DEVEX RESOURCES LIMITED — Capital/Financing Update 2018

Jan 7, 2018

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8 January 2018

T: +61 (0) 8 9322 3990 F: +61 (0) 8 9322 5800 E: info@devexresources.com.au W: www.devexresources.com.au

Dear Optionholder

Notice to Optionholders of Non-Renounceable Entitlement Offer

We write to you as the registered holder of DevEx Resources Limited (ASX: DEV) ( DevEx or the Company ) options as at today's date. As advised in the Company's ASX announcement on 8 January 2018, DevEx is undertaking a non-renounceable pro-rata entitlement offer to eligible shareholders of ordinary fully paid shares in the Company at an issue price of $0.008 per share and on the basis of 1 new share ( New Share ) for every 2 shares held at the record date on 12 January 2018 ( Record Date ) ( Entitlement Offer ). Pursuant to the Entitlement Offer, the Company will issue up to 355,251,096 New Shares to raise up to $2.84 million before costs.

The Entitlement Offer will be available to all DevEx shareholders registered on the Record Date whose registered address is in Australia or New Zealand ( Eligible Shareholders ).

A prospectus in relation to the Entitlement Offer was lodged with ASIC today and will be sent to Eligible Shareholders in due course.

Under the terms of the options you currently hold, there is no entitlement to participate in the Entitlement Offer unless you exercise your options, and are entered onto the register as a shareholder of the Company by 5pm (AEST) on the Record Date.

If you wish to participate in the Entitlement Offer, a notice of options exercise and payment of the options exercise price should be lodged with the Company's share registry, Computershare Investor Services Pty Limited, with sufficient time to ensure that you are registered as a shareholder of the Company by the Record Date.

If you do not wish to participate in the Entitlement Offer, no action is required.

For all enquiries concerning the Prospectus, please contact Kym Verheyen on +61 8 9322 3990. For all general shareholder enquiries, please contact Computershare Investor Services Pty Limited on 1300 850 505 (within Australia) or +61 3 9415 4000 (outside Australia).

Yours sincerely

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Tim Goyder Chairman

DevEx Resources Limited ABN: 74 009 799 553 Level 2, 1292 Hay Street, West Perth WA 6005, Australia GPO Box 2980, Perth WA 6001