Up next, we have Marnie Finlayson, Managing Director of DevEx Resources. Marnie is a minerals processing engineer with extensive mining experience across multiple commodities, including lithium, borates, gold, iron ore, diamonds, base metals, and coal. She was appointed Managing Director of DevEx in December 2025 and has served on the board of Northern Star Resources. Marnie holds a Bachelor of Engineering, Minerals Engineering with honors from the School of Mines out here in Kalgoorlie. She is passionate about the mining industry's critical role in the energy transition and is committed to developing the next generation of mining leaders. Thanks, Marnie.
Thank you, Courtney. Thank you very much for that kind introduction. It gives me absolute pleasure to present DevEx Resources for the very first time at this forum, and also to be one of the only two uranium stocks that you'll hear from this week. After 17 years with Rio Tinto, I ended up at DevEx Resources, and I had a lot of people say to me, why? The very first reason for that was the thematic. My last role at Rio Tinto was the Managing Director of Battery Materials, and we talked a lot about energy transition. The way I see the world evolving today, we are moving to energy addition. Nuclear energy is a green baseload power solution to be able to do that.
The second reason was the prospectivity of the land position that DevEx has and has accumulated in the Northern Territory, what I like to call Australia's Athabasca. The third reason was to be a part of the Tim Goyder stable. You heard from Luke earlier today, and you heard from Tony in this session, and Tim's companies and that track record of delivering significant shareholder value. I am here to build a business. We conducted a strategy reset for DevEx in February, and we are now laser-focused on uranium. We have a management team and board that has a track record of delivering significant value to shareholders. We will create that value three ways. Number one, through our exploration program in the Northern Territory, where I'll remind you that there is no moratorium against uranium mining, and we've just commenced drilling.
Second, through acquisition, we're on the hunt for more advanced assets to feed into a growing supply deficit, and through underpinned by really strong partnerships with key stakeholders. We are well-financed and well-supported to deliver this. To that financing, at the end of last quarter, we had about AUD 27 million in the bank, and we hold two position in non-core assets for our portfolio. The first is a position in Lachlan Star, and the second is an ionic clay rare earth deposit in Queensland called Kennedy. At the right time, we'll recycle those assets and that funding back into uranium growth. We are well-supported, and we've got good research coverage, as you can see here. At the same time I joined the board, Matty Yates also joined the board and brings very good exploration discovery success as well as uranium experience.
I'd also like to call out here that we are using Andy Browne as an independent advisor for our exploration program. Andy spent 27 years exploring and discovering in the Northern Territory, then more notably, went on to discover NexGen's Arrow in the Athabasca. He's very familiar with targeting techniques with these styles of deposits. We have, as you can see here, our top 20 shareholders own 60% of our stock, and we now have about 30% of institutional funds. Tim hates this slide, and I love it. It really shows the track record of our chair of taking a small cap miner, and with the right team and the right capital market support, delivering significant shareholder value. You see here, the story around Chalice Mining with PGMs. You just heard from Tony and the Liontown Resources Lithium story.
Earlier today, Luke around gold and Minerals 260. DevEx Resources and uranium next. Why are we so bullish about uranium? The world has an insatiable thirst for energy. By 2030, AI alone will require 945 TWh of energy. That is the whole of Japan's entire energy consumption. Most recently, you would've seen that India and Australia struck a supply deal in order to feed into the nuclear supply chain in India. Only on Friday, the High Commissioner from India was already in Perth meeting with uranium companies to understand what that framework means. As you can see on the supply-demand curve here, and very similar to what Tony talked about with the lithium supply, because of lack of incentivization, that supply is not coming through as quickly as the demand requires.
The investment thesis for DevEx Resources is we are here to explore, discover, develop, and supply into that growing deficit in the late 2030s. There's three pillars for growth here. We want to be the new force in uranium. I have an aspiration for us to be a 10 million lbs producer, and everyone goes, "Well, that's a massive aspiration." But for me, it's easy. It's two to three assets operating between 3 million lbs - 5 million lbs per annum. We'll do this through our exploration program in the Northern Territory, through acquiring more advanced assets and developing them into the supply deficit, and very firmly to ensure that we have early and enduring relationships with key stakeholders to ensure that project development is done efficiently. This is all underpinned by a very dynamic management team and a very strong commitment to our values.
Just to centre you, this is the Northern Territory. No moratorium for uranium mining. Our land is centred around the former Nabarlek mine, and we have very strong traditional owner support, and it's a great neighborhood. There's 750 million lbs of uranium endowment. This is the tale of the two basins, and this is to scale. You have on the right, the Athabasca Basin in Canada. Very busy place, lots of companies operating. AUD 5 billion spent on exploration since 2000. On the left-hand side, you have similar geology in the McArthur Basin in Northern Territory. Three manned companies in the region.
Only AUD 750 million in exploration spend for the whole of the Northern Territory, this has got nothing to do with the prospectivity of the geology and everything to do with the changing nature of the state and the territory government around uranium exploration and mining, and that has changed. There's no moratorium in place, and the Northern Territory government is actually supporting our drill program and co-funding it. Unconformity-style deposits, they come up through the crystalline basement. They deposit out on the unconformity line. As you can see with Ranger and Nabarlek, they are open, and the sandstone cover has worn away over millions, billions of years, are therefore quite easy to find using radiometrics. The secret here for finding these deposits is a whole layering of data and different targeting techniques to understand and discover beneath.
I'm not saying this is easy, but I am saying that the effort and time that's required through these layering techniques is worth it because of the grade and scale of these deposits. Case in point, here's the Australian uranium deposit shown here. The four red dots are the McArthur Basin deposits, and you can see very clearly they stand out. We're looking for more of those in that region. This is our position in the Northern Territory. Centred there is the former Nabarlek mine. There is a 1.6-km bitumen strip on that mine, which is very important for accessing this region for us during the wet season. You see here the big fault structural lines that come down through our tenure position now, and those fault structures are hot, and they're very important for our exploration pipeline.
This expanded land position has allowed us to develop a multi-year, highly prospective pipeline of targets to ensure that we are continuing to push targets in front of our drill rigs and to give us higher probability of exploration success. This is the pipeline. I did steal this from an early Genesis pack. But I think it really shows the story, that it's a progression. Think of this as a dynamic pipeline. There's three teams. The first team is doing land access. This is freehold land owned by the Aboriginal people. Land access is negotiating agreements to be able to explore and get exploration licenses, an area that is de-risked for DevEx, and it is a process we've been through many times in this region successfully. In the middle is the real core of it, the target definition.
This is where the layers of data and targeting are really important. We're using data science. We're using more advanced surveying techniques, such as hyperspectral analysis, to understand the alteration signatures that are known to sit above uranium deposits, to really vector in and give us those drill targets, and then to drill ready. In previous DevEx presentations, we would only have talked about our three targets for the upcoming season. What you can now see is a multi-year, highly prospective pipeline of targets, and at the start of next drill season, there will be a lot more targets in drill ready. Point note here, we are now drilling. Our drill season has commenced. Where are we? The three quick targets. The first target is just south of Deep Yellow's Angularli deposit.
About 2.5 km Down the same fault line, there is fault complexity, which uranium loves. The geochem tells us that there's indicator minerals that are similar to Nabarlek, and there is a magnetic signature right on one of those fault lines that we're very interested in. We start drilling here this week. Down in the center of our tenure area, just south of the former Nabarlek mine, you see the Nabarlek fault coming down, 3 km of a radon signature that is highly prospective and has never been drilled. This is an area that the last two years DevEx has been getting land access to. We are now right to drill, and in the background you can see KP. This is them in focus.
You can see the structural complexity in both of these targets, and we are currently about to start diamond drilling at Big Radon, and we've got the RC drill at KP. Further south, which is part of our recent acquisition, you have the Caramal region, and this is a really important part of our future. The Caramal deposit has very strong similarities to Jabiluka 1, and the team are on the ground understanding targeting techniques to really understand where the rest of that ore body might be lying. And also to the east there, Orion East, which will be in our drill program as well. They're rock chipping uranium at surface at 2%. These, we've currently got the drill applications in place, and we're really hoping to get them into this season. When you step out regionally, this is when the magic occurs.
This is where we layer these data. We've got some more hyperspectral, highly pixelated aerial surveys that we're running this month to really understand where the potential targets are more regionally. Off to the east, this is what got Matty Yates on our board really excited. In an application area, you can see the fault line coming down, 7 km of highly prospective ground. Never had a boot on the ground because it's freehold land, so we're progressing the agreement process with the Aboriginal people who own this land. Pillar two. I get lots of questions about acquisition program, and one of the bits of advice that Morgan Ball from Genesis gave me coming into this job, make sure you have multiple options, and that's what we have.
The way we look at it is firstly, what are the assets where DevEx brings differentiators that will create value for our shareholders that others can't? The second is looking jurisdictionally. We absolutely have a preference for, Americas and Australia. The project attributes, similar to what you've heard earlier today, it's about grade, so we prefer percent , not PPM. We're looking at hard rock, not necessarily ISR that's part of a broader deal, but hard rock for simplicity and simple processing because that's where speed to market is so important. Complicated flow sheets take time and capital to develop, so we're looking for simplicity. Finally, and most importantly, traditionally, uranium companies have applied an AUD a pound when they value assets.
We are doing bottom-up mine plan modeling to ensure that we absolutely understand the value of an asset, and that we can bring value to bear for our shareholders. We want to be in the lower quartile of the cost curve, and we want to make sure we've got credible timelines in place. And pillar 3, which brings me great delight, is actually about the relationships we have on the ground in the Northern Territory. On the aerial photo there is the former Nabarlek mine. You can see the 1.6-km bitumen strip that is really crucial for our infrastructure and access. And in the middle with that lovely photo, standing next to Tim, in the middle, is Jill. Jill grew up as a nomadic Aboriginal in the grounds around Nabarlek, in those caves.
As she grew up, she actually went back to Nabarlek and lived in an outpost just south of the mine as the mine was operating. Her children grew up on country, and her husband worked at the mine. She has very fond memories of Nabarlek, and now her people, and her family, are no longer at that outpost and want to be back there. The other piece of this is around the Northern Territory Government. As I said, no moratorium in place. They are co-funding our drilling, and at a federal level, the India-Australia supply deal is an indicator of support. What do you expect to see from DevEx upcoming? Expect to see news flow around our whole pipeline, what we're doing in terms of land access, how we're progressing our targeting and drill results, as well as anything that is happening in the M&A space.
In conclusion, we are laser-focused on uranium, and we are focused on creating shareholder value in the short term through the drill bit with our multiyear, highly prospective pipeline of targets in the Northern Territory, and in the longer term, to develop assets to feed into that growing supply deficit we see in the late 2030s. I am here to lead the building of the next Tim Goyder company. Thank you.
Thank you