DevEx Resources has received commitments of $10 million via a placement to investors.
The funding will be used to underpin DevEx’s drilling programs at its uranium, rare earths and nickel projects in WA and the NT.
DevEx is also undertaking a pro rata non-renounceable entitlement offer to raise approximately $11.1 million before costs.
“The capital raising allows us to increase drilling momentum across our two key projects – the Nabarlek uranium project in the NT and the Kennedy ionic clay-hosted rare earth project in Queensland,” DevEx managing director Brendan Bradley said.
“Against the backdrop of the most favourable environment for uranium exploration in over a decade, we have been delivering exciting results from Nabarlek, with shallow high-grade mineralisation encountered at several prospects, surrounding the historic Nabarlek mine.
“Meanwhile, at Kennedy we are currently scoping out the potential scale of what could be a gamechanging discovery in an entirely new rare earths province.”
The Nabarlek deposit sits within the Alligator Rivers uranium field, approximately 62km north east of Jabiru in the NT, while the Kennedy rare earths project is located in northern Queensland.
DevEx owns 100 per cent of both projects.
“We are delighted with the response from investors to this raising, which reflects the quality of our projects and their potential to deliver significant value for our shareholders,” Bradley said.
“I would like to take this opportunity to thank both existing and new investors for their support.”