DEVEX RESOURCES LIMITED — Investor Presentation 2021

May 30, 2021

EXPLORING IN AUSTRALIA’S DISCOVERY HOTSPOTS Investor Presentation

31 May 2021

ASX : DEV

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Important Information

• Forward Looking Statements

• This Presentation may include statements that could be deemed “forward-looking statements”. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those expected in the forward-looking statements or not take place at all.

 No offer to sell or invitation to buy This Presentation is not, and should not be considered to, constitute any offer to sell, or solicitation of an offer to buy, any securities in DevEx Resources Limited, and no part of this Presentation forms the basis of any contract or commitment whatsoever with any person. DevEx Resources Limited does not accept any liability to any person in relation to the distribution or possession of this Presentation from or in any jurisdiction.

• Disclaimer

Whilst care has been exercised in preparing and presenting this Presentation, to the maximum extent permitted by law, DevEx Resources Limited and its representatives:

• make no representation, warranty or undertaking, express or implied, as to the adequacy, accuracy, completeness or reasonableness of this Presentation;

• accept no responsibility or liability as to the adequacy, accuracy, completeness or reasonableness of this Presentation; and

• accept no responsibility for any errors or omissions from this Presentation.

• Competent Person Statement

The information in this Presentation that relates to Exploration Results for the Sovereign Project are extracted from the ASX announcement titled “Drilling confirms anomalous palladium, platinum and copper associated with a mafic-ultramafic intrusion at the Sovereign Project, WA” release on 27[th] April 2021 which is available on www.devexresources.com.au.

The information in this Presentation that relates to Exploration Results for the Wilga Downs Project is extracted from the ASX announcement titled “Strong Off-Hole DHEM Conductor at Wilga Downs Copper-Gold Project, NSW” released on 20[th] April 2021, “Encouraging initial drill results at Wilga Downs Project” released on 4[th] February 2021 and “Devex expands NSW portfolio with farm-in on highly prospective gold-base metal project in Cobar Basin” released on 16[th] September 2020, all of which are available on www.devexresources.com.au.

The information in this Presentation that relates to Exploration Results for the Junee Project are extracted from the ASX announcement titled “Encouraging gold-copper assays from maiden air-core drilling into large-scale target at Junee Project, NSW“ released on 26[th] May 2021, “Extensive copper-gold soil anomaly strengthens potential for large-scale porphyry copper-gold system at Junee” released on 9[th] February 2021, “NSW Exploration Update – Basin Creek Gold Project and Junee Copper-Gold Project” release on 6[th] November 2020, “Geophysics upgrades priority drill targets at Junee Copper-Gold Project, NSW, as new drill programme commences” released on 3[rd] March 2020, and “DevEx Further Expands Potential of Junee Copper-Gold Project, NSW with Identification of Additional Porphyry Targets” released on the 5th March 2019 and “Porphyry Copper-Gold Targets Identified at Junee Project, Lachlan Fold Belt, NSW” released on the 24[th] January 2018, all of which are available on www.devexresources.com.au.

The information in this Presentation that relates to Exploration Results for the Basin Creek Project are extracted from the ASX announcement titled “NSW Exploration Update – Basin Creek Gold Project and Junee Copper-Gold Project” released on 6[th] November 2020, “NSW Exploration Update – Basin Creek Gold Project and Junee Copper-Gold Project” released on 7[th] October 2020, “Drilling commences at Basin Creek Project, NSW” released on 27[th] August 2020, “Major expansion of gold anomalies ahead of imminent drilling at the Basin Creek Project, NSW” released on 5[th] August 2020, “New strong gold anomalies prioritised for upcoming drill program at the Basin Creek Project, NSW” released on 23[rd] June 2020, “More strong gold rock chip results over a +4km strike length at the Basin Creek Copper-Gold Project, NSW” released on 6th May 2020 and “Extensive zone of gold in rock chips identified at the Basin Creek Copper-Gold Project, NSW” released on 14[th] April 2020, all of which are available on www.devexresources.com.au.

The information in this Presentation that relates to Exploration Results for the Nabarlek Project is extracted from the ASX announcement titled “Large drill target defined below Nabarlek Uranium Mine, West Arnhem Project, NT” released on 9[th] October 2018 and “Technical review recognises strong similarities between U40 prospect and the Coronation Hill U-Au-PGE deposit ” released on the 9[th] May 2019, 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 relevant original market announcement.

• Exploration by Other Explorers

This Presentation contains information sourced from the reports of Other Explorers. References to the original reports are provided as footnotes where the information is cited in this Presentation. The Company does not vouch for the accuracy of these reports. The Company has taken the decision to include this information as it is in the public domain and has assessed it to be of relevance to shareholders and investors.

Exploring in Australia’s discovery hot-spots

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Nabarlek Project
Sovereign Wilga Downs
Project Project
PERTH
SYDNEY
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Basin Creek &
Junee Projects
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• New high-grade palladium-nickel discovery by Chalice Mining Ltd demonstrates enormous potential for the region.

• Exploration underway at Sovereign Project - underlying mafic-ultramafic intrusive rocks of the Julimar Complex.

• Expanded drilling program underway, targeting elevated PGEs associated with mafic-ultramafic intrusion.

• Expansive exploration campaigns underway in a world-class copper-gold region, ground tightly held by major miners:

• • Wilga Downs Project (Cobar): Diamond drilling planned to target significant off-hole conductor adjacent to Cu-Au mineralisation.

  • Junee Project : Advancing exploration in proven copper-gold belt, host to Cadia-Ridgeway (Newcrest Mining) and Northparkes (China Molybdenum Co Ltd).

  • Basin Creek Project: Large gold and copper system defined in central Lachlan Fold Belt region.

• Nabarlek Project – Exploring for high-grade uranium, and copper-gold surrounding the historical Nabarlek Uranium Mine (24 Mlbs @ 1.84% U3O8 produced).

• Project-wide targeting exercise underway of multiple uranium prospects within the Company’s granted tenements.

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Led by an invested and highly motivated team…

Brendan Bradley MANAGING DIRECTOR

Tim Goyder CHAIRMAN

• Mining investor with a strong track record of successful investment and value creation.

• Geologist for 25+ years.

• • Extensive experience in exploration and development of epithermal gold deposits.

• Chairman of Chalice Mining Ltd and Liontown Resources Ltd.

• Highly experienced in intrusive related nickelcopper-PGE deposits.

• Former Director of Strike Energy Ltd.

• Senior management at Perilya Ltd, Dominion Mining Ltd and Kingsgate Consol. Ltd.

• DevEx’s largest shareholder (~19%).

Supported by an experienced technical team and board

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• Industrial Chemist with extensive experience in the uranium industry.

• Experienced in the technical evaluation, construction and operation of projects in various commodities.

• Technical Director of Boss Resources Ltd, Director of Australian Rare Earths Ltd and MD of PhosEnergy Ltd.

Bryn Jones

NON-EXECUTIVE DIRECTOR

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• Chartered Accountant (ICAA) and Chartered Secretary.

• 20+ years corporate and commercial experience in the energy and resources sector.

Richard Hacker

• Executive for Chalice Mining Ltd.

• NON-EXECUTIVE DIRECTOR

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• 35+ years experience.

• Extensive experience in epithermal gold and porphyry copper-gold exploration and development in the Lachlan Fold Belt and abroad.

• Former senior management with Golden Cross Resources Ltd, Silver City Minerals Ltd and Cyprus Minerals Corp.

Chris Torrey

CHIEF GEOLOGIST NSW

Upside Potential: Exploring on untouched ground within proven mineral regions for maximum growth impact

Ca ital Structure p Shares 283M (308M[2] ) Options 15.5M Market Cap $103M ($112M[2] ) (at 36.5c) Cash[1] $10.35M ($17.6M[2] ) Assets PhosEnergy Limited (8.8%): 5.1M Shares

Board & Management	Board & Management
Tim Goyder	Chairman
Brendan Bradley	ManagingDirector
Bryn Jones	Non Exec. Director
Richard Hacker	Non Exec. Director
Kym Verheyen	CompanySecretary

Major Shareholders Tim Goyder (Chairman) 19% (17.4%[2] ) Top 20 44%

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1 Current cash balance as at 31st March 2021. Amounts and numbers have been rounded. 2 Adjusted for the proposed $7.97 placement announced 31st May 2021.

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Developing a strategic position within a new exploration hot spot

Drilling for nickel-copper-platinum group element (PGE) deposits

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Julimar Complex Nickel-Copper-PGE WESTERN AUSTRALIA

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PERTH
Sovereign Project
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Julimar Complex: New ground in a new nickel-copper-PGE region

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• Recent high-grade palladium and associated nickel-copperplatinum group elements (Ni-Cu-PGE) discovery by Chalice Mining Limited (ASX:CHN) has kicked off an exploration boom in the region.

• Sovereign Project is located between Chalice discovery and Yarawindah Brook Ni-Cu-PGE Project (Caspin Resources Limited, ASX:CPN).

• Large 6 x 7km Sovereign Mafic-Ultramafic Intrusive Complex of the Julimar Complex with no previous Ni-CuPGE exploration.

• The Sovereign Project includes:

1. East: (100% DEV tenure) No prior exploration within this newly granted area overlying several prospective targets.

2. West: Earn-In Agreement with Australian Silica Quartz Group Ltd (ASQ), to earn 50% in the mineral and metal rights (excluding bauxite).

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See DEV ASX: 27[th] April 2021. See Slide 23 for References. Tenement outlines held by Chalice and Caspin are combined for context.

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Sovereign Nickel-Copper-PGE Project: Highly encouraging maiden results

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• Highly encouraging results from maiden broad-spaced AC drilling have confirmed:

o The presence of a broad differentiated mafic-ultramafic intrusion, similar to the host geology at the Julimar Project discovery.

• Extensive +3km area of elevated palladium, platinum (Pd+Pt) and copper (Cu) associated with a differentiated mafic-ultramafic intrusion.

o A new +1km long Pd+Pt soil anomaly has also been identified on the previously unexplored eastern half of the Sovereign Magnetic Complex.

Broad spaced air-core drilling (average hole depth 25m) has defined extensive elevated palladium+platinum (Pd+Pt) and copper associated with a differentiated mafic-ultramafic intrusion. See DEV ASX: 27[th] April 2021.

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Sovereign Nickel-Copper-PGE Project: Expanded drilling program underway

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• Follow-up AC drilling is underway (200 holes for 5000m).

• The Mackenzie Target is a priority focus - the highly prospective southern portion of this anomalous intrusion, which remains open.

• will also test the new

• First-pass drilling -

• anomaly on the eastern side previously .

• never explored

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DevEx is preparing to accelerate the next
stage of exploration focused ground-based
EM with subsequent RC and diamond drilling
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NSW Gold, Copper-Gold Portfolio Wilga Downs Project Junee Project Basin Creek Project Wilga Downs Project SYDNEY Basin Creek & Junee Projects

Large scale gold and copper-gold potential, tightly held by major miners Encouraging early drilling campaigns

: Cobar Gold-Base Metal Projects DevEx further strengthens NSW portfolio

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New discovery opportunities within the highly prospective Cobar mining region, western Lachlan Fold Belt.

1. Wilga Downs Gold-Base Metal Project

• Earn-In Agreement with Thomson Resources Ltd (TMZ), to earn 80% on granted Exploration Licence.

• Confirmation of Cobar type copper-gold sulphide with drilling planned.

2. North Cobar Exploration Licence recently granted

• Plans to explore the extension and intersections of the Rookery Fault and Endeavor Fault.

• Progressing Land Access.

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The Cobar region is host to several major, gold-polymetallic
mines and active exploration ongoing;
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Nearby, Sandfire Resources (SFR) major farm-in agreement with
CBH Resources [2] for the nearby Endeavour base metal mine.
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Generalised Geology Map of the central Cobar Mining District after David (2006)[1] , showing location of Wilga Downs Project and Tenements. See ASX : DEV Announcement 20[th] April 2021 and Slide 23 for References.

Wilga Downs Project : Significant Off-Hole Conductor adjacent to mineralisation

• Cobar type magnetic-gravity anomaly located on the prospective fault contact between Cobar Supergroup and Girilambone Group.

• Priority target is similar to other gold-polymetallic Cobar deposits:

• Glencore’s CSA Copper Mine

• Peak and Great Cobar Copper-Gold Mines

• DevEx’s first diamond drill hole (20WD001) targeted western magnetic and gravity high.

• Intersecting a narrow zone of semi massive pyrrhotite (magnetic sulphide) with associated copper sulphide with gold.

• Insufficient levels of high/broad magnetic susceptibility seen in the drill hole to explain the magnetic anomaly – suggesting a ‘near miss’.

• Significant Off-Hole Conductor A identified 40m east of 20WD001 – priority drill target

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See ASX : DEV Announcement 20[th] April 2021.

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Wilga Downs Project : Further exploration underway to test ‘near miss’

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Semi massive pyrrhotite with chalcopyrite from 551.6m (Hole 20WD001). Gold mineralization is also associated with the copper.

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See ASX : DEV Announcement 16[th] September 2020, 4[th] February 2021 and 20[th] April 2021.

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DevEx has built a sizeable portfolio amongst mining majors

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1 A world-class gold, copper-gold Belt

Host to Cadia-Ridgeway (Newcrest Mining) and Northparkes (China Molybdenum Co Ltd) as well as several largescale gold deposits including Cowal Gold Mine (Evolution Mining Ltd) and McPhillamys Gold deposit (Regis Resources Limited).

• 2 Major explorers within the Junee-Narromine Volcanic Belt Newmont Goldcorp Exploration Pty Ltd | Freeport-McMoran Exploration Australia Pty Ltd | Evolution Mining Ltd | Sandfire Resources NL | St Barbara Limited

• 3 DevEx – Fresh exploration on underexplored ground

• | Basin Creek Gold Project -

• | Junee Copper Gold Project

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See Slide 23 for References.

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: Junee Project Underexplored southern extension of the Macquarie Arc

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• 2017: Re-rating with Government mapping identifying porphyry monzonite intrusion (Cu-Au bearing Cooba Monzonite) contemporaneous with the Cu-Au bearing Northparkes and Cadia Ridgeway porphyry intrusions[2] .

• +20km of prospective strike.

• 2020: DevEx’s exploration has identified several porphyry Cu-Au targets.

2021 Drilling: Maiden AC drilling recently completed to test the high priority Nangus

See ASX : DEV Announcement 3[rd] March 2020 and 9[th] February 2021. See Slide 23 for References.

Underlay image of RTP Magnetics.

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Junee Project: Encouraging gold-copper assays from large-scale, Nangus Road target

See ASX : DEV Announcement 26[th] May 2021

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Junee Project: Nangus Road - an excellent porphyry copper-gold exploration target

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Junee ….
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IP Chargeability
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• Nangus Road: exploring for a “ Cadia-Ridgeway type ” porphyry Cu-Au mineralisation.

• The anomalous bedrock Cu-Au mineralisation extends over a strike length of 1km and remains open to the south over the main magnetic anomaly.

• Reconnaissance Reverse Circulation drilling program has commenced to the south.

• In-fill Reverse Circulation drilling also planned over the coming months.

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See ASX : DEV Announcement 9[th] February 2021 and 26[th] May 2021

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Nabarlek Project Uranium, Copper-Gold NORTHERN TERRITORY

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High-grade uranium-copper-gold opportunity in a proven uranium system DevEx well positioned to benefit from an improving uranium market

Major uranium asset in Australia’s highest grade uranium province

The Alligator Rivers Uranium Province (ARUP)

• • 500 Million Pounds U3O8 endowment (mined and current

• Resources[1,2] ).

• Comparable to the Athabasca Basin, Saskatchewan ([+] 1.2Blb U3O8).

• Significant potential exists for Gold-Copper and PGE deposits within a proven uranium province.

DevEx’s Tenure

• Centered on the historical Nabarlek Uranium Mine 24 Mlbs @ 1.84% U O 1 3 8

• DevEx holds a dominant ground position of [+] 4700km[2.]

• Since discovery of Nabarlek in the late 1960’s a large exploration dataset has been amassed – DevEx is currently compiling.

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Project-wide review underway in light of the improving
uranium market – a development that continues to bode
well for DevEx
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See Slide 23 for References.

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The Nabarlek Deposit : Significant Target - Near-Mine Exploration

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• Nabarlek Uranium Mineralisation – Significant Concentration of Uranium Mineralisation

• Near-Mine Exploration: DevEx is targeting extensions to the Nabarlek Uranium Deposit

• Numerous historical uranium prospects within the granted Tenements – Review underway, nearing completion

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ASX : DEV Announcement – 9[th ] October 2018.

Next Steps : Planned timeline to drill

2021	May 21	May 21	May 21	Jun 21	Jun 21	Jul 21	Jul 21	Jul 21	Aug 21	Aug 21	Sep 21	Sep 21	Oct 21	Nov 21
Sovereign Project, Julimar Complex, WA
• Expanded air-core (AC) drilling program on eastern side of Complex
• Maiden drilling program on western side of Complex
• Expanded ground EM
• RC / diamond drilling
Wilga Downs Project, NSW
• Follow-up diamond drilling program
Junee Project, NSW
• Aircore / RC drilling program at Nangus Road
• IP Geophysics
• Follow-up RC and diamond drilling program
Nabarlek Project, NT
• Surface mapping and geochemistry
• Ground geophysics

Proposed timeline – dates and activity are indicative and subject to external factors such as regulatory approvals, contractor availability and delays, current farming cycle and access (including weather), and upcoming exploration results.

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DevEx Strategy

• Leveraged for Upside DevEx Projects are unconstrained by historical exploration and any discovery success will have a profound impact.

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• Unexplored Exploring newly recognised extensions of Australia’s most promising mineral belts on previously untouched ground.

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• Discovery Opportunities Multiple ongoing exploration campaigns underway testing several prospective targets in the hottest mineral regions.

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• Invested Team Led by an experienced and invested team of exploration experts.

• 4

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Additional References

Julimar Complex & Sovereign Project - Slides 7-9:

1. Chalice Gold Mines Limited (ASX:CHN) ASX announcement “High-Grade Ni-Cu-Pd Sulphide Intersected at Julimar” on 23rd March 2020 and “High-grade Ni-Cu-PGEs confirmed in discovery zone at Julimar” on 25th May 2020.

2. Cassini Resources Limited (ASX:CZI) ASX announcement “Drilling Commencing at Yarrawindah Ni-Cu-PGE Project” on 28th May 2020.

3. Harrison P. H., 1984. The mineral potential of layered igneous complexes within the Western Gneiss Terrain. In: Professional papers for 1984 of the Geol Surv of W. A. 19. Gov Printing Office, Perth, pp 37–54.

4. Chalice Gold Mines Limited (ASX:CHN) ASX announcement “Major new 6.5km-long EM anomaly identified at Julimar” on 22nd September 2020.

Cobar Gold-Base Metal Projects & Wilga Downs Project – Slides 11-13:

1. Source: David, V. 2006, Cobar Superbasin System Metallogenisis. Wine and Wines Conference.

2. Sandfire Resources Ltd ASX Announcement “Sandfire enters farm-in over Endeavor Base Metal Mine and Exploration Package – Cobar, NSW” on 27[th] October 2020.

Central Lachlan Fold Belt Region & Junee Project – Slides 14-17:

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 9th September 2019.

2. 2019GSNSW East Riverina Mapping Project - Some Highlights and Implications, Eastlake and Trigg.

Nabarlek Project – Slides 19-20:

1. Production History:

McKay, A.D & Miezitis, Y. 2001. Australia’s uranium resources, geology and development of deposits. AGSO – Geoscience Australia, Mineral Resource Report 1.

ERA Annual Production Reports 2001 to 2018.

2. Mineral Resource:

Vimy Resources (ASX:VMY) Mineral Resource Statement 20 March 2019.

Energy Resources of Australia Ltd (ASX:ERA) Annual Statement of Reserves and Resources January 2018.

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Contact Details

Level 3, 1292 Hay Street West Perth WA 6005, Australia

+61 8 6186 9490 +61 8 6186 9495

info@devexresources.com.au www.devexresources.com.au

https://twitter.com/DevExResources https://www.linkedin.com/company/devex-resources/

Investor Relations

Read Corporate Nicholas Read +61 8 9388 1474 nicholas@readcorporate.com.au