DevEx Resources (ASX: DEV; 'DevEx' or 'the Company') is pleased to advise that a maiden air-core (AC) drilling program has commenced at its Sovereign Project in the Julimar Region of Western Australia, targeting nickel-copper-platinum group element (PGE) mineralisation.

The Sovereign Project overlies a magnetic complex of rocks that is interpreted to be part of the same mafic-ultramafic intrusive rocks hosting the Julimar Complex, where Chalice Mining Limited (ASX: CHN) has discovered significant Ni-Cu-PGE mineralisation.

DevEx's drilling will take place directly to the north of Chalice's Julimar Project and south of Caspin Resources' (ASX: CPN) Yarawindah Brook Project.

The 7,000m program, comprising 230 holes, forms part of a substantial, project-wide exploration campaign, and marks the first-ever drilling to be undertaken at depth on the Sovereign Project.

Drilling is designed to test several targets within the 6km x 7km Sovereign Magnetic Complex, where previous assaying of shallow bauxite and rock chip sampling drilling returned multiple areas of anomalous nickel, copper, chromium and PGE results.

Several areas including the Kingsley, Hudson and Mackenzie anomalies - include multiple anomalous zones with coincident Cu and Pd+Pt plus supporting Ni and Chromium (Cr) results. The areas coincidently overlie several late-time airborne EM conductors, and are considered priority drill targets.

In addition to the drilling program, a partially completed ground-based moving loop electromagnetic (MLEM) survey over several airborne EM targets is planned to re-commence over the coming weeks.

The current drill program will take place over the western half of the Sovereign Magnetic Complex, under an earn-in agreement with Australian Silica Quartz Group Ltd.

DevEx recently secured the remaining eastern half of the Sovereign Magnetic Complex following the grant of Exploration Licence E70/5365 (100%). No prior surface exploration has taken place within this newly-granted area; accordingly, the Company has commenced ground-based exploration with the objective of defining future drill targets.

Contact:

Tel: +61 8 6186 9490

Email: info@devexresources.com.au

FORWARD LOOKING STATEMENT

This announcement contains forward-looking statements which involve a number of risks and uncertainties. These forward looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

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