DEVEX RESOURCES LIMITED — Investor Presentation 2022

Nov 28, 2022

EXPLORING AUSTRALIA’S DISCOVERY HOTSPOTS

Resources Rising Stars | Presentation

29 November 2022

ASX : DEV

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Important Information

• Forward Looking Statements This Presentation contains forward-looking statements which are identified by words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’, or ‘intends’ and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this Presentation, are considered reasonable. Such forward-looking statements are not a guarantee of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the Directors and the management. The Directors cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this Presentation will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. The Directors have no intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this Presentation, except where required by law or the ASX listing rules.

• 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 Nabarlek, Sovereign and Junee Projects are extracted from the ASX announcements titled:

• “High-Grade Uranium Confirmed at Nabarlek” released on 29 November 2022;

• “More Significant Uranium Intersected at Nabarlek” released on 19 October 2022;

• “High-Grade Uranium Intersected at Nabarlek” released on 9 August 2022;

• “Shallow intercepts continue to define gold zone at Junee” released on 5 August 2022;

• “Initial Assay Results Indicate Potential for Porphyry Copper-Gold System at Junee” released on 26 April 2022;

• “Further diamond drilling and initial assays confirm extensive, thick, and prospective intrusive sequence at Sovereign” released on 23 December 2021;

• “Initial diamond drilling at Sovereign intersects thick intrusive sequence with disseminated nickel-copper sulphides” released on 10 November 2021;

• “DevEx ramps-up exploration at Nabarlek Uranium Project, NT after identifying new high-grade targets” released on 29 September 2021;

• “Large-scale, 12km long mafic-ultramafic intrusion at Sovereign Project, paving way for ground EM and initial diamond drilling” released on 17 August 2021;

• “Technical review recognises strong similarities between U40 prospect and the Coronation Hill U-Au-PGE deposit” released on the 9 May 2019;

• “Large drill target defined below Nabarlek Uranium Mine, West Arnhem Project, NT” released on 9 October 2018;

• “UEQ Identifies High Grade Copper-Gold and Base Metal Potential at NT Uranium Prospects” released on the 4 October 2017; and

• “Higher Uranium Grades Returned from U40 Prospect – Nabarlek” released on the 16 December 2010;

all of 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 and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

• 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.

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hot-s ots Exploring Australia’s discovery p

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Alligator Rivers Uranium Province, NT

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Nabarlek Uranium Project

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North Cobar Project
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Sovereign
Project
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PERTH
SYDNEY
Junee Project
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• Nabarlek Project – Targeting high-grade uranium and copper-gold, surrounding the historical Nabarlek Uranium Mine ( 24 Mlbs @ 1.84% U3O8 produced )

• Unique - One of very few ASX companies with high-grade uranium in Australia

• Multiple, shallow, near-mine, targets defined along strike from historic uranium intercepts. New uranium intercepts incl. 10.1m @ 1.1% U3O8

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Julimar Complex, WA

• Exciting exploration opportunity in the emerging West Yilgarn Province

• Sovereign Project – Exploring a 12km long differentiated mafic-ultramafic intrusion identified, consistent with upper portion of Julimar mafic-ultramafic intrusion

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Lachlan Fold Belt, NSW

• Junee Project – located in Australia’s porphyry copper-gold heartland

• Large scale, shallow copper-gold intercepts broadening to the south

• Drilling planned for early 2023

• North Cobar Project – Exploring the northern extension to the fault corridor hosting the Cobar Mining Centre (host to CSA Mine)

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Corporate Overview

Capital Structure

Capital Structure
Shares	366.1M
Options	14.5M
Market Cap	$102.5M (at 28c2)
Cash1	$19.1M
Assets	entX Limited (4.6%)Patented
	technology to recover uranium from
	phosphate fertilizer3

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Board of Directors

Tim Goyder

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Chairman

Mining executive with strong track record of successful investment and value creation for shareholders.

Chairman of Liontown Resources, NED of Minerals 260 and EntX, former Chairman of Chalice Mining.

Brendan Bradley

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Managing Director

Geologist for 25+ years with extensive experience in exploration and development of epithermal gold deposits.

Highly experienced in intrusive related nickel-copper-PGE deposits.

Senior management at Perilya Ltd, Dominion Mining Ltd and Kingsgate Consolidated Ltd.

Major Shareholders

Major Shareholders
Tim Goyder (Chairman)	15.54%
Paradice Investment Management Pty Ltd	6.65%
Top 20	43.71%

• 1 At 30 September 2022 (does not include $2.2 million recently approved by shareholders) 2 Closing price on 25 November 2022

• 3 Formerly PhosEnergy Limited: https://www.entx.com.au/

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Stacey Apostolou

Executive Director

30+ years experience in the mining and exploration industry. Finance executive for a number of publicly listed companies.

Most recently CFO for (formerly) EMR Capital owned Golden Grove and Capricorn Copper.

Bryn Jones

Non-Executive Director

Industrial chemist with over 20 years of experience in the uranium industry, including the development and operation of ISR uranium mines.

MD of EntX Limited and NED of Boss Energy and Australian Rare Earths.

Richard Hacker

Non-Executive Director

Finance executive with 25+ years corporate and commercial experience in the energy and resources sector.

CFO for Chalice Mining and formerly CFO of Liontown Resources.

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Major uranium asset in Australia’s highest-grade uranium province

The Alligator Rivers Uranium Province, NT (ARUP)

• • 500 Million Pounds U3O8 endowment (mined and current

• Resources[1,2] )

• Close analogue to uranium deposits in the Athabasca Basin in Canada, incl .:

• Arrow (NexGen Energy Ltd) and Hurricane (IsoEnergy Ltd)

• Significant gold province “ forgotten in time[3,4] ” – unexplored

DevEx’s Nabarlek Project (100%)

• Centred on the historical Nabarlek Uranium Mine Production History : 24 Mlbs @ 1.84% U3O81

• DevEx holds a dominant ground position of [+] 4,700sq.km

Granted Tenure: Mining Lease and three exploration tenements

• Numerous drill targets recognised in 50 years of exploration data

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See Slide 17 for References.

The Nabarlek Deposit: Where it’s all about the grade !!

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ASX : DEV Announcement – 9 October 2018.

• Nabarlek uranium mineralisation : Significant concentration of uranium mineralisation mined from the pit

• Strong Structural Control : Strong control to high-grade uranium mineralisation adjacent to the North Fault

• Near-Mine Exploration : DevEx is targeting extensions to the Nabarlek Uranium Deposit and along strike.

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Nabarlek Project Time to Power Up

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• Exploration centered on the historical Nabarlek Uranium Mine

• Well established infrastructure and support network

March 2022: US$59/lb 10 year high

• Positive working relationships with traditional owners

• Exploration activities were building momentum prior to uranium’s downturn post 2011

• ….time to power up!

Source: TradeTech and www.uranium.info

Acquired Nabarlek 75 Fukushima Event 50 25 2006 2008 2010 2012 2014 2016 2018 2020 2022

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Nabarlek Project: Delivering results across multiple uranium prospects

2022 Drilling now delivering multiple high grade uranium:

Nabarlek South

Near surface fracture hosted uranium mineralisation in dolerite, preliminary results incl.

10.1m @ 1.1%* U3O8 from 123m

incl 3.3m @ 2.6%* U3O8

53.3m @ 0.23% eU3O8 from 82m Incl 5.3m @ 0.52% eU3O8

U42

New high-grade eU3O8 intercept seen in broad spaced reconnaissance RC drilling

1.9m @ 0.44% eU3O8 from 187m

Incl 0.6m @ 1.03% eU3O8

More exciting uranium targets to drill test in 2023

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*A 0.15m sample within this intercept is above the maximum detection range of 11.8% U3O8

Nabarlek Project: Near surface uranium at Nabarlek South

• Near surface fault hosted uranium mineralisation in dolerite

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• Preliminary results from diamond drilling indicates multiple narrow high-grade uranium in fractures with potential to bulk out over broader intervals

• Further drilling required to test for extensions to the east and west

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Nabarlek Project: New uranium intercept at U42 in basement rocks

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• U42 Prospect • Large scale uranium target identified, similar in style to nearby world class Ranger Uranium Deposit

• Broad spaced reconnaissance RC drilling has intersected new high-grade uranium mineralisation beneath the flat dolerite:

• 1.9m @ 0.44% eU3O8 from 187m

incl 0.6m @ 1.03% eU3O8

• RC drill chips: Black uranium minerals visible within basement rocks

• Priority target for follow-up drilling in 2023

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Nabarlek Project: Uranium trends to the north, untested

U42 Prospect

• Airborne radiometric data supports a northwest uranium trend for several kilometres north of Hole 14

• Wide open drilling opportunity

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

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

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

- The right rocks Large 12km-long Sovereign MaficUltramafic Intrusion defined with no previous Ni-Cu-PGE exploration

Extensive ground EM surveys over the larger intrusion have commenced.

Ground EM conductors will be fast-tracked to drilling

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See ASX : DEV Announcement 17 August 2021. See Slide 17 for References. Tenement outlines held by Chalice and Caspin are combined for context.

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Central Lachlan Fold Belt Region: Sizeable portfolio amongst 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 large-scale gold deposits including the Cowal Gold Mine (Evolution Mining Ltd) and the McPhillamys Gold deposit (Regis Resources Limited)

2 Major explorers within the Junee-Narromine Volcanic Belt

Extensive tenure and exploration activity in the region by major explorers including: Newmont Goldcorp Exploration Pty Ltd | Evolution Mining Ltd | Sandfire Resources Limited

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DevEx – Fresh exploration on under-explored ground

• Significant re-rating of the region after a 2017 government mapping project[2] recognised the rocks as the southern extension of the Junee-Narromine Belt

• No previous drilling within a globally-recognised copper-gold region for decades

• DevEx has built a large, well located 100%-owned ground holding

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See Slide 17 for References.

Nangus Road Prospect: Large scale Au-Cu Drill Target

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Billabong Creek
IP Chargeability
First diamond hole completed,
alteration intersected…
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• Recent drilling defining shallow high-grade gold mineralization - open to the north, south and at depth

• Gold intercepts lie within strongly altered, sheared, volcanic rocks flanked by monzonite intrusions

• Anomalous copper, and other pathfinder elements are suggestive of an underlying porphyry Cu-Au system – open to south

• Drilling to commence in early 2023

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See ASX Announcement: 5 August 2022.

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North Cobar Project: Exploration commencing in Cobar’s Copper-Gold Belt

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• The region is host to numerous major gold-polymetallic mines

• DevEx awarded North Cobar tenement during a competitive bid with the New South Wales Government

• Exploring northern extension to the Rockery Fault along trend from the large CSA Copper-Gold Mine

• Progressing land access agreements with plans to commence exploration in 2023

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Nabarlek Pit circa 1980
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DevEx Next Steps

Nabarlek

• Awaiting all assay results from drilling at Nabarlek

• Planning underway for recommencement of activities in second quarter 2023

Sovereign

• Ground EM surveys over the mafic-ultramafic intrusion have recommenced

• EM conductors will be fast tracked to drilling

Junee

• Follow-up drilling scheduled for early 2023

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Investor Relations

Contact Details

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

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

+61 8 6186 9490

+61 8 6186 9495

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

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

References

Nabarlek Project – Slide 5:

Julimar Complex – Slide 12:

1. Production History:

2. Chalice Mining Limited (ASX: CHN) ASX announcement “Tier-1 scale maiden Mineral Resource for Gonneville – 10Moz Pd+Pt+Au (3E), 530kt Ni, 330kt Cu and 53kt Co” on 9 November 2021.

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

1. Caspin Resources Limited (ASX: CPN) ASX announcement “Primary Sulphide PGE Mineralisation Confirmed at Yarabrook Hill” on 5 July 2021.

ERA Annual Production Reports 2001 to 2018.

2. Mineral Resource:

1. 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.

Vimy Resources Limited Mineral Resource Statement 20 March 2019.

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

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

2. Hancock M C, Maas R, Wilde A R 1990 - Jabiluka Uranium-Gold deposits: in Hughes F E (Ed.), 1990 Geology of the Mineral Deposits of Australia & Papua New Guinea The AusIMM, Melbourne Mono 14, v1 pp 785-793.

Central Lachlan Fold Belt Region – Slide 13:

1. 2019GSNSW East Riverina Mapping Project - Some Highlights and Implications, Eastlake and Trigg.

2. Carville D P, Leckie J F, Moorhead C F, Rayner J G, Durbin A A 1990 - Coronation Hill Gold-Platinum-Palladium deposit: in Hughes F E (Ed.), 1990 Geology of the Mineral Deposits of Australia & Papua New Guinea The AusIMM, Melbourne Mono 14, v1 pp 759762.

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