DevEx Resources Limited reported final uranium assay results from its 2022 drilling campaign at the 100%-owned Nabarlek Uranium Project (Project), located in the heart of the world-class Alligator Rivers Uranium Province (ARUP) in the Northern Territory, Australia. Significant assay results have been received from the final tranche of drilling completed last year, confirming the potential of the Project and opportunity to delineate high-grade zones of mineralisation across multiple prospects. The Company's upcoming 2023 drilling campaign will prioritize these prospective zones, laying the foundations for resource definition.

Assay results received confirm previously announced down-hole gamma uranium equivalent intercepts, demonstrating the presence of high-grade uranium hosted in numerous structures which collectively combine to form a broader envelope of lower-grade mineralization in multiple drill holes. Significant down-hole intercepts include: 54.6m @ 0.20% U3O8 (2,000ppm U3O8) from 76.5m in hole 22NBDD27 (Hole 27), including: 0.3m @ 3.14% U3O8; 1.0m @ 1.11% U3O8; 2.3m @ 0.61% U3O8; 2.7m @ 0.63% U3O8. 24.7m @ 0.11% U3O8 (1,100ppm U3O8) from 90.3m in hole 22NBDD26 (Hole 26), including: 0.3m @ 0.61% U3O8; 2.9m @ 0.54% U3O8 These results support the potential for a broader envelope of uranium mineralisation along the southern edge of an extensive gravity feature (Gabo Fault) which extends for several kilometres in length.

Sparse historical drilling into several prospects along this trend has identified uranium mineralisation at this gravity boundary. The Company believes there is strong potential these prospects may all represent one continuous uranium mineralised system. Expanded drilling along trend from Nabarlek South is therefore planned for 2023.

With this expanded drilling in mind and using drill core from the recent Nabarlek South 2022 campaign, DevEx submitted two composite samples, grading 0.11% U3O8 and 0.70% U3O8, to the Australian Nuclear Science and Technology Organisation (ANSTO) for preliminary metallurgical test work and mineralogy studies. Under mild leach conditions, the test work showed very good recoveries of 84% and 96.1% for the two composite samples, together with low acid consumption of between 51 to 56 kg/t sulphuric acid. Analysis of mineralogy shows that uranium is predominantly present as uraninite, UO2 and coffinite, U(SiO4)1-x(OH)4x.

both of which are typical of the Nabarlek region. These highly encouraging results provide a compelling reason to expand the Company's drilling program and test the broader potential of near-surface uranium mineralisation at Nabarlek South along strike. With the exciting uranium results generated from the 2022 drilling campaign requiring step-out drilling across multiple prospects - including Nabarlek South and U42 - as well as plans to test several other targets such as the Overload, North Buffalo and KP Prospects, the 2023 Nabarlek field season is shaping up to be an exciting period of exploration for the Company.

In addition to these prospects, broad anomalous uranium mineralisation on the southern-most drill traverse at U40, south of high-grade intercepts including 6m @ 7.6% U3O8 from 75m in Hole NAD7492, indicates that the uranium system remains open to the south. Systematic bedrock drilling into both the prospective unconformity target and the larger basement target to the south is also seen as an early priority for the 2023 drill campaign. DevEx holds an extensive tenement package in the Alligator Rivers Uranium Province (ARUP) of Australia, which is centred on, and includes, the former Nabarlek Uranium Mine, considered Australia's highest-grade uranium mine with past production of 24Mlbs @ 1.84% U3O8.

The ARUP is considered amongst the world's most prospective areas for uranium mineralisation, with over 500 million pounds of uranium (U3O8) identified in mined and unmined deposits. DevEx has been actively drilling multiple uranium targets surrounding the old mine site, with several prospects reporting positive high-grade intercepts, including Nabarlek South and U42 Prospects.