Guess which ASX stock could rise 85%
If you have a high tolerance for risk and are seeking strong returns for your portfolio, then read on.
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.
Motley Fool contributor James Mickleboro 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 Scott Phillips.
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