DevEx Resources : Shallow high-grade gold hits at Junee Project, NSW

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7th June 2022

Shallow high-grade gold hits defines extensive gold zone

at Junee Project, NSW

Outstanding assays of up to 27.2g/t in latest drilling at the Nangus Road Prospect

HIGHLIGHTS

• Ongoing wide-spaced reconnaissance drilling across a 2km-longgold-copper anomaly at Nangus Road, part of the Junee Project in NSW, delivers further encouragement.
• Latest assays from air-core (AC) and diamond drilling (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-hole
  1. 8m @ 1.1g/t Au from 40m (AC)
  1. 1m @ 27.2g/t Au from 142m (DD)
• This follows on from previous intercepts announced in April 2022, including:
• 1. 4m @ 5.9g/t Au from 4m (AC)
• These gold intercepts show a coherent north-south trend >1km long, which remains open along strike and at depth. Follow up Reverse Circulation (RC)/DD is now being planned.

DevEx Resources Limited (ASX: DEV, "DevEx" or "the Company") is pleased to report further significant assay results from its ongoing drilling campaign at the Nangus Road Prospect, within its 100%-ownedJunee Copper-GoldProject in NSW.

Early indications from the drilling define the presence of a coherent north-south orientated gold zone which extends for over 1 kilometre. Significant gold in air-core intercepts received to date include 4m @ 2.5g/t Au from 28m, including 1m @ 6.3g/t Au at the bottom-of-hole (22JNAC041), 8m @ 1.1g/t Au from 40m (22JNAC081) and a previously reported intercept of 4m @ 5.9g/t Au from 4m (22JNAC013)1 (Figure 1).

In addition, diamond hole 22JNDD002 tested the same zone at depth intersecting 1m @ 27.2g/t from 142m (Figure 2).

To date RC/DD has tested only two east-west traverses 400m apart (Figure 1). This coherent zone of gold mineralisation remains open-ended and untested by drilling to the north, south and at depth.

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Preliminary observations indicate the gold mineralisation is located within a sequence of broadly altered and sheared andesite volcanic rocks, displaying extensive phyllic to advanced argillic alteration.

Monzonite intrusions flank either side of the alteration zone with early indications suggesting the mineralisation may be associated with an underlying porphyry Cu-Au system.

Assay results from the remaining drilling will continue to be received over the next month and compilation of all results will assist with planning the next stage of RC and DD.

Figure 1: 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 2: Nangus Road Cross Section (6,124,300mN) showing location of recent gold intercepts. Structural measurements from the diamond hole indicate a steep dip to the west. This zone matches well with the >1km long gold zone defined in Figure 1.

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 3).

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 gold-copper 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 opportunity.

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Management Comment

Commenting on the results, DevEx Managing Director, Brendan Bradley, said: "While it's still early days at Junee, we are excited to see significant shallow gold intercepts starting to show a clear north-south gold-coppertrend at Nangus Road. These results, together with the presence of a large hydrothermal system, demonstrate excellent potential to host significant mineralisation.

"We look forward to receiving further assays and commencing the next drilling programme."

Figure 3: Location of the Junee Project, NSW, within the Lachlan Fold Belt of New South Wales.

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This announcement has been authorised for release by the Board.

REPORT REFERENCES

1. Company ASX Announcement 26 April 2022
2. 2019GSNSW East Riverina Mapping Project - Some Highlights and Implications, Eastlake and Trigg.

FIGURE 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 9 September 2019.

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 "Initial Assay Results Indicate Potential for Porphyry Copper-GoldSystem at Junee" released on 26th April 2022, "New results significantly upgrade Junee Porphyry Copper-GoldProject, NSW" released on 26th July 2021 and "Encouraging gold-copperassays from maiden air-coredrilling into large-scaletarget at Junee Project, NSW" released on 26th May 2021, all of which are available on www.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.

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