DevEx Resources Limited advised it has commenced a short program of Reverse Circulation (RC) and diamond drilling at the Sovereign Nickel-Copper-PGE Project in Western Australia's Julimar Province. The Sovereign Project lies within the highly prospective Julimar Complex and is located north of Chalice Mining Limited's Julimar Ni-Cu-PGE Project. With systematic ground-based electromagnetic (EM) surveys currently underway, DevEx also recently trialled two Induced Polarization (IP) traverses testing for near-surface disseminated nickel-copper- PGE sulphides within the prospective ultramafic rocks at Sovereign.

IP is a geophysical exploration method used to locate chargeable metals in the sub-surface and is specifically suited to mapping disseminated sulphide mineralisation. Initial results from this trial survey have resulted in the identification of two near-surface IP chargeability anomalies, with the southern anomaly located within the prospective ultramafic rocks north of both diamond hole 21SVDD02 (Hole 2) completed in late 2021 and sub-surface elevated palladium (Pd) results previously reported in shallow air- core drilling. Two RC holes are planned to test these IP anomalies to determine whether they are related to disseminated nickel-copper-PGE mineralisation.

In addition, a review of Hole 2 indicates the presence of elevated PGEs together with copper sulphides at the base of the intrusion and in the underlying volcanic rocks. DevEx plans to extend Hole 2 to determine the extent of copper sulphides beneath the intrusion. In conjunction with this drilling, ground EM is continuing over the eastern half of the intrusion.

This survey will likely take another two months to complete and is testing for massive sulphide Ni-Cu-PGE mineralisation within the mafic-ultramafic intrusion. Any significant conductors identified from this survey would be fast-tracked to drilling. DevEx is currently exploring the western half of the Sovereign mafic-ultramafic Intrusion (E70/3405) under an Earn-In Agreement with Australian Silica Quartz Group Ltd. (ASQ).

The eastern half of the intrusion is located within a granted tenement held by DevEx (E70/5365).