SYDNEY: DevEx Resources Ltd (ASX:DEV) said on Monday it has agreed to acquire Alligator Energy Ltd’s (ASX:AGE) entire uranium exploration tenure package in Australia’s Northern Territory for A$7.5 million, expanding its footprint in the world-class Alligator Rivers Uranium Province (ARUP).
The deal consolidates 9,200 square kilometres of contiguous ground surrounding DevEx’s Nabarlek Uranium Project, tying together multiple highly prospective corridors including Nabarlek North and Tin Camp Creek.
The ARUP, located on the north-western margin of the McArthur Basin, has historically produced more than 700 million pounds of uranium and hosts major deposits such as Ranger and Jabiluka. DevEx said the acquisition strengthens its position to pursue district-scale exploration targeting high-grade, unconformity-related uranium.
Under the agreement, DevEx will acquire Alligator’s shares in subsidiaries TCC Project Pty Ltd and Northern Prospector Pty Ltd, along with direct tenement interests. A$1.75 million of the consideration will be held in escrow pending renewal of exploration access agreements due in 2027.
Managing Director Marnie Finlayson said the deal, combined with DevEx’s recent purchase of Rio Tinto Exploration’s adjacent tenements, gives the company “a much clearer line of sight as to where the next big discovery may lie.”