DEVEX RESOURCES LIMITED — Capital/Financing Update 2023

Aug 14, 2023

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15 August 2023

Step-out Drilling Intersects More Significant Uranium at Nabarlek as 2023 Exploration Gathers Momentum

Current drilling programme to be expanded following recent drilling success

HIGHLIGHTS

• The ongoing 2023 Reverse Circulation (RC) drill campaign at the Nabarlek Uranium Project in the NT is delivering exciting uranium results at several prospects surrounding the historical Nabarlek Uranium Mine (24Mlbs @ 1.84% U3O8 produced).

• At the U40 Prospect , step-out drilling north and south of previous high-grade intercepts has successfully identified the main uranium-bearing fault zone, the U40 Fault, with new uranium equivalent (eU3O8) intercepts from this area including:

• 33.7m @ 0.12% (1,200ppm) eU3O8 from 59m (RC 88) – and open to the south.

• 4.9m @ 0.38% (3,800ppm) eU3O8 from 42m (RC 65), including:

  • 0.5m @ 1.68% (16,800ppm) eU3O8; 0.7m @ 0.58% (5,800ppm) eU3O8

• 23.7m @ 0.19% (1,900ppm) eU3O8 from 60m (RC 73), including:

  • 0.4m @ 1.07% (10,700ppm) eU3O8; 0.2m @ 0.52% (5,200ppm) eU3O8

The uranium mineralisation is open to the south, where the U40 Fault is interpreted to continue for several kilometres, linking up with last year’s uranium intercepts at the U42 Prospect.

• At Nabarlek South , RC drilling has, for the first time, encountered uranium mineralisation at the unconformity between the Kombolgie Sandstone and the Cahill Formation, with significant results including:

• 2.0m @ 0.77% (7,700ppm) U3O8 and 0.6g/t Au from 132m (RC 37)

• 3.5m @ 0.18% (1,800ppm) eU3O8 from 148m (RC 99)

Both holes show significant bed-rock alteration at the unconformity, consistent with other major uranium deposits in the region, including those at the Nabarlek and world-class Ranger Uranium Mine. DevEx believes that these new intercepts are indicative of a nearby uranium-bearing structure – possibly the southern continuation of the Nabarlek Fault.

• Exploring for large, high-grade uranium deposits similar to the nearby world-class Ranger Uranium Mine remains a priority focus for DevEx. The recent results provide compelling grounds for an expansion to the 2023 exploration campaign, with in-fill and step-out drilling now underway.

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www.devexresources.com.au
T: +61 (0) 8 9322 3990 DevEx Resources Limited
F: +61 (0) 8 9322 5800
Level 2, 1292 Hay Street, West Perth WA 6005, Australia
E: info@devexresources.com.au GPO Box 2890, Perth WA 6001
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DevEx Resources Limited (ASX: DEV; DevEx or the Company) is pleased to advise that it has made a successful start to the 2023 drilling campaign at its 100%-owned Nabarlek Uranium Project , located in the heart of the world-class Alligator Rivers Uranium Province (ARUP) in the Northern Territory, Australia.

DevEx is currently prioritising its drilling campaign along two major uranium-bearing fault zones, the Nabarlek Fault (the Nabarlek South and Nabarlek North Prospects) and the U40 Fault (the U40 and U42 Prospects) (see Figure 1). Both fault zones are known to host high-grade uranium mineralisation, including the former Nabarlek Uranium Mine, considered Australia’s highest-grade uranium mine with past production of 24Mlbs @ 1.84% U3O8.

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Figure 1 – DevEx’s RC drilling is currently targeting multiple uranium prospects surrounding the historical Nabarlek Uranium Mine

Recent Reverse Circulation (RC) drilling at both the U40 and Nabarlek South Prospects has intersected significant unconformity-associated uranium mineralisation in strongly altered basement rocks, either at the unconformity or in faults beneath. An expanded drill programme to follow up these results is now underway.

The discovery of large, high-grade uranium deposits similar to either the Nabarlek Uranium Deposit or the nearby world-class Ranger Uranium Mine – which produced 300Mlbs @ 0.23% U3O8 over 40 years (‘Ranger-type’) – remains the priority focus for DevEx.

DevEx Managing Director, Brendan Bradley, said: “Our 2023 exploration campaign is off to a great start with significant uranium intercepts returned in multiple holes at several prospects. The focus of step-out and in-fill drilling is along two key corridors – one along trend from the historic Nabarlek Mine, the other to the north-east along the U40-U42 trend.

“Apart from the growing footprint and scale of the mineralisation, we are also excited to see new high-grade mineralisation being encountered at the unconformity between Kombolgie Sandstone and the regionally significant Cahill Formation – a classic geological host to some of the largest deposits in the district such as the world-class Ranger Uranium Mine. These exciting developments have prompted us to expand and extend the current drilling program.”

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Figure 2 : Nabarlek Project Location. The Alligator Rivers Uranium Province has been a major contributor to the Uranium Industry for the past 40 years with significant uranium endowment.

U40 Prospect

At the U40 Prospect, previous high-grade uranium and gold intercepts (2010), including 6m @ 7.6% U3O8 and 0.7g/t Au from 65m (NAR 7492) and 4.8m @ 1.9% U3O8 and 4.5g/t Au (NAR7493) from 80m, were intersected in altered Cahill Formation rocks just prior to the downturn in the uranium market. There has been only limited exploration since to follow up on these results.

A new geological assessment of the structural controls to the uranium mineralisation at U40 has identified a north-south fault system as the primary host to the uranium mineralisation (the U40 Fault Zone). This fault dislocates both the overlying sandstone (unconformity) and a flat dolerite intrusion. Both the sandstone and shallow, flat-lying dolerite have proven to be an effective mask to the high-grade uranium mineralisation that lies beneath.

DevEx’s 2023 campaign of step-out drilling to the north and south of these historical intercepts has successfully extended the uranium-bearing U40 Fault Zone for several hundred metres (see Figure 1), returning new uranium equivalent intercepts, including:

• 4.9m @ 0.38% eU3O8 from 42m (RC 65), including:

• 0.5m @ 1.68% eU3O8; 0.7m @ 0.58% eU3O8

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• 23.7m @ 0.19% eU3O8 from 60m (RC 73) including:

• 0.4m @ 1.07% eU3O8; 0.2m @ 0.52% eU3O8

• 33.7m @ 0.12% eU3O8 from 59m (RC 88) – open to the south

The uranium mineralisation remains open to the south (Figures 3, 4 and 5), where the U40 Fault is interpreted on the regional magnetics to continue for several kilometres beneath the flat-lying dolerite, linking up with mineralisation at the U42 Prospect (Figure 6).

At the U42 Prospect, drilling is also underway to follow-up on last year’s uranium intercept of 2m @ 0.59% U3O8 from 188m (22NBRC014), with new uranium equivalent intercepts north of 22NBRC014 including:

o 33.2m @ 0.06% eU3O8 from 39m (RC 78), including:

0.1m @ 0.50% eU3O8; 0.2m @ 0.60% eU3O8

Considering that the U40 Fault Zone is interpreted to lie immediately to the east (Figure 6), DevEx plans to significantly expand its drilling campaign to the east of the uranium intercepts reported in RC78 and 22NBRC014.

An expanded programme of in-fill and step-out RC drilling is planned to follow up on these recent intercepts at U40 and U42 and the broader U40 Fault Zone between these prospects.

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Figure 3 : U40 Prospect – Recent significant uranium equivalent intercepts from DevEx’s 2023 ongoing drill campaign (blue). Drilling has defined the uranium-bearing U40 Fault over several hundred metres where it remains open to the south. Intercepts are reported as down-hole as true widths are not known.

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Figure 4 : Section A: Recent uranium equivalent drilling results beneath the flat dolerite and sandstone. Results show significant down-hole widths encountered in hole RC88 which require further in-fill drilling.

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Figure 5 : Section B: Further drilling is required to test to the west of hole RC 93, where the main uranium-bearing U40 Fault Zone is projected from Section A to cross.

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Figure 6 : Airborne magnetics (grey scale) illustrating the extension of the U40 Fault Zone south of newly reported uranium intercepts at the U40 Prospect and immediately east of recent intercepts at U42 Prospect. A shallow, flatlying dolerite intrusion (green) masks the surface expression of the fault. Other parallel structures remain untested.

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Nabarlek South Prospect

At Nabarlek South , RC drilling (Figure 7), originally targeting uranium in dolerite, has for the first time encountered uranium mineralisation at the unconformity between the Kombolgie Sandstone and underlying Cahill Formation, with laboratory (U3O8) and uranium equivalent (eU3O8) results including:

o 2.0m @ 0.77% U3O8 and 0.6g/t Au from 132m (RC 37)

o 3.5m @ 0.18% eU3O8 from 148m (RC 99)

Both holes show significant haematite and chlorite bedrock alteration at the unconformity, consistent with other uranium deposits in the region, including those at the Nabarlek and worldclass Ranger Uranium Mine. DevEx believes that these new intercepts at the unconformity are indicative of a nearby uranium-bearing fault zone – possibly the southern continuation of the Nabarlek Fault.

The Company’s 2023 RC campaign originally targeted the uranium mineralisation in the overlying dolerite at Nabarlek South. Previous uranium intercepts from the 2022 drill campaign, including 10.1m @ 1.10% U3O8 from 124m (22NBDD02), made for a compelling exploration target.

The relationship between the uranium in the overlying dolerite and these new results at the underlying unconformity is still unclear. However, the potential for an underlying uranium-bearing fault (Nabarlek Fault) distributing uranium into the unconformity and the overlying dolerite is very plausible.

An expanded RC drilling campaign is now underway to test the area surrounding the recent uranium intercepts in holes RC37 and RC99 for the postulated source to the uranium mineralisation south of the dolerite.

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Figure 7: Nabarlek South: Location of 2023 RC drill holes, over recent ground gravity survey. Holes RC99 and RC37 have intersected uranium mineralisation at the unconformity between the Kombolgie Sandstone and Cahill Formation beneath the dolerite (see Section C for context).

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Figure 8 : Nabarlek South Section C : Holes RC37 and 99 have intersected significant uranium mineralisation in altered bedrock at the unconformity between the Kombolgie Sandstone and the Cahill Formation. Both the uranium, alteration style and associated gold mineralisation are all suggestive of a uranium-bearing fault zone in the near vicinity of these intercepts.

Nabarlek North

In addition to the results above, DevEx has identified significant opportunity to drill test the Nabarlek Fault to the north-west of the Nabarlek Uranium Mine. Ground gravity surveys and a recent review of historical drilling has shown that a significant portion of the uranium-bearing Nabarlek Fault remains untested inside the Nabarlek Mining Lease (Figures 9 and 10).

The Company is awaiting approval from the NT Government to add this target area into the current drill campaign.

Both its proximity to the Nabarlek Uranium Mine and its location inside the Nabarlek Mining Lease justify this area as a high-priority target.

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Figure 9 : Nabarlek North : A significant portion of the uranium-bearing Nabarlek Fault (defined by ground gravity) remains untested inside of the Nabarlek Mining Lease. The target is masked by the overlying Kombolgie Sandstone (see Section D).

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Figure 10 : Nabarlek North untested uranium target along the Nabarlek Fault and within the Nabarlek Mining Lease.

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This announcement has been authorised for release by the Board.

For further information, please contact:

Brendan Bradley, Managing Director DevEx Resources Limited Telephone +61 8 6186 9490 Email: info@devexresources.com.au

For investor relations inquiries, please contact:

Nicholas Read Read Corporate Telephone: +61 8 9388 1474 Email: info@readcorporate.com.au

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 which relates to previous Drill Results for the Nabarlek Project are extracted from the ASX announcement titled “DevEx ramps-up exploration at Nabarlek Uranium Project, NT after identifying new highgrade targets” release on 29 September 2021, “ High-Grade Uranium Intersected at Nabarlek ” released on 9 August 2022, “ More Significant Uranium Intersected at Nabarlek ” released on 19 October 2022, “ High-Grade Uranium Confirmed at Nabarlek ” released on 29 November 2022 “ More High-Grade Uranium Across Multiple Prospects Confirms Outstanding Growth Potential at Nabarlek ” released on 24 January 2023, and “ More Significant Uranium at Nabarlek ” released on 15 March 2023 all of which are available at 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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Table 1 – Significant Down Hole Uranium Equivalent (eU3O8) Intercepts Nabarlek Project

Prospect	Hole6	East	North	RL (m)	Depth (m)	Az	Dip	From (m)	Interval3 (m)	eU3O81,2 (%)
U40	23NBRC055	327004	8644804	67	168	273	-60	nsi
U40	23NBRC056	327079	8644776	67	162	271	-61	nsi
U40	23NBRC057	327163	8644796	67	162	273	-61	nsi
U40	23NBRC058	327242	8644798	67	168	270	-61	25.4	2.3	0.08
								47.4	3.9	0.14
								151.7	2.4	0.10
U40	23NBRC059	327302	8644801	67	162	271	-61	nsi
U40	23NBRC060	327143	8644902	66	84	270	-61	22.4	1.0	0.08
U40	23NBRC061	327167	8644899	67	180	270	-61	nsi
U40	23NBRC062	327220	8644950	68	102	271	-61	67.3	3.5	0.07
								76.2	1.4	0.05
U40	23NBRC063	327191	8644972	67	88	270	-62	nsi
U40	23NBRC064	327226	8645022	66	102	270	-61	nsi
U40	23NBRC065	327190	8645050	68	90	272	-62	42.0	4.9	0.38
								incl.	0.5	1.684
								incl.	0.3	2.105
								incl.	0.7	0.584
								59.0	1.0	0.11
U40	23NBRC066	327218	8644899	68	180	270	-61	30.8	3.4	0.07
								60.2	3.1	0.07
								68.6	1.5	0.07
U40	23NBRC067	327243	8644895	69	84	271	-61	73.7	1.8	0.06
U40	23NBRC068	327189	8645027	67	90	271	-61	54.0	2.2	0.05
								67.0	1.1	0.10
U40	23NBRC069	327171	8645049	69	96	272	-60	nsi
U40	23NBRC070	327200	8645078	68	90	271	-60	nsi
U40	23NBRC071	327220	8645078	67	84	274	-61	nsi
U40	23NBRC072	327153	8645115	72	108	272	-61	71.6	1.0	0.06
								86.8	4.8	0.13
U40	23NBRC073	327170	8645116	70	90	272	-61	59.8	23.7	0.19
								incl.	1.5	0.754
								incl.	0.4	1.075
								incl.	0.2	0.524
U42	23NBRC074	327066	8642796	78	204	181	-61	nsi
U42	23NBRC075	327066	864289	78	264	181	-62	41.5	2.8	0.05
								79.0	9.2	0.07
								223.0	1.7	0.12
U42	23NBRC076	326955	8642903	85	258	181	-62	66.4	1.9	0.07
U42	23NBRC077	326947	8643004	88	258	181	-61	nsi

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Prospect	Hole6	East	North	RL (m)	Depth (m)	Az	Dip	From (m)	Interval3 (m)		eU3O81,2 (%)
U42	23NBRC078	327072	8642887	78	246	154	-89	39.4 incl.	33.2	0.06
									0.1	0.504
									0.2	0.604
U40	23NBRC079	327129	8645111	72	114	272	-62		nsi
U40	23NBRC080	327185	8645112	70	160	265	-61		nsi
U40	23NBRC081	327157	8645160	74	102	90	-61		nsi
U40	23NBRC082	327142	8645161	72	102	91	-61		nsi
U40	23NBRC083	327126	8645157	72	102	89	-61		nsi
U40	23NBRC084	327097	8645154	72	102	90	-61		nsi
U40	23NBRC085	327147	8645077	72	102	90	-61		nsi
U40	23NBRC086	327113	8645077	73	138	90	-61		nsi
U40	23NBRC087	327090	8645084	73	102	90	-61		nsi
U40	23NBRC088	327201	8644792	67	108	273	-61	59.4	32.8	0.12
U40	23NBRC089	327269	8644805	68	108	269	-60	89.6	12.3	0.07
U40	23NBRC090	327307	8644702	77	102	88	-61		nsi
U40	23NBRC091	327269	8644702	76	108	88	-60		nsi
U40	23NBRC092	327228	8644701	77	102	90	-61	63.4	1.5	0.10
U40	23NBRC093	327189	8644703	77	102	89	-61	37.2	2.7	0.07
								66.4	13.8	0.07
Zeus	23NBRC094	332715	8641635	91	150	271	-60		nsi
Zeus	23NBRC095	332419	8641592	92	150	225	-61		nsi
U42	23NBRC096	327068	8642875	78	264	180	-61	74.8	13.9	0.07
Nabarlek South	23NBRC097	318814.2	8637775	70	174	156	-60	127.1	14.7	0.07
Nabarlek South	23NBRC098	318803	8637807	70	168	153	-61	129.3	18.3	0.05
								incl.	0.2	0.664
Nabarlek South	23NBRC099	318720	8637754	72	168	148	-61	150.0	3.5	0.18
Nabarlek South	23NBRC100	318154	8637506	68	138	156	-70		nsi

1 eU3O8 grades reported are calculated equivalent uranium grades derived from calibrated total gamma probes and not chemical assay results. Collection and conversion of total gamma data was undertaken by Borehole Wireline Pty Ltd for holes RC 65, 73,78 88,78,97 to 99 and by Company geologists for all other holes from the RC drilling.

2 Intercepts reported use a 0.05% eU3O8 lower cut-off grade and a maximum internal dilution of 8.1m unless noted otherwise. Intercepts less than 1m that fall below 0.10% eU3O8 are excluded.

3 Interval lengths are rounded to the nearest 0.1m and are reported down holes lengths as true widths are yet to be determined.

4 Reported using lower cut-off grade 0.5% eU3O8 and a maximum internal dilution of 2m.

5 Reported using lower cut-off grade 1.0% eU3O8 and a maximum internal dilution of 2m.

6 The text of this report shortens the hole number for ease of reading, for example 23NBRC099 changes to RC99

Uranium equivalent grades are estimated from measurement taken from the wall rock surrounding the drill hole, whereas laboratory analysis is from one metre samples collected from the drill hole. For this reason, results may differ between uranium equivalent results and laboratory results.

nsi – no significant uranium equivalent intercept recorded in gamma probes.

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Table 2 – Significant Down Hole Uranium (U3O8) Intercepts Nabarlek Project

Prospect	Hole	East (m)	North (m)	RL (m)	Depth (m)	Az	Dip	From (m)	Interval2 (m)	U3O81 (%)
Coopers	23NBRC001	320066	8638095	68	80	138	-60	38	1	0.09
Coopers	23NBRC002	320047	8638125	68	80	94	-61	49	4	0.05
Coopers	23NBRC003	320002	8638129	72	114	91	-61	nsi
Coopers	23NBRC004	320110	8638143	68	80	141	-61	nsi
Coopers	23NBRC005	319970	8637759	75	80	92	-62	nsi
Coopers	23NBRC006	319934	8637759	75	80	90	-61	nsi
Nabarlek South	23NBRC007	318430	8637632	71	170	308	-90	134	1	0.06
Nabarlek South	23NBRC008	318506	8637640	72	180	0	-90	151	1	0.06
Nabarlek South	23NBRC009	318901	8637710	71	114	0	-90	75	1	0.05
								88	1	0.12
Nabarlek South	23NBRC010	318881	8637761	71	150	0	-90	130	1	0.14
Coopers	23NBRC011	319399	8637820	71	84	176	-60	nsi
Coopers	23NBRC012	319396	8637902	71	140	180	-60	nsi
Coopers South	23NBRC013	320205	8637535	73	80	178	-61	46	5	0.16
Coopers South	23NBRC014	320211	8637474	72	80	180	-61	nsi
Coopers South	23NBRC015	320477	8637465	69	66	178	-60	nsi
GC11	23NBRC016	316831	8636898	75	162	0	-90	111	1	0.06
								119	1	0.05
GC11	23NBRC017	316745	8636897	75	174	0	-90	64	1	0.06
GC11	23NBRC018	316880	8636977	75	162	0	-90	nsi
GC11	23NBRC019	317086	8637004	72	108	0	-90	nsi
GC11	23NBRC020	317039	8637066	74	168	0	-90	117	2	0.07
GC11	23NBRC021	317746	8637370	71	150	161	-60	nsi
GC11	23NBRC022	316630	8636463	73	108	0	-90	nsi
GC11	23NBRC023	316574	8636471	72	168	0	-90	nsi
GC11	23NBRC024	316514	8635909	74	120	91	-61	nsi
GC11	23NBRC025	316485	8635898	74	168	0	-90	nsi
Nabarlek North	23NBRC026	316398	8640101	78	150	227	-61	nsi
Nabarlek North	23NBRC027	315249	8640618	80	132	233	-77	nsi
Overload	23NBRC028	311880	8635019	80	150	230	-61	nsi
Overload	23NBRC029	312052	8634752	90	150	224	-61	nsi
Coopers South	23NBRC030	320001	8637507	75	100	183	-62	nsi
Coopers South	23NBRC031	319999	8637568	75	100	173	-61	nsi
Coopers South	23NBRC032	319802	8637846	75	72	185	-61	nsi
Nabarlek South	23NBRC033	318616	8637661	72	156	0	-90	57	1	0.06
								79	1	0.05
								122	5	0.11
Nabarlek South	23NBRC034	318792	8637703	71	138	0	-90	nsi
Nabarlek South	23NBRC035	319000	8637731	70	108	0	-90	nsi

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Prospect	Hole	East (m)	North (m)	RL (m)	Depth (m)	Az	Dip	From (m)	Interval2 (m)	U3O81 (%)
Nabarlek South	23NBRC036	318891	8637737	71	140	0	-90	119	3	0.08
								128	2	0.07
Nabarlek South	23NBRC037	318724	8637701	72	144	0	-90	80	1	0.08
								132	2	0.773
Nabarlek South	23NBRC038	318568	8637656	72	168	0	-90	nsi
Nabarlek South	23NBRC039	318118	8637450	69	138	0	-90	nsi
Nabarlek South	23NBRC040	318157	8637501	68	180	0	-90	nsi
Coopers	23NBRC041	320095	8638202	68	80	87	-60	nsi
Coopers	23NBRC042	320046	8638201	69	96	92	-61	nsi
Coopers	23NBRC043	320221	8638308	67	90	85	-61	nsi
Coopers	23NBRC044	320161	8638302	67	96	90	-60	nsi
Coopers South	23NBRC045	320098	8637540	74	78	180	-60	nsi
Coopers South	23NBRC046	320103	8637575	74	84	179	-60	nsi
Coopers South	23NBRC047	320197	8637601	72	80	181	-60	nsi
Nabarlek North	23NBRC048	315388	8640544	80	200	226	-71	nsi
Nabarlek North	23NBRC049	315343	8640557	79	192	223	-65	104	4	0.08
								119	23	0.064
Nabarlek North	23NBRC050	315380	8640594	79	186	227	-65	nsi
Nabarlek North	23NBRC051	315298	8640565	80	150	227	-66	114	6	0.09
Nabarlek North	23NBRC052	315286	8640606	80	180	224	-66	nsi
Nabarlek North	23NBRC053	315321	8640644	79	200	227	-65	nsi
Nabarlek North	23NBRC054	315255	8640630	80	102	229	-76	nsi

1 Intercepts reported use a 0.05% U3O8 lower-cut-off grade and a maximum internal dilution of 4m unless noted otherwise.

2 Intervals are reported as down hole lengths as true widths are yet to be determined.

3 Includes 2m @ 0.60g/t Au in the interval.

4 Includes 10m @ 0.21g/t Au in the interval.

nsi – no significant uranium intercept

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Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample represenivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1m samples from which 3kg was pulverised to produce a 30g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	• The 2023 drilling program utilises down hole gamma data from calibrated probes converted into equivalent uranium values (eU3O8) by experienced geophysical logging contract operators and have been confirmed by a competent person (geophysicist). Geochemical assays are then used to confirm the conversion results once results have been received. • Appropriate factors were applied to all downhole gamma counting results to make allowance for hole diameter, drill rod thickness, gamma probe dead times and incorporating all other applicable calibration factors. • This announcement has reported equivalent uranium grades (expressed as eU3O8) derived from calibrated probes: − Geovista 38mm Standard NGRS 4705 − Geovista 38mm Geiger Mueller TGGS 3433; and − Reflex EZ-Gamma GAM075. • For selected RC drillholes (23NBRC037,65,73,78,88,93,97,98,99) data reported has been collected using the Geovista probes acquired by Borehole Wireline Pty Ltd (‘Borehole Wireline’) of Black Forest, South Australia. The data was collected either inside drill rods or within 50mm pvc pipe placed in hole once the drill rig relocated to the next hole and estimations have taken this into account. • In rod data was acquired both up and down hole. Downhole data acquired at trip speed of 10 m/min and up hole data acquired at 3m/min. Open hole data was unable to be measured due to hole instability. Adjustments for in rod gamma collection (RC drill string) was done by Borehole Wireline. • In rod EZ-Gamma data was acquired both up and down hole, at a trip speed of about 7m/min for all RC drillholes. • The gamma radioactivity measured by the Borehole Wireline probes was recorded in raw c/s (counts per second) at an interval of 1cm down hole. EZ-Gamma probes reported at 10cm downhole intervals. • The raw c/s measurements were corrected for the drill hole diameter and drill string thickness. • The probes utilised have been calibrated in the Adelaide Models by Borehole Wireline. The Geovista 38mm Standard NGRS 4705 probe and the Geovista 38mm Geiger Mueller TGGS 3433 probe were calibrated on the 10 July 2023 and 5 July 2022 respectively. The EZ-Gamma probe were calibrated on 15 May 2023 (GAM075). • For RC drilling, the EZ-Gamma probe data was collected by Topdrill drillers and conversions made by site geologists using calibration data provided by Imdex Limited. • Once calibration logging by Borehole Wireline was completed polynomial equations were derived for each tool that allows the conversion of corrected c/s measurements to eU3O8grades. Calibration testing of REFLEX EZ-Gamma was undertaken using the measured gamma response in four test pits at the Saskatchewan Research Council (SRC) test facilities (Pits 1-4; NQ) covering a

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Criteria	JORC Code explanation	Commentary
		concentration range of 0.061 to 4.15% U, as well as five test pits at the Adelaide Test facilities (AM- 1, 2, 3, 6, and 7; 108mm diameter) covering a concentration range of 0.003 to 0.834% U. In addition, measurements were also made in AM-7 using various bore sizes to allow calculation of bore-hole size correction factors. • Wireline gamma data reflects the influence of mineralisation outside of the drill hole in the host rock and is typically associated with a larger sample size than the rock chip samples from the same interval. Therefore, wet chemical values and equivalent uranium grades can vary in any given interval. • Intervals with higher grade eU3O8gamma probe results were reviewed by site geologists using calibrated scintillometers and the Company pXRF Olympus Vanta which took spot analysis of 1 metre RC split calico sample bags analysis. RC composite samples are routinely analysed using pXRF.
Drilling techniques	• Drill type (e.g. core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit, or other type, whether core is oriented and if so, by what method, etc).	• Drilling is completed to industry standard. A truck mounted Schramm T685 rig from Topdrill Pty Ltd was used to drill the reverse circulation (RC) holes. • Drill type was reverse circulation (RC) producing rock chip drill samples. • A REFLEX GYRO SPRINT-IQ™(EQ0107) is being used every 30m or sooner to survey drill holes. Used both down hole and bottom up on completion of hole. • Drill hole collar locations were positioned using Garmin GPS with a tolerance of 3-5m. Drill hole azimuth delineated by sighting compass and using gyro to refine azimuth.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• Sample recovery from the RC drilling is monitored during drilling with an assessment made on the volume and weight of material recovered relative to the drill interval. If RC sample recovery is poor, it is logged as such. This is systematically recorded in the logging database. • Sample recovery for RC drilling is good and closely matches the uranium equivalent grades independently estimated from the down-hole gamma probe. • Laboratoryanalysis is included in this report.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• Detailed geological logs were compiled for all drill holes which are appropriate for Mineral Resource Estimation, mining studies and metallurgy. Downhole magnetic susceptibility was measured through the entire hole on 4m composite intervals. • Logging of geology, structures, alteration and mineralisation is being carried out systematically and entered into Micromine Geobank® logging software and transferred into Micromine®. • All holes are qualitatively logged and, for particular observations such as vein, mineral and sulphide content, a quantitative recording is made. • Wet and dry photos of RC chip trays are taken. • All drill holes were logged in full. • Uranium mineralisation is logged in hole, however, the black sooty colour to the dark green alteration makes grade estimation difficult.

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Criteria	JORC Code explanation	Commentary
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• Company procedures being followed to ensure sampling effectiveness and consistency are being maintained. • For RC drilling, entire one metre intervals are collected via the cyclone with an accompanying one metre calico sample using a cone splitter on the rig. This ~3kg reference sample placed next to the larger source sample bags for future laboratory submission. Routine four metre composite samples are collected from the source sample bags using a spear sampling technique and these are sent for routine laboratory submission. Individual one metre samples are stored for future submission if anomalous results are identified. • Field duplicates for RC samples are collected. • Known value standards are inserted approximately every 40 samples for RC samples. • The size of the sample is considered to have been appropriate to the grain size for all holes. • Uranium equivalent (eU3O8) grades and composite sample grades were used to determine the additional single meter samples for submission. This was considered appropriate as analysis from holes with both U3O8and eU3O8results had shown close correlation.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	• RC samples were submitted to ALS Laboratory for chemical analysis. Entire samples were crushed and pulverised to 85% passing <75um. Composite samples were analysed for U and with aqua-regia digest ME-ICP41, single meter samples have been analysed for U and Cu by four-acid digest ME- ICP61 with all samples submitted for Au analysed by fire-assay Au-ICP21. Results are considered near total for four acid-digest. Both analytical techniques for uranium closely match each other. • All assay results have been converted to U3O8for reporting purposes. • The Company’s handheld pXRF Olympus Vanta is used to take spot readings of RC samples to confirm the presence of uranium mineralisation and cross check to the gamma probes. The spot grade values recorded by the pXRF machine are not representative of average grades for the meter samples but are used to check the presence of uranium observed or noted in thegammaprobe.
Verification of Sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• Detailed checks by alternative Company personnel verify significant intercepts by using downhole data collected including depth matching geochemical assays with down hole gamma with drill core and handheld radiometric readings and spot pXRF analysis. A comparison was made between data collected from the Geovista 38mm Standard NGRS 4705 and Geovista 38mm Geiger Mueller TGGS 3433 gamma probes and geochemical assays. • Borehole Wireline review the data recorded by the gamma probes and provide a report on the results and the conversion to eU3O8 values, together with a spreadsheet of their eU3O8 calculations at 1cm intervals. • Geological logging and spot analysis of drill core with the Company’s portable pXRF was undertaken to confirm the presence of high-grade uranium mineralisation in rock chips. • No drill holes are twinned.

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Criteria	JORC Code explanation	Commentary
		• All assay results have been converted to U3O8for reporting purposes.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• Downhole surveys on angled holes were completed using an REFLEX GYRO SPRINT- IQ™(EQ0107) tool with surveys taken at 30m or less downhole and then continuously from end of hole upwards. • Hole collar locations have been picked up using a handheld GPS with a +/- 2 to 3m error respectively. • The grid system used for location of all drill holes as shown on all figures is GDA94, Zone 53 with a local grid created for reporting and presentation purposes. • RL data as recorded from GPS, is considered unreliable at present, although topography around the drill area is relatively flat and hence should not have any significant effect on the current interpretation of data. • Detailed surveying of the drilling is required once the programme is complete. • The historical drilling for uranium mineralisation commenced in the 1970’s across the various prospects, historical drilling attempted to define the mineralisation on various grids and drill hole orientations all with unknown inaccuracies. The Company has attempted to establish this data though historical plans, listed coordinates and reference points with some irregular inconsistencies in azimuth noted between data sources, which has the potential to undermine hole location and drill hole trace reliability. The Company considers this drilling to be indicative, but not absolutely reliable. The Company uses these holes as a guide, and displays them in figures in this report, but does not consider them to be reliable when comparing to current drilling.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• Drill programme designed to target multiple projects. No defined drill spacing. • Drilling is designed on suitable spacing to establish a degree of geological and grade continuity.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• Prior drilling has limited structural data. Drill orientations are designed perpendicular to the interpreted mineralising and geological trends (unless stated otherwise). • At Nabarlek South, holes are orientated to intersect the broad geology, mineralising trends and the Gabo Fault which dips to the north-west. • At U40, a series of north-south trending subvertical faults are interpreted to control mineralisation. • At U42, a north-west fault is interpreted to control geology in the region. It is not known whether this represents the orientation of mineralisation. • At Nabarlek North north-west trending fault dipping to the north-east controls mineralisation.
Sample security	• The measures taken to ensure sample security.	• A full chain of custody is maintained during sample preparation and subsequent dispatch.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• All sampling techniques, information and data used in this report have been reviewed by the Company’s Competent Person and senior staff on site familiar with uranium deposits.

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Section 2 – Reporting of Exploration Results	Section 2 – Reporting of Exploration Results	Section 2 – Reporting of Exploration Results
Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The Nabarlek Project comprises one granted Mineral Lease and three granted Exploration Licences, in additional to a broader package of tenement applications. • The granted Mineral Lease MLN962 (termed Nabarlek Mining Lease in this report) and is owned by Queensland Mines Pty Limited (QML) a wholly owned subsidiary of DevEx Resources Limited (Company). MLN962 is the renewal of Special Mineral Lease 94 granted on 23 March 1979 to mine and process the Nabarlek Ore. MLN962 continues until the 22 March 2034 (thereafter subject to further application for renewal). • Mining Agreements between QML and the Northern Land Council (NLC) provide details for commercial mining and extraction of uranium ore within MLN962. • The Nabarlek project also includes three granted Exploration Licences (EL10176, EL24371 and EL23700). All three exploration licences form part of the Nabarlek Project in which the Company holds 100%. Cameco has a claw–back right for 51% of any deposit exceeding 50 million lbs of U3O8within the granted exploration tenure (ASX Announcement on 11 September 2012). EL10176 and EL24371 are subject to a 1% royalty on gross proceeds from sale of uranium and other refined substances. • Under its land access agreements with the NLC and Traditional Owners, the Company annually presents its exploration plans to Traditional Owners for comment and approval. Planned activities for 2023, were approved by the Traditional Owners late last year. • The Company continues to operate under approvals received from the NT Government under its annual Mine Management Plans (MMP).
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Since discovery of uranium mineralization at Nabarlek, the Project has seen various exploration activities since the 1970’s. The Company has reviewed historical reports covering the past 50 years of exploration activity and the majority of this activity has been captured into a drill hole and geochemical database. • QML discovered the Nabarlek deposit in 1970 during costeaning of a significant airborne radiometric anomaly. During 1970 and 1971 the orebody was delineated by drilling. • The majority of drilling within MLN962 was undertaken by QML between 1970 to 2007 when the Company (then known as Uranium Equities Limited) purchased QML. Following purchase of QML the Company has carried out exploration drilling within MLN962. • Databases inherited by the Company were compiled by QML in the early 1990s. Reviews of historical reports were undertaken in an attempt to validate the drilling and geochemistry. Some data entry errors, and high-grade holes were noticed and corrected. Historical drilling was validated where possible, albeit discrepancies were noted. • On the Nabarlek exploration licences, exploration was vetoed by the Federal Government moratorium between 1973 and 1988. In 1988, EL2508was granted to QML who explored the

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Criteria	JORC Code explanation	Commentary
		ground until close to the licence expiry in 1998. Between 1998 and 2003, a JV of AFMEX, Cameco and SAE Australia explored the ground concentrating on the Nabarlek North, Nabarlek South and U65 prospects under 3 retention licences (ERL150 – 152). After the retention licences were surrendered, Cameco was granted exploration licences EL’s 10176, 24371 and 24372. The initial exploration was undertaken by Cameco with participation by the Company from 2007 until 2017 when it earnt a 100% interest. During its time, Cameco Australia carried out several programmes of drilling as well as geological mapping and airborne geophysics.
Geology	• Deposit type, geological setting and style of mineralization.	• Open cut mining at Nabarlek commenced in June 1979. Total production from the Nabarlek mill was 10,858 tonnes of U3O8(McKay, A.D. & Miezitis, Y., 2001. Australia’s uranium resources, geology and development of deposits. AGSO – Geoscience Australia, Mineral Resource Report 1). • Nabarlek Uranium mineralisation is classed as a structurally-controlled, unconformity associated uranium deposit entirely hosted within basement rocks similar to other uranium mines in the Alligator Rivers Uranium Field. • The rock types which host the Nabarlek orebody are metamorphic chlorite schists and amphibolites of the Myra Falls Metamorphics (equivalent of the lower Cahill Formation). The metamorphic rocks are faulted against the Palaeoproterozoic Nabarlek Granite which has been intersected in drilling at 450m below the deposit. The metamorphic schists were subsequently intruded by a sheet of Oenpelli Dolerite. At Nabarlek and surrounding prospects, uranium mineralization has been encountered in both the host metamorphic schists and the Oenpelli Dolerite. The Company regards the uranium mineralization within the region to be structurally controlled. • These prospective metamorphic rocks match with the regional definition of the upper and more prospective lower Cahill Formation. Historical drilling at Nabarlek and elsewhere indicates that this stratigraphy is generally flat and therefore important to determine where prospective uranium bearing structures cross into the more prospective lower Cahill Formation equivalent. • The Nabarlek orebody was deposited within the Nabarlek fault breccia. Surface mapping of the Nabarlek Shear south of the pit identified a silica flooded fault breccia with trace to minor uranium at the immediate pit boundary. Within the main ore body (inner zone) alteration is characterised by pervasive hematite, chlorite, white mica and the removal of quartz/silica (de-silicification). Chalcopyrite (copper sulphide) is reported in petrology as one of the dominant sulphides. Company hand-held XRF spot analysis of available core from Nabarlek confirms a close association between copper and uranium at Nabarlek and other prospects such as U40. Apart from uranium, there is no record of routine analysis of metals associated with the Nabarlek mineralisation, including gold. • The Company views the Nabarlek Deposit and nearby U40 Prospect to bear close similarities including age, with the Ranger, Jabiluka and Coronation Hill Uranium deposits together with

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Criteria	JORC Code explanation	Commentary
		their close association with gold, copper and PGE mineralisation (see ASX announcement on 9 May 2019). • Previous exploration models used by explorers considered an unconformity type uranium model similar to that seen in the Proterozoic Athabasca Basin Uranium Province of North America. The Company considers this model to be too restrictive and is adopting a more flexible hydrothermal mineral systems approach associated with structures such as the Gabo Fault, the Nabarlek Faults and the North Fault. • The Company considers that previous drilling, discussed within, supports the concept that copper and gold is prospective within the Company’s tenements.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: − easting and northing of the drill hole collar − elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar − dip and azimuth of the hole − down hole length and interception depth − hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• Historically significant uranium intercepts for the project are provided in the Company’s announcement dated 29 September 2021 and select historical intercepts are provided in figures of this report to provide context to recent Exploration Results. • At Nabarlek South, historical drilling is cluttered by various campaigns and drill hole orientations. Historical hole locations are reasonable for this report in broad context, but the lack of down hole information and accurate surveying makes hole to hole comparison difficult. • Due to flat lying stratigraphy, RAB/Aircore (AC) drilling is viewed as a useful geochemical and near surface geological indicator but is not a definitive drill hole test. Many RAB/AC holes only sampled at the bottom of the hole and are ineffective. RAB/AC drilling is removed from plans as it gives a false impression of a prospect’s level of effective drilling. • All relevant drill hole information used in these Exploration Results is listed in Tables 1 and 2 of this announcement or previously reported.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• Table 1 and 2 within this report lists significant uranium equivalent and laboratory uranium intercepts from recent drilling. Significant uranium intercepts are determined using a lower cut-off grade of 0.05% U3O8with a maximum of 8.1m of internal dilution. Individual higher-grade intercepts are reported when grades are at or above 0.5% U3O8, 1.0% U3O8. • No top cuts have been used. • All equivalent uranium grades were derived by Borehole Wireline for selected RC holes and the calibrated EZ-Gamma down hole probe for the RC drilling, using probe specific dead time and K factors, and accounting for the hole diameter and drill casing.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	• Drill orientations are designed perpendicular to the interpreted mineralising and geological trends (unless stated otherwise). • At Nabarlek South, holes are orientated to intersect the broad geology, mineralising trends and the Gabo Fault which dips to the north-west. • At U40 a series of north-south trending subvertical faults are interpreted to control mineralisation. • At U42, a north-west fault is interpreted to control geology in the region. It is not known whether this represents the orientation of mineralisation.

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Criteria	JORC Code explanation	Commentary
		• At Nabarlek North north-west trending fault dipping to the north-east control’s mineralisation. • Where available geological observations from diamond drill core of veins, fractures and mineralisation cross cutting the core generally at moderate to high angles are used to confirm orientations of mineralisation. • The drill intersections reported are not considered true widths and are reported as down hole lengths. Further detailed geological analysis and drilling is required to determine the geometry of the intersected mineralisation.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Plan views and a cross section are provided as figures in the body of text.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• Significant uranium equivalent and uranium intercepts for drilling are reported in Tables 1 and 2 with highlights provided on maps and cross sections for context.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• Geological interpretations are presented within the figures provided.
Further work	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• An expanded drill programme is underway targeting priority drilling at the following targets: • U40 • Nabarlek South • U42 • Nabarlek North

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