DevEx Resources (ASX:DEV) share price surges 15%, up 40% in a month. Here’s why

The minerals exploration company has been booming of late…
The post DevEx Resources (ASX:DEV) share price surges 15%, up 40% in a month. Here’s why appeared first on The Motley Fool Australia. –

The DevEx Resources Ltd (ASX: DEV) share price is extending its month-long run on Monday.

At the time of writing, shares in the mining exploration company are trading 15% higher to 36 cents per share. The continued momentum in the company’s share price puts its monthly gain at 40%.

Despite the impressive move, there are no fresh announcements from DevEx today.

On that note, let’s take a look at what DevEx has been up to.

Busy collecting results

DevEx is an exploration company with multiple tenements covering a range of resources. Interestingly, the company is chaired by Chalice Mining Ltd (ASX: CHN) and Liontown Resources Ltd (ASX: LTR) chairman Tim Goyder.

DevEx’s exploration activities span several discovery hot spots including the Julimar Complex in Western Australia, Lachlan Fold Belt in New South Wales, and Alligator Rivers Uranium Province in the Northern Territory. However, investors have likely been snacking on two predominant themes concerning the DevEx share price recently.

Firstly, on 17 August 2021, DevEx shared its results from an air-core drilling program at its Sovereign Project. The company highlighted a 12km long mafic-ultramafic intrusion defined by its exploration results. This finding has buoyed hopes for nickel-copper-platinum exploration in the region.

DevEx share price catches uranium surge

Secondly, the strong gust behind uranium shares has likely flowed into DevEx Resource’s sails. The small-cap explorer is not alone in this. Other ASX-listed uranium players such Peninsula Energy Ltd (ASX: PEN) and Paladin Energy Ltd (ASX: PDN) are flying 20% and 15% higher respectively.

While not quite of the same calibre in terms of market capitalisation, DevEx holds exposure to uranium with the Nabarlek Project in the Northern Territory.

The company holds a tenement covering 4,700 square kilometres in the Alligator Rivers Uranium Province. The tenement covers the historical Nabarlek uranium mine which produced 24 million pounds of ore at 1.84% U3O8.

Due to the improving uranium market, DevEx is conducting a project-wide review of the Nabarlek Project. This statement bodes well for the DevEx share price, considering the boom in interest from uranium investors.

The post DevEx Resources (ASX:DEV) share price surges 15%, up 40% in a month. Here’s why appeared first on The Motley Fool Australia.

Should you invest $1,000 in DevEx Resources right now?

Before you consider DevEx Resources, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and DevEx Resources wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

These are the 10 most shorted ASX shares

ResApp (ASX:RAP) share price races 18% higher today, up 65% in a week
BHP (ASX:BHP) share price lifts despite US mine doubts
Week ahead: Jobs, confidence and RBA. Scott Phillips on Nine’s Late News

Why Afterpay, Chorus, NAB, & Omni Bridgeway shares are dropping

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!