DEVEX RESOURCES LIMITED — Capital/Financing Update 2023

Oct 12, 2023

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13 October 2023

T: +61 (0) 8 6186 9490 F: +61 (0) 8 6186 9495 E: info@devexresources.com.au W: www.devexresources.com.au

Dear Shareholder

Notice to Ineligible Shareholders of Non-Renounceable Entitlement Offer

We write to you as the registered holder of fully paid ordinary shares ( Shares ) in the capital of DevEx Resources Limited (ASX: DEV) ( Company ) at today’s date.

On 13 October 2023, the Company announced that it is conducting a fully underwritten pro rata non-renounceable entitlement offer of new Shares to eligible shareholders at an issue price of $0.30 per Share ( New Share ), on the basis of 1 New Share for every 10 Shares held as at 5.00pm (AWST) on 18 October 2023 ( Record Date ) to raise up to approximately $11.1 million (before costs) ( Entitlement Offer ).

The Entitlement Offer is being made pursuant to section 708AA of the Corporations Act 2001 (Cth) (as modified by ASIC Corporations (Non-Traditional Rights Issues) Instrument 2016/84 and ASIC Corporations (Disregarding Technical Relief) Instrument 2016/73 ), which allows the Entitlement Offer to be made without a prospectus.

An information booklet in relation to the Entitlement Offer was lodged with the ASX and is expected to be made available to Eligible Shareholders (as defined below) on 23 October 2023 ( Information Booklet ).

Eligibility criteria for Entitlement Offer

Shareholders who are eligible to participate in the Entitlement Offer ( Eligible Shareholders ) are shareholders who:

• are registered as a holder of Shares in the Company as at 5.00pm (AWST) on the Record Date; and

• as at the Record Date, have a registered address on the Company’s share register that is in Australia and New Zealand ( Permitted Jurisdictions ), or are a shareholder that the Company has otherwise determined as eligible to participate (subject to the requirements outlined in the Information Booklet).

Pursuant to section 9A(3)(a) of the Corporations Act 2001 (Cth) ( Corporations Act ) and ASX Listing Rule 7.7.1(a), the Company has determined that it is generally unreasonable on this occasion to extend the Entitlement Offer to shareholders with a registered address outside of the jurisdictions described above ( Ineligible Foreign Shareholders ), having regard to the small number of Ineligible Foreign Shareholders, the relatively small number and value of Shares that would be issued to the Ineligible Foreign Shareholders under the Entitlement Offer and the costs of complying with the legal and regulatory requirements in each such jurisdiction.

As you do not satisfy the criteria above, you are deemed to be an Ineligible Foreign Shareholder for the purposes of the Entitlement Offer. Accordingly, in compliance with section 9A(3) of the Corporations Act and ASX Listing Rule 7.7.1(b), the Company wishes to inform you that it is unfortunately unable to extend to you the opportunity to participate in the Entitlement Offer. You will not be sent the documents relating to the Entitlement Offer or be able to subscribe for New Shares under the Entitlement Offer.

DevEx Resources Limited ABN: 74 009 799 553

Level 3, 1292 Hay Street, West Perth WA 6005, Australia PO Box 434, West Perth WA 6872

You are not required to do anything in response to this notice.

On behalf of the Board and management of the Company, we regret that you are not eligible to participate in the Entitlement Offer but thank you for your continued support.

If you have any further questions, you should contact your suitably qualified stockbroker, accountant or other professional adviser.

Yours sincerely

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Brendan Bradley Managing Director DevEx Resources Limited

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