DevEx Resources : Quarterly Activities and Cashflow Report - June 2022

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25 July 2022

Activities Report for the Quarter Ended 30 June 2022

HIGHLIGHTS

Nabarlek Uranium Project, NT (100%)

• A diamond drilling (DD) programme commenced at Nabarlek subsequent to quarter end.
• A strong resurgence in the uranium spot price, with recent prices reaching 10-year highs (above US$50/lb U3O8), is providing strong justification for this rigorous campaign to test numerous high-quality targets at Australia's highest-grade uranium province.
• The programme is designed to test priority targets surrounding the historical Nabarlek Uranium Mine (previous production of 24 Mlbs @ 1.84% U3O8). A second reverse circulation (RC) drill rig is expected to commence in August.

Junee Copper-Gold Project, NSW (100%)

• Drilling at the Nangus Road Prospect was completed during the quarter.
• Assays from air-core (AC) and DD continue to identify significant near-surface gold mineralisation, with shallow intercepts including:
  o 4m @ 2.5g/t Au from 28m (AC) incl 1m @ 6.3g/t Au at the bottom-of-holeo 8m @ 1.1g/t Au from 40m (AC)
  o 1m @ 27.2g/t Au from 142m (DD)
• These gold intercepts show a coherent >1km long north-south trend, which remains open along strike and at depth. Follow-up drilling is currently being planned.

Sovereign Nickel-Copper-PGE Project, WA (Earn-In and 100% Tenement)

• Ground electromagnetic (EM) surveys continued during the quarter until work was put on hold for the cropping season. The majority of the eastern side of the intrusion remains untested, with further ground EM scheduled to recommence in the December quarter.

Corporate

• DevEx remains well-funded to continue its multi-pronged exploration programmes in WA, NSW and the NT with $7.9M in cash at quarter end.

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1. NABARLEK URANIUM-COPPER-GOLD PROJECT, NT (100%)

DevEx holds 100% of the highly prospective Nabarlek Project (Figure 1), with the Company's extensive tenement package comprising a dominant 4,700km2 situated in the heart of Australia's world-class Alligator Rivers Uranium Province (ARUP). With over 500 million pounds of uranium identified in mined and current resources, the ARUP remains one of the world's most prospective provinces for uranium mineralisation1,2,3.

Nabarlek is centred on and includes the former Nabarlek Uranium Mine, considered Australia's highest-grade uranium mine with past production of 24Mlbs @ 1.84% U3O81.

Diamond drilling commenced at Nabarlek subsequent to quarter end, and a second RC rig is scheduled to arrive in August. Drilling is designed to test priority targets surrounding the historical Nabarlek Uranium Mine.

Drilling will initially focus on targets located adjacent to previous uranium intercepts, including those identified at Nabarlek South, North Buffalo, U40 and U42 and the historical Nabarlek Pit (see Figure 2).

Figure 1: Nabarlek Project - Regional geology of the ARUP showing DevEx's current tenement holdings.

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Figure 2: Nabarlek Project - Uranium Prospects including the historical Nabarlek Uranium Mine. Uranium-copper-gold mineralisation has been intersected within basement rocks (incl Cahill Formation and the Oenpelli Dolerite) along both the Nabarlek Fault Zone (NW) and the North and Gabo Faults (NE) with the overlying Kombolgie Sandstone acting as a masking cap rock to mineralisation.

2. JUNEE COPPER-GOLD PROJECT, NSW (100%)

The Junee Project lies on the southern extension of the Macquarie Arc of NSW - Australia's largest porphyry copper-gold terrane (Figure 4).

Age dating and chemistry from the area undertaken by the Geological Survey of New South Wales (GSNSW) identified monzonitic intrusions which are high-potassium in nature and the same age as the copper-gold mineralised intrusions at the major Cadia-Ridgeway and Northparkes mining operations to the north.

Drilling at the Nangus Road Prospect comprising DD, RC and AC drilling was completed during the quarter.

Assays from AC and DD continue to identify significant near-surface gold mineralisation, with shallow intercepts including:

1. 4m @ 2.5g/t Au from 28m (AC) incl 1m @ 6.3g/t Au at the bottom-of-holeo 8m @ 1.1g/t Au from 40m (AC)
   o 1m @ 27.2g/t Au from 142m (DD)

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Gold mineralisation encountered in drilling shows a coherent >1km long north-south trend (Figure 3), which remains open along strike and at depth. This trend lies within a broad zone of strongly altered (phyllic to advanced argillic alteration) and sheared andesite volcanic rocks which in turn are flanked by monzonite intrusions to the east and west. The close association of copper and other pathfinder elements with gold mineralisation continues to suggest that the system may overlie a deeper porphyry Cu-Au system.

Figure 3: Nangus Road Prospect showing location of current drill holes. AC drilling has been thematically mapped to show maximum gold

values down the hole where assay results have been returned.

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Figure 4: Location of the Junee Project, NSW, within the Lachlan Fold Belt of New South Wales.

To date, deeper RC/DD has only tested the trend on two east-west traverses 400m apart. This coherent zone of gold mineralisation remains open-ended and untested by drilling to the north, south and at depth.

With remaining AC assay results expected in the coming weeks, the Company is now making plans for follow-up drilling both within and along strike from this gold trend.

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