DevEx Resources Limited (ASX: DEV 'DevEx' or 'the Company') is pleased to advise that it has secured an exciting new exploration opportunity within the well-endowed Cobar Basin of New South Wales after entering into an Earn-In Agreement with Thomson Resources Limited (ASX: TMZ; 'Thomson') at the Wilga Downs Gold-Base Metals Project.

A strong coincident magnetic and gravity high has been interpreted beneath historical anomalous intercepts at the prospective fault contact between outcropping Cobar Supergroup (Devonian) and the Girilambone Group (Ordovician).

This priority target is similar to those associated with other gold-polymetallic deposits in the south of the region, including Glencore's CSA Copper Mine and other nearby mines such as the Peak and Great Cobar Copper-Gold Mines.

North Cobar Exploration Licence Application

In addition, DevEx has been successful in its application to lodge an Exploration Licence within the prospective North Cobar Mineral Allocation Area. The North Cobar region was declared a Mineral Allocation Area by the Governor of NSW, meaning new exploration licence applications cannot be lodged without Ministerial consent via a competitive application process. This consent allows the Company to secure an larger strategic footprint in the region. The area is interpreted as the northern extension to the metalliferous Rockery Fault, which hosts several of Cobar's major gold and polymetallic mines including the CSA Copper Mine (Glencore), and the Peak, New Occidental and Great Cobar Copper-Gold Mines (Aurelia Metals Ltd), typically referred to as Cobar-type mineralisation. Following grant and Land Access approvals, DevEx plans to carry out ground geophysics, surface geochemistry and reconnaissance mapping to target potential Cobar-type mineral occurrences within the tenement.

Wilga Downs Gold-Base Metals Project Background

Historical drilling at Wilga Downs by AMAX Exploration (Australia) Inc, CRA Exploration Pty Limited and Silver City Minerals Limited (ASX: SCI) targeted induced polarisation (IP) anomalies (surveyed in 1970) and subsequently surveyed electromagnetic anomalies close to the prospective contact located on the southern side of the distinctive magnetic anomaly. All historical holes encountered zones of anomalous base metal mineralisation with individual assay results up 2,280ppm copper, 4,450ppm lead and 7,000ppm zinc. Notably, the two 1970's drill holes (Holes 71W1 and 78WD01) encountered broader intersections of anomalous copper, lead and zinc sulphide mineralisation. Previous inspections of drill core and magnetic susceptibility readings from diamond hole 78WD001 did not indicate any significant magnetic response or the presence of widespread magnetic minerals.

This suggests that the source of the main magnetic anomaly has not yet been tested by drilling to date. This view is supported by new magnetic inversion and gravity modelling by DevEx which indicates that the main magnetic and gravity highs lie untested beneath these anomalous drill holes. The Wilga Downs Project is located within granted Exploration Licence EL 8136, which allows the Company to commence exploration immediately.

Forward Plan

DevEx interprets the coincident magnetic and gravity highs associated with the mapped contact between the Cobar Supergroup (Devonian) and the Girilambone Group (Ordovician) to be the primary untested drill target, with preparations now underway to undertake Reverse Circulation/ Diamond drilling of the target in the coming months. The addition of the Wilga Downs Project augments the Company's current copper-gold exploration strategy in the Lachlan Fold Belt of NSW, adding further discovery opportunities to its high-quality Australian exploration portfolio.

DevEx has also applied for Exploration Licences surrounding the Wilga Downs Project. As an additional incentive, Thomson was awarded a grant of $45,000 from the New Frontiers CoOperative Drill Programme to drill the Wilga Downs target. This grant provides the opportunity for cost effective drilling of a quality exploration target.

Contact:

Brendan Bradley

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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