DevEx Resources : Drilling Update - Junee

26th April 2022

Initial Assay Results Indicate Potential for Porphyry

Copper-Gold System at Junee

Diamond, Reverse Circulation and Air-core drill program continuing at the

Nangus Road Prospect

HIGHLIGHTS

• • Encouraging initial results received from wide-spaced reconnaissance drilling at the Junee Copper-Gold Project in NSW.

• • Drilling is designed to test a large 2km long gold-copper bedrock anomaly at Nangus Road.

• • Assays for a limited number of holes have returned significant shallow gold intercepts, including:

  • o 4m @ 5.9g/t Au, 6m @ 1.2 g/t Au and 3m @ 1.2g/t Au

• • The significant gold values, with associated anomalous copper, indicate the presence of a hydrothermal alteration zone with the mineralisation likely to be associated with a porphyry copper-gold system.

DevEx Resources Limited (ASX: DEV, "DevEx" or "the Company") is pleased to advise that it is beginning to receive initial assay results from its ongoing multi-pronged drilling campaign at the Nangus Road Prospect, within its 100%-owned Junee Copper-Gold Project in NSW.

Results received to date are from part of a much larger drill programme comprising a combination of diamond, Reverse Circulation (RC) and air-core (AC) designed to test the large, 2km-long gold-copper (Au-Cu) bedrock anomaly defined by last year's wide-spaced AC drilling (see ASX Announcement 26th July 2021).

Early indications from the drilling indicate the presence of a north-south oriented Au-Cu zone, with initial Au intercepts including 4m @ 5.9g/t Au from 4m (22JNAC013), 3m @ 1.2g/t Au from 28m (22JNAC041 open at bottom-of-hole) from AC drilling and 6m @ 1.2g/t Au from 188m (22JNRC001) from the one RC hole received to date - see Figure 1 and Table 1.

Gold intercepts and associated anomalous Cu (see Figure 1 and Table 2), lie within a broad hydrothermal alteration zone with early indications suggesting that the mineralisation is associated with a porphyry Cu-Au system.

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DevEx Resources Limited

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To date, two (2) diamond holes, eight (8) RC holes and 162 AC holes have tested the Nangus Road Prospect. Drilling is still broad spaced, with diamond and RC drilling testing the target on 400m spaced traverses and AC drilling completed on 100m traverses.

Drilling is still in progress, and assay results for the majority of these drill holes (~75%) are still pending - see Figure 1 and Table 2 and 3. Results are expected to continue to be received over the coming month.

Figure 1: Nangus Road Prospect showing location of current drill holes. Air-core drilling has been thematically mapped to show maximum gold values down the hole where assay results have been returned.

Junee Project Background

The Junee Project lies on the southern extension of the Macquarie Arc of NSW - Australia's largest porphyry Cu-Au terrane.

Age dating and chemistry from the area undertaken by the Geological Survey of New South Wales2 (GSNSW) identified monzonitic intrusions, with similar chemistry and the same age as the Cu-Au mineralised intrusions at the major Cadia-Ridgeway and Northparkes mining operations to the north (Figure 2).

At the Nangus Road Prospect early drilling in 2020 defined a monzonite immediately south of the current drill programme. Geochemistry of the monzonite at Nangus Road indicated it is a porphyry-fertile, high-potassium intrusion similar to other large porphyry Cu-Au deposits in the region, such as those seen at Cadia-Ridgway and Northparkes.

The extensive Au-Cu anomalism on the northern margin of the Nangus Road monzonite and the extensive alteration zone seen in the current drill programme are pointing to an exciting and rapidly developing exploration property.

Management Comment

Commenting on the results, DevEx Managing Director, Brendan Bradley, said: "It's still early days at Junee, but we are excited to see significant shallow gold intercepts starting to show a clear north-south gold-copper trend at Nangus Road. While it's far too early to draw any definitive conclusions, these results together with the large hydrothermal system is demonstrating excellent potential to host significant mineralisation.

Given the sheer scale of the target, we simply need to continue our systematic exploration approach and continue to drill to determine what we have. We are looking forward to receiving further assays over the coming month and to seeing what the ongoing drilling can deliver."

Figure 2: Location of the Junee Project, NSW, within the Lachlan Fold Belt of New South Wales.

This announcement has been authorised for release by the Board.

For further information, please contact:	For media inquiries, please contact:
Brendan Bradley, Managing Director	Nicholas Read
DevEx Resources Limited	Read Corporate
[e-mail]	[e-mail]
Telephone [phone]	Telephone: [phone]
REFERENCES

1.

Alkane Resources Ltd (ASX: ALK) ASX Announcement "Discovery of Significant Porphyry Gold-Copper Mineralisation at Boda Prospect within Northern Molong Porphyry Project (NSW)" on 9th September 2019.

2. 2019GSNSW East Riverina Mapping Project - Some Highlights and Implications, Eastlake and Trigg.

COMPETENT PERSON STATEMENT

The information in this report that relates to Exploration results is based on information compiled by DevEx Resources Limited and reviewed by Mr Brendan Bradley who is the Managing Director of the Company and a member of the Australian Institute of Geoscientists. Mr Bradley has sufficient experience that is relevant to the styles of mineralisation, the types of deposits under consideration and to the activities undertaken to qualify as a Competent person as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Bradley consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

The Information in this report that relates to previous exploration activities within the Junee Project is extracted from the ASX announcements titled "New results significantly upgrade Junee Porphyry Copper-Gold Project, NSW" released on 26th July 2021, "Encouraging gold-copper assays from maiden air-core drilling into large-scale target at Junee Project, NSW" released on 26th May 2021, all of which are available onwww.devexresources.com.au.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

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.