Athabasca Basin and was part of the founding team that found NexGen's Arrow. He's very familiar with targeting in the styles of geology that we're talking about. Tim, our chairman, is our major shareholder.
Our top 20% shareholders own 60% of the company, and we've got good insto coverage. We're about 30% institutionally held. Tim hates this slide. I love it. Tim, what does he do? He finds good companies. He backs the right team and brings the right team in there, gets good capital support, and therefore is able to take a small cap company into a midcap developer or producer. You see that here. He's created significant value for shareholders. You see that with Chalice, you see it with Liontown, you see it with Minerals 260, and DevEx is the next chapter with the uranium vehicle. A bit about uranium, because you won't hear much about that over the next couple of days. The uranium thematic has really shifted from being optional to strategic. The energy crisis has really seen a lot more of a drive there.
There are companies contemplating or have shifted from not having nuclear energy to shifting and pivoting to it. With AI, the forecast says that AI will need 945 terawatt-hours of energy by 2030. That is the whole of Japan's entire consumption. Significant amount of energy is required to power AI. What does all that mean? That means that that supply. There hasn't actually been a price response as much as you would expect because of the contracting cycles. You see the supply graph is actually dropping off post about 2033, and you see the demand opening out. You see this massive supply deficit, and that is the investment thesis for DevEx. We're finding, we're developing, and we're supplying into that growing supply deficit. Our strategy is to be the new force in uranium. Our aspiration is to produce 10 million pounds per year.
Which people go, "Well, you don't even have pounds yet." But we are on the hunt through three different pillars. When I say 10 million pounds, it sounds like a lot, but in my mind, it's two to three assets producing between three and five million pounds per year. It's definitely achievable when you look at the strategy we have in front of us. We have the most prospective land position outside of the Athabasca, and that is in Australia, in the Northern Territory, where there is no moratorium on uranium mining. We have a targeted program around M&A, where we're looking for more advanced assets to develop into the supply shortfall. Pillar three for us is not fluffy ESG. It's actually core, trusted, enduring relationships with key stakeholders to support our activities where we operate.
It's underpinned by a dynamic team and an unwavering belief in the thematic. Pillar one. To center, this is the Northern Territory. Think of this McArthur Basin like a bowl. We hold the leases at the north and the south of it, and in the middle, it's too deep to explore or to produce. As I said, the Northern Territory is open for uranium mining. We have very good support from the regulators and the government, and importantly, we have very good support from our traditional owner groups on the land holdings that we have, which are the very different groups from what you see around Ranger and Jabiluka. Why do we like this area? I call it Australia's Athabasca. The Athabasca Basin is on the right-hand side there. That's home to NexGen's Arrow. As you can see, it's a very busy basin.
There are a lot of companies either exploring, developing, or producing there. On the left-hand side, you have the McArthur Basin in Australia. Three core companies in our basin, and it is very under-invested and underexplored. I did the research. In the Athabasca, AUD 5 billion has been spent since 2000 on exploration activities. In the whole of the Northern Territory over that period of time, and not just on uranium, it's AUD 750 million. None of this is about the quality of the geology, because the geology is the same. It's actually about the perceptions in Australia and in the territory about uranium and policy, which has impacted investment into this area. This is on our website. Please come and see us at the booth, just explaining a little bit about unconformity-style deposits. They are large. They are rich.
The reason that Ranger and Nabarlek were found so easily is the cover that sits above the unconformity line had worn off over billions of years. It was very easy to target and find through radiometrics. The real secret for these deposits is knowing the symptoms and signals above ground that tell you that something is lying beneath, which is where Andy's help with targeting techniques from the Athabasca and also from this region are really important. This region in Australia is where grade and scale exists. These are all the deposits across Australia. The red dots, Ranger, Jabiluka, Angularli and Nabarlek are all unconformity-style deposits and all in this region. We're looking for more of those. This is our land position. It's significant. You fly over it and it's quite overwhelming, to be honest.
You can see why the consolidation of this position is so important, where you see the structural fault lines that run straight through the center of our lease area. Uranium lies along these hot fault lines. You can see there's known deposits on them. We're looking for fault complications, as well as a whole number of different targeting techniques to find the next Jabiluka or even Nabarlek in this region. Also, really importantly, in the middle of this lease area, centered, is the former Nabarlek mine. It was mined by Queensland Mines in the 1980s. A very rich mine. It still has some existing infrastructure there. There's a 1.6 km all-weather airstrip right in the middle of our lease area, which is fantastic in terms of access in an area that does have quite a big wet season.
What we've been doing since we picked up this additional lease area is consolidated and merged the data set. There was a terabyte drive of data that we got from Alligator Energy. We've merged those data sets. We pulled together a multi-year pipeline of very highly prospective targets. Traditionally, DevEx has just said, "Here's our drill targets for next year." Now we have actually targets that span across a multi-year pipeline. This is what our pipeline looks like. The way I think about this is dynamics. You've got drill ready. That's one team. We have a drilling team with a geologist. We have a targeting team that is on the ground doing mapping and also bringing in different layers of analysis to target.
It's a really important point for this program because that work helps us vector in even more closely on a target area and increase our probability of drill success. We have land access. A point to note here, this is in Arnhem Land. This land is freehold-owned by the Aboriginal people. The application to exploration license process is something that is absolutely de-risk for DevEx. We have a track record of doing that through a great relationship with the Northern Land Council and also a very good track record with our core traditional owner group, the Madja-warr, who are around the Nabarlek area, who have a trusted relationship with us for 10 years and talk to that with other groups. Only just recently, Sandfire in the north, we moved from application to lease. That took 18 months.
There's other companies in the region that are four years in and still haven't had a meeting. It's a really important differentiator. This is in the north. I will go quickly through these because they're great targets, please don't mean that I don't think they're prospective. The first target we have for this season is just down the fault line from Angularli, which is a Deep Yellow deposit right up near the coastline. We like this. It's on the same fault line. There's cross-faulting structures. The surface geochem surveys showed us that the indicator minerals at surface are the same as Nabarlek. In the magnetics, you see an anomaly that sits right on that fault line. We will be drilling this target as soon as the drill arrives.
If we go to the center of our lease area, you can see the former Nabarlek mine in the middle there. You follow that fault structure down, and there is radon cup and radiometric survey data that shows a massive anomaly. It's about 3 km long. It's never been drilled. It's taken DevEx the last two years to get access into it. There is also alteration signatures, which is a targeting technique that we've brought from the Athabasca that sit over the top of this. I'll show you on the next slide, the complexities of the ground gravity show that it's a really good target for us. We're also for there, Big Radon and KP also on this slide, the Northern Territory Government is co-funding the drill program there. This is what they look like. We are currently drilling at Big Radon.
You can see the faulting there. KP will be next. Further south, we have the Caramal region, we're on the ground doing ground surveys and techniques there to bring up targets for this drill season. We have drill applications in place for there, we're really trying to get the drills down there as soon as we can. More regionally, we're continuing to bring the targeting layers in. I have run out of time, I'll just get to pillar two, which is M&A. I get asked a lot about how we're looking at M&A, and it's really important to see that we are using DevEx differentiators. We are looking for scale and grade, we are looking for simplicity, and we are looking for good capital allocations into assets that we know we can generate value from. We're not using AUD 1 a pound.
We are actually doing bottom-up models on all our targets to make sure that they're the right target. Pillar 3, Jill in the middle grew up on the ground around Nabarlek. She is a core supporter of DevEx. You can see the photos there. I'll let you look at that at your leisure. What to expect coming up from us, we're drilling, but we're also doing ground surveys and land access. We'll continue to update the market on how that work is progressing and also with any progress that we make in the acquisition front. Finally, we are a uranium company. We are here to grow, and we are here to build a business. Thank you.