That's because the team at Bell Potter believes the ASX stock in this article could rise over 85%.

Which ASX stock?

The stock that the broker is bullish on is Devex Resources Ltd (ASX: DEV).

It is a Perth-based uranium company focused on the Alligator Rivers Uranium Province (ARUP) on the north-western margin of the Northern Territory's McArthur Basin. 

Bell Potter notes that the ASX stock has consolidated a district-scale land position with over 50km of highly prospective fault corridors which host existing uranium discoveries. 

The broker has been pleased with recent exploration progress and believes there's more to come. It said:

One month in, the program has delivered encouraging results. At the KP Prospect (2km radon anomaly), DEV hit a 10m-wide fault breccia above the unconformity, geochemically similar to the geology overlying the likes of Jabiluka. Big Radon Prospect (3km radiometric and bedrock alteration anomaly) drilling has identified a 20m wide fault zone and down hole gamma reporting 1.6m at 680ppm eU3O8 in chlorite altered schist with further assays pending. 

At Sandfire, drilling will test for the position of the Angularli Fault Zone along strike from Deep Yellow's 32.9Mlb U3O8 deposit. DEV continues to work-up prospects by relogging historic drill core and analysis of recently consolidated datasets. A recent airborne hyperspectral survey of DEV's granted tenements will add further data granularity. The historic Caramal deposit (6.5Mlbs at 0.31% U3O8) provides an important geological analogue.

Big potential returns

According to the note, Bell Potter has put a speculative buy rating and 41 cents price target on the ASX stock.

Based on its current share price of 22 cents, this implies potential upside of just over 85% for investors over the next 12 months.

Commenting on its buy thesis, the broker said:

The key value catalysts for DEV include uranium market fundamentals, exploration results and M&A-led growth. We have a positive medium- to long-term outlook for the uranium market, supported by barriers to new supply and demand growth linked to electrification, energy security and AI-related power requirements. 

DEV has embarked on a systematic exploration program across a district-scale consolidated landholding in a historical but underexplored uranium province analogous to Canada's Athabasca Basin, a region supplying around one quarter of the world's uranium needs. We expect DEV to be disciplined in further consolidating uranium assets in support of its ambitious growth targets. At 30 June 2026, DEV had cash of $27m.

The post Guess which ASX stock could rise 85% appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

Actinogen Medical Ltd (ASX: ACW)

The Actinogen Medical share price is up 9% to 3.5 cents. Investors have been bidding the biotechnology company's shares higher after it received its third positive Data Monitoring Committee recommendation for the XanaMIA Alzheimer's disease pivotal trial. Actinogen's CEO, Dr Steven Gourlay, said: "With the third positive independent safety review complete we are confident of the suitability of Xanamem for longer-term treatment. Xanamem has the potential to be a game-changer for Alzheimer's disease given its potential product profile as a safe and effective oral medication with the ability to slow disease course progression significantly more than any approved therapy."

Devex Resources Ltd (ASX: DEV)

The Devex Resources share price is up over 10% to 28.2 cents. This appears to have been driven by a bullish broker note out of Bell Potter this morning. Its analysts have initiated coverage on the uranium developer's shares with a speculative buy rating and 41 cents price target. It said: "The key value catalysts for DEV include uranium market fundamentals, exploration results and M&A-led growth. We have a positive medium- to long-term outlook for the uranium market, supported by barriers to new supply and demand growth linked to electrification, energy security and AI-related power requirements."

Electro Optic Systems Holdings Ltd (ASX: EOS)

The EOS share price was up 5% to $9.34 before being placed in a trading halt. Commenting on the trading halt request, the defence and space company said: "EOS requests the trading halt pending an announcement by EOS in relation to entry into a material contract for the sale of Remote Weapon Systems and a material contract to establish a joint venture, the disclosure of both of which is presently being finalised."

Web Travel Group Ltd (ASX: WEB)

The Web Travel share price is up 2.5% to $3.09. This is despite there being no news out of the travel technology company. But with the US and Iran confirming that a peace deal has been signed, investors may believe that trading conditions will improve markedly in FY 2027 and are buying shares while they are down in the dumps.

The post Why Actinogen, Devex, EOS, and Web Travel shares are charging higher today appeared first on The Motley Fool Australia.

But they are not the only options.

One under the radar uranium stock that has caught the eye of the team at Bell Potter is in this article.

Let's see what the broker is saying about this one.

Which ASX uranium stock?

The stock that Bell Potter has initiated coverage on today is Devex Resources Ltd (ASX: DEV).

It is a Perth-based uranium company focused on the Alligator Rivers Uranium Province (ARUP) on the north-western margin of the Northern Territory's McArthur Basin.

Bell Potter notes that the ASX uranium stock has consolidated a district-scale land position with over 50km of highly prospective fault corridors which host existing uranium discoveries.

Its systematic exploration program will target unconformity-type uranium deposits, with the McArthur Basin analogous to Canada's highly fertile Athabasca Basin, which is a region responsible for around one quarter of the world's uranium supply. The broker also expects the company to be active in further consolidating the uranium industry.

Should you invest?

If you have a high tolerance for risk, then this could be an ASX uranium stock to buy according to Bell Potter.

This morning, the broker has initiated coverage on Devex Resources shares with a speculative buy rating and 41 cents price target.

Based on its current share price of 25.5 cents, this implies potential upside of 60% for investors over the next 12 months.

Bell Potter believes the company is well-placed to benefit from growing demand for uranium from electrification, energy security, and AI-related power requirements.

Commenting on its investment thesis for the stock, the broker said:

The key value catalysts for DEV include uranium market fundamentals, exploration results and M&A-led growth. We have a positive medium- to long-term outlook for the uranium market, supported by barriers to new supply and demand growth linked to electrification, energy security and AI-related power requirements.

DEV is about to embark on a systematic exploration program across a district-scale consolidated landholding in a historical but underexplored uranium province analogous to Canada's Athabasca Basin, a region responsible for around one quarter of the world's uranium supply. We expect DEV to be disciplined in further consolidating uranium assets in support of its ambitious growth targets.

The post Bull alert! Bell Potter just put a buy rating on this ASX uranium stock appeared first on The Motley Fool Australia.

Money talks — which is why it can be seen as a vote of confidence when company insiders buy shares in the companies they're involved in. These are the people who are most familiar with the inner workings of the business.

Importantly, they still don't know the company's future. However, people on the board or leadership team make the decisions that shape the future of a business. If they're buying shares, you'd think they are pretty happy with the path they are paving.

Which ASX mining shares are insiders buying?

Several small-cap mining companies have released change of director's interest notices over the past two weeks.

Not only are these useful signs of belief in the companies, but it's also positive to see greater 'skin in the game' among directors. The more shares a director holds, the more intrinsic motivation to create more wealth for shareholders.

All four ASX mining shares have a market capitalisation of less than $200 million.

Encounter Resources Ltd (ASX: ENR): On 10 April, independent director Philip Crutchfield scooped up 1.8 million shares in the Australian copper and critical minerals explorer. At 22 cents apiece, the off-market trade was worth $396,000. The purchase takes Crutchfield's holdings in this ASX mining share to $2.8 million.

DevEx Resources Ltd (ASX: DEV): Between 10 and 15 April, DevEx Resources chair Tim Goyder acquired 2 million shares through his TRB Goyder Super Fund. Based on the $614,698.68 paid, Goyder purchased the shares at an average of 30.7 cents.

April has been a busy month for Goyder. Additional purchases were made on 9 April and 2 April, totalling another 2 million shares. Goyder's ownership of DevEx is now 17.1% of the company or $21.9 million worth.

Bulletin Resources Ltd (ASX: BNR): Another ASX mining share with insider buying is this lithium and gold explorer. Over 9, 10, and 11 April, director Robert Martin purchased 1.1 million ordinary shares in Bulletin Resources. In addition, 22,858 listed options were added to his name, expiring 30 September 2024.

Martin's purchases were worth $53,220.90, taking his total holding to $3.7 million.

Prospect Resources Ltd (ASX: PSC): The last company with recent insider investments is ASX mining share exploring for copper, lithium, and rare earth elements in Africa. CEO Sam Hosack followed up the acquisition of a Zambian copper project by buying 3.48 million shares between 10 and 15 April.

The shares were purchased at an average price of 14.5 cents per share, amounting to a $503,498.56 investment. After adding to his holdings, Hosack's stake now comes to $2.3 million.

The post 4 ASX small-cap mining insiders buying up big chunks of company shares appeared first on The Motley Fool Australia.

The ASX micro-cap is currently trading at 5.5 cents per share.

Alligator Energy is an ASX mineral explorer focused on uranium and energy-related minerals such as cobalt and nickel.

We first heard of the miner's proposed capital raising when it requested a trading halt on Monday.

This morning, the company announced a successful institutional placement.

Let's look into the details.

ASX uranium stock dives on news of capital raise

The uranium miner said institutional and sophisticated investors have made commitments totalling $25.5 million at an offer price of 5.2 cents apiece for the stock.

Alligator Energy now intends to run a Share Purchase Plan, which will allow ordinary investors to also purchase stock, with a target of approximately $3 million in extra funds, at the same offer price.

Alligator Energy said:

Placement proceeds will enable Alligator to enhance work programs at the Samphire Uranium Project during 2024, where key upcoming activities include a feasibility study and mining lease application, as well as expanded resource drilling and geophysics program.

Total funds raised will provide a substantial runway for Alligator to progress its advancing Samphire project towards ISR uranium production, at a time of increasing interest in future uranium offtake contracts into an expanding nuclear fuel market.

That expanding nuclear fuel market that Alligator speaks of is the reason behind a surge in value for ASX uranium stocks in recent months, alongside a rapidly ascending uranium price.

The uranium price is at a 10-year high of US$62 per pound today.

It rose 2% overnight and is up 19% over the past 12 months.

Four stocks hit 52-week highs

Four ASX uranium stocks have hit new 52-week high prices in the past week.

They are:

• Paladin Energy Ltd (ASX: PDN) shares went to $1.04 yesterday
• Deep Yellow Limited (ASX: DYL) shares hit a high of $1.125
• Boss Energy Ltd (ASX: BOE) shares went to $4.55 per share
• Uranium micro-cap Devex Resources Ltd (ASX: DEV) leapt to 42 cents per share.

The post Why did this ASX uranium stock just crash 19%? appeared first on The Motley Fool Australia.

Paladin Energy Ltd (ASX: PDN) shares reached a new annual peak of 99 cents on Monday. Their run continues today with the Paladin Energy share price hitting $1.04 in morning trading.

Deep Yellow Limited (ASX: DYL) shares hit a high of $1.125.

And uranium micro-cap Devex Resources Ltd (ASX: DEV) leapt to 42 cents per share.

Last Friday, Boss Energy Ltd (ASX: BOE) shares also reached a new 52-week high of $4.48 per share.

If we take a 12-month view, these ASX uranium shares have been on a northwards surge since May.

This corresponds with a lift in the uranium price over the same time period, as shown below.

Uranium is one of very few commodities projected to rise in value over the next five years.

Should you buy ASX uranium shares?

Fund provider BetaShares says there are six trends driving ASX uranium shares higher, including higher demand amid low supply and decarbonisation.

Perceptions of ASX uranium shares are possibly shifting in the green energy era and in light of the AUKUS defence deal. Nuclear energy is CO2-free.

Braden Gardiner from Tradethestructure is recommending Paladin Energy shares as a buy.

Gardiner told The Bull:

With the uranium price moving higher, we expect Paladin Energy's share price to move to new short-term highs.

The uranium miner has spent the past two years in a broad range between support at 53 cents and resistance of around $1.

Federal Opposition calls to include nuclear power in Australia's energy mix have ignited debate to the benefit of PDN.

Moving forward, we see the shares increasing to well beyond $1.

According to the Westpac trading platform, six out of six analysts covering Paladin Energy shares rate them a strong buy.

The role of nuclear energy in Australia's future

According to The Australian, energy executive Jason Willoughby has shot down the federal opposition's proposal to convert coal-fired power stations into modular nuclear reactors as part of the energy transition.

Willoughby is the CEO of renewables developer Squadron Energy, which is owned by Fortescue Metals Group Ltd (ASX: FMG) boss Andrew Forrest.

He said:

The economics are clear: we need to act now to build wind, solar and batteries, not wait for a more expensive solution that won't be available for more than a decade, at the earliest.

Federal Energy Minister Chris Bowen says 71 small modular reactors (SMRs) would cost $387 billion.

Meantime, chair of the Net Zero Australia Steering Committee Robin Batterham said nuclear power could be a viable energy source if costs came down.

Batterham said:

Costs do come down with time.

When they come in, if the cost comes down … then they would have a role.

Currently, they are just not in the race.

The post 'Just not in the race': Should you jump on the ASX uranium shares bandwagon? appeared first on The Motley Fool Australia.

Let's discuss.

First up we have Paladin Energy Ltd (ASX: PDN).

Last week, Paladin shares closed at 96 cents each. This ASX uranium share opened at that same price this morning, but soon rocketed up 2.59% to 99 cents, the level we are currently seeing. That's also the new 52-week high for the Paladin share price.

Then we have Devex Resources Ltd (ASX: DEV).

Devex shares closed at 38 cents last Friday but opened at 41 cents this morning before climbing up to 42 cents soon after open. That was a gain worth more than 10% at the time and 42 cents is now Devex's new 52-week high. Sadly for investors, someone got cold feet, and the company has since retreated from this new high. At present, Devex shares are going for 37 cents each, down 2.9% for the day. Talk about volatility.

Nevertheless, that new 52-week high still counts.

So what's going on with these two ASX uranium shares this Monday that have prompted these new 52-week highs in the face of such a weak broader market?

Why are these two ASX uranium shares at new 52-week highs?

Well, it's not hard to see why. As we discussed last week, uranium prices climbed sharply over August, and are currently sitting at a decade high.

To understand why, here's an extract of the World Nuclear Association's forecasts that we discussed last week:

World reactor requirements for uranium in 2023 are estimated at about 65,650 tU [tonnes of elemental uranium]. In the Reference Scenario these are expected to rise to almost 130,000 tU in 2040, with requirements rising to 184,300 tU in the Upper Scenario and nearly 87,000 tU in the Lower Scenario by the same date.

So uranium supplies are constrained at the same time that demand is increasing. Although not present in Australia, many countries around the world are turning to the nuclear power industry to help with the energy transition away from fossil fuels. So things seem to be looking good for the uranium sector. As such, it's no surprise to see these ASX uranium shares at new highs this week.

But does that mean it's worth buying into the likes of Paladin Energy and Devex Resources?

Why I'm not buying uranium stocks today

While this all looks promising for uranium shares, I'm not buying Paladin, Devex or any other uranium companies.

At the end of the day, uranium shares are just like any other commodity stocks – highly dependent on the externally controlled prices of the minerals they mine. That makes these kinds of companies inherently weak in my view. Their fortunes are inextricably tied to something outside their control.

All commodities tend to go through boom and bust cycles. Yes, uranium is hot right now, and there seems to be plenty of upside left in the tank going forward. But we don't know that. Anything could happen to uranium prices over the coming years. There could be a global recession which tanks global uranium prices. Some countries could accelerate their renewable energy programs and replace nuclear power with solar or wind technology.

Additionally, the world is unfortunately no stranger to safety incidents when it comes to nuclear power. It was only in 2011 that Japan had the disastrous Fukushima nuclear disaster – which it is still recovering from today. That incident saw Japan turn away from nuclear power and towards alternatives.

So I do not accept that permanently higher uranium prices are a done deal. As such, I am staying away from ASX uranium shares, no matter how bright the outlook may appear. I simply think there are better companies out there for compounding wealth over decades.

The post These 2 ASX uranium shares are hitting 52-week highs today. Is it too late to buy? appeared first on The Motley Fool Australia.

The benchmark S&P/ASX 300 Metals and Mining Index (ASX: XMM) is up 9% over the past month after a 5.1% gain this past week.

Meanwhile, these 3 ASX mining shares have clipped a more than 20% gain in today's session.

Tempus Resources Ltd (ASX: TMR)

Shares in ASX small cap Tempus have rocketed 52% after the company announced it had intersected gold at its Elizabeth Gold Project.

Tempus said it had received assay results for the first three drill holes of its 2022 drilling campaign at Elizabeth.

One drill hole "returned 'bonanza' grades including the best intersection ever encountered at Elizabeth Gold Project." Assays over widths of up to 1.7 metres in multiple intersections were found.

Tempus Resources President and CEO, Jason Bahnsen said "the spectacular grades are a cause for celebration given the Blue Vein was only discovered late last year…"

Tempus shares are down 17% this year to date and have recently bounced along 52-week lows since July.

DevEx Resources Ltd (ASX: DEV)

DevEx shares have tracked 28% into the green today following a company update regarding its Nabarlek Uranium Project in the Northern Territory.

The company advised that initial diamond drilling has intersected high-grade uranium mineralisation at the site.

Hole number two intersected 10.7 metres @ 1.2% eU3O8 from 123.4 metres, including 3.2 metres @ 3.1% eU3O8. Meanwhile, Hole number four intersected 9.1 metres @ 0.15% eU3O8 from 50.5 metres.

Both finds extend the previously known uranium mineralisation a further 25 metres down-plunge from the historical intercepts.

DevEx Managing Director, Brendan Bradley said drilling at the Nabarlek site "is off to a flying start" following the discoveries.

"The historic Nabarlek uranium mine has shown that these high-grade deposits can exist within a
lens of between 30m and 75m in length," he added.

DevEx shares have soared 60% into the green over the past 12 months.

Minerals 260 Ltd (ASX: MI6)

The final ASX mining share pushing 20% or more today is Minerals 260. It is up 20% to 33 cents in late afternoon trading.

Investors have rallied the stock today on no news. Noteworthy, however, is that both gold and copper prices have reversed off their 52-week lows and have retraced a small percentage of gains.

As seen on the chart below, the ASX miner is sensitive to movements in the underlying metals markets it is exposed to. Six-month returns are shown below.

With that in mind, it stands to reason that strength in the gold and copper markets has transferred to Minerals 260.

Since listing last October, the Minerals 260 share price has clipped a 45% loss.

The post 3 ASX mining shares rocketing by more than 20% today appeared first on The Motley Fool Australia.

DevEx shares are currently swapping hands for 38.5 cents a share, 28.33% higher than yesterday's closing price. Earlier today, the company's shares hit 43 cents a share, an intraday spike of more than 43%.

The ASX minerals explorer seems to have struck early success at its 100%-owned Nabarlek Uranium Project. 

Let's get stuck into some further details on the company's project milestone.

What has DevEx found? 

The Nabarlek Uranium Project is located in Alligator Rivers Uranium Province in the Northern Territory.

The Nabarlek uranium mine is considered Australia's highest-grade uranium deposit with past production of 24Mlbs @ 1.84% U3O8. The DevEx drill campaign has uncovered the following uranium equivalent intercepts:

• 10.7m @ 1.20% eU3O8 from 123.4m, incl 3.2m @ 3.05% eU3O8
• 9.1m @ 0.15% eU3O8 from 50.5m, incl 0.4m @ 0.80% eU3O8

The region presents a major opportunity for the company as uranium may play a central role in a low-carbon future.

As well, electric vehicles need electricity to recharge and uranium can act as a primary energy source. 

This likely explains why optimism has rocketed the DevEx share price today.

The drill result ultimately means DevEx now knows such high-quality uranium exists. As a result, the drilling programme will be expanded with a second rig arriving shortly, according to the company. 

Management upbeat about future prospects

DevEx managing director Brendan Bradley said: 

Our 2022 drilling programme at Nabarlek is off to a flying start, with the early success at Nabarlek South and North Buffalo clearly demonstrating the scale and quality of the opportunity in this highly endowed uranium field. The historic Nabarlek uranium mine has shown that these high-grade deposits can exist within a lens of between 30m and 75m in length.

It's important to focus on Bradley's comment about the quality of the opportunity. The company's fortunes are not yet set in stone because the uranium deposits need to be extracted before they can be sold. 

My view on the DevEx share price

In the last twelve months, the DevEx share price has risen by around 64%.

It's certainly taken the opposite trajectory to the S&P/ASX 200 Index (ASX: XJO) which has fallen by around 7% in the last year.  

DevEx has a current market capitalisation of $121 million at the time of writing. 

I believe it's important to understand the enormity of this discovery. It's essentially moved DevEx further away from the proof of concept stage and closer to commercialisation. 

DevEx shares are a less speculative investment now but what does the future hold for the uranium market when more deposits are discovered by competitors? 

Also, what is the likelihood of there being an oversupply? 

These are some of the risks I'd be considering in evaluating DevEx as a potential investment. 

The post Guess which ASX mining share is surging 43% on a new uranium find appeared first on The Motley Fool Australia.

In fact, the company hasn't released any price-sensitive announcements to the market for more than a month.

Yet the DevEx share price finished well in the red today, down 10.19% to 48.5 cents.

Let's take a look at what might have weighed on the company's shares today.

DevEx share price drops on Monday

DevEx is a mining exploration company digging for gold, copper, uranium, and other metals. The company's major focus is its copper and gold discoveries in the Lachlan Fold Belt region of New South Wales. It also has interests in nickel-copper-PGE exploration in Julimar, Western Australia.

One clue as to the performance of the company's share price today may lie in the broader performance of gold.

The S&P/ASX All Ordinaries Gold (ASX: XGD) index dropped 8.7% by market close today. For perspective, the S&P/ASX 200 Materials (ASX: XMJ) index finished 0.13% higher.

DevEx's last price-sensitive announcement to the market was back on 10 November. It was an update on the completion of two diamond drill holes at the Sovereign Nickel-Copper-PGE Project in Western Australia.

As the Motley Fool reported at the time, the discovery was well received by investors and led to them snapping up DevEx shares.

Since that time, the directors of the company have been involved in several share transactions.

According to company notices, most of the transactions carried out since 10 November were as a result of the exercise of options. However, two buy transactions by company chair Tim Goyder, worth a total of around $335,000, were on-market trades.

In total between 10 and 18 November, the company's directors purchased more than $1.1 million worth of DevEx shares. Potentially, outside investors saw this as a vote of confidence in the company.

The only other news since then was the chairman's address and AGM presentation on November 24.

Overall, the company reported a positive year including an increase in market capitalisation and positive developments on several exploration projects.

DevEx share price recap

Despite today's plunge, the DevEx share price has rocketed 136% in the past 12 months and 111% year to date.

However, during the past month, the company's shares have dropped by nearly 13% and 10% in the past week.

DevEx has a market capitalisation of nearly $152 million based on its current share price.

The post Why did the DevEx Resources share price plunge 10% today appeared first on The Motley Fool Australia.

At the time of writing, shares in DevEx Resources are being exchanged for 78 cents apiece, up 14.7% today.

Despite the significant surge in DevEx's value, there have been no price-sensitive announcements released during this time. However, two major events have recently taken place that might have investors paying closer attention.

What's going on with the DevEx share price?

The impressive and sudden DevEx share price appreciation began on Monday, with the company's shares rising by around 23%. Yet, the company did not publish any news on the first day of the week. However, that didn't stop more than 4.6 million shares from being traded in the minerals explorer on that day — its third-largest day of volume so far this month.

Yesterday, DevEx held its annual general meeting (AGM) where the company's chair, Tim Goyder, discussed the potential laying ahead. Bolstering shareholder confidence, Goyder inferred that the company is only just getting started on its growth path.

Regarding DevEx's uranium ambitions, Goyder stated:

Given the rapidly changing dynamics in the uranium sector, I believe that our uranium exploration strategy has the potential to deliver significant value for shareholders in the coming 12 months.

Additionally, recent insider transactions carried out by the DevEx directors could be attracting increased investor interest, pushing the DevEx share price higher. According to the notices, most of the transactions carried out since 10 November have been as a result of the exercise of options. Although, two buy transactions by Goyder worth a total of around $335,000 were on-market trades.

In total between 10 and 18 November, more than $1.1 million worth of shares in DevEx were purchased by directors. Potentially outside investors are viewing this as a vote of confidence in the ASX-listed exploration company.

The DevEx share price has gained a mind-blowing 237% since the start of the year.

The post How is the DevEx (ASX:DEV) share price climbing 42% so far this week? appeared first on The Motley Fool Australia.

During afternoon trade, DevEx shares are swapping hands for 55.5 cents, up 20.65%. It's worth noting that its shares have gained an astonishing 79% over the past week.

What's driving DevEx shares higher?

A possible catalyst for the strong gains appears to be on the back of last week's positive update.

According to a company announcement, DevEx advised it completed initial diamond drilling at the Sovereign Nickel-Copper-PGE Project at the Julimar Province in Western Australia.

The first two stratigraphic diamond drill-holes intersected a thick intrusive sequence of metamorphosed gabbronorite, norite and ultramafic rocks. The discovery exceeded the company's expectations, which led investors to snap up DevEx shares in the days between.

Both diamond drill holes are currently being logged in detail, while sampling of the core analysis is unerway. Should the geological observations be confirmed, the official results could further accelerate the DevEx share price.

DevEx managing director Brendan Bradley commented:

We are methodically ticking the boxes towards what we all hope will be a game-changing discovery at Sovereign. The outcomes of these two widely-spaced stratigraphic holes have exceeded our expectations and given us confidence that we are very much on the right track with our exploration approach.

Down-hole electromagnetics (EM) is scheduled to survey both diamond holes later this month. Further diamond drilling is also planned to test the intrusion, with the diamond rig available next month to continue drilling.

The survey is anticipated to take a number of months to complete, given the scale of the defined intrusion.

DevEx share price recap

2021 saw the DevEx share price trade sideways until May and June. The company's gold and copper assays at its Junee Project in New South Wales excited investors at the time.

However, a sharp fall from June came on the back of profit-taking after DevEx shares reached a previous record high of 53 cents. Since then, its shares have zoomed upwards, reflecting positive investor sentiment.

DevEx has a market capitalisation of around $166 million, with more than 307 million shares on its books.

The post Why is the DevEx (ASX:DEV) share price up 21% on Monday? appeared first on The Motley Fool Australia.

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.

Why is uranium in the hot seat?

Uranium is mainly used as fuel for nuclear power reactors for electricity generation. Nuclear power isn't exactly a "renewable" source of energy, but it generates near zero emissions. Uranium is expected to play a significant role in the global shift move to lower emissions over the next 30 years.

If you look at the 10-year charts of many ASX uranium shares, it isn't uncommon for valuations to have declined by more than 90%. This is because the spot price of uranium has tumbled from peaks of US$137/lb in 2007 to lows of US$20/lb, sending many ASX uranium stocks out of business or into hibernation.

There has been recent resurgence in both investor interest in uranium as a green source of energy and an uptick in spot prices to ~US$30/lb.

In a capital raising presentation from Paladin Energy Ltd (ASX: PDN), the company flagged that current primary uranium supply is unable to meet current demand. It highlighted that nuclear power is currently responsible for 10% of global electricity production and the second largest source of global clean energy with almost zero carbon emissions. The company believes the uranium market is in a deficit with an even greater supply shortage to emerge in the medium to long term.

The increasing demand for uranium and uptick in prices could be a catalyst for the resurgence in ASX uranium share prices.

ASX uranium shares on the move

The Deep Yellow Limited (ASX: DYL) share price has surged 13.10% to 95 cents at the time of writing. Its shares previously hit 95 cents on 10 May, which marks an 8-year high for the uranium explorer.

Deep Yellow operates its flagship Tumas Project located in the premier uranium mining jurisdiction of Namibia with a long history of mining. The company currently undergoing its definitive feasibility study to achieve its goal of a 20-year life-of-mine operation.

The Devex Resources Ltd (ASX: DEV) share price is slightly down today but has surged some ~65% in the last five trading sessions. The company completed a $7.97 million capital raising to accelerate its key diversified exploration projects across Australia. This includes its Nabarlek Uranium and Gold-Copper Project in Northern Territory. The update advised that renewed field exploration was going to commence shortly to follow up several new and under-explored uranium prospects.

The Paladin Energy Ltd (ASX: PDN) share price has jumped 14% to an 8-year high of 57 cents at the time of writing. Back in March, the company successfully completed a $192.5 million capital raising to pay back debts and restart its mine production and optimisation.

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