DEVEX RESOURCES LIMITED — Capital/Financing Update 2022

Sep 25, 2022

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26 September 2022

Proposed Issue of Unquoted Options

DevEx Resources Limited (ASX: DEV) (“DevEx” or the “Company”) advises that the Board has resolved to issue a total of 800,000 unquoted options ( Options ) to Stacey Apostolou (or her nominees), an Executive Director of the Company, under the terms and conditions of the Company’s Employee Securities Incentive Plan as set out below (“ the issue ”).

The issue of the Options is subject to shareholder approval to be sought at the Company’s upcoming Annual General Meeting in November 2022 and further details will be provided in the notice of Annual General Meeting to be issued in due course. The Company provides the following information in relation to the issue.

	Director’s issue(subject to shareholder approval)
Numberproposed to beissued	800,000
Principle terms	The Options will be issued under the terms and conditions of theCompany’s Employee Securities Incentive Plan
Exercise Price	$0.53
Vesting	400,000 vesting in 12 months from the date of grant and400,000 vestingin 24 months from the date ofgrant
ExpiryDate	23 November 2025

The exercise price represents a premium of 50% to the Company’s 5-day volume weighted average price of 35 cents to 21 September 2022.

The issue of securities is to provide long term incentives to the Director and to align their interests with those of shareholders.

Authorised for release by the Board of the Company.

Brendan Bradley Managing Director

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----- Start of picture text ----- www.devexresources.com.auT: +61 (0) 8 9322 3990 DevEx Resources LimitedF: +61 (0) 8 9322 5800Level 2, 1292 Hay Street, West Perth WA 6005, AustraliaE: info@devexresources.com.auGPO Box 2890, Perth WA 6001----- End of picture text -----