DEVEX RESOURCES LIMITED — M&A Activity 2023

Oct 24, 2023

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Lachlan Star Limited (ASX:LSA)

ACN 000 759 535

25 October 2023

Completion of Acquisition of NSW Copper-Gold Portfolio

Lachlan Star Limited (ASX: LSA or the Company) advises, that further to the announcement of 3 August 2023, it has now completed the acquisition of TRK Resources Pty Ltd and its 100-% owned portfolio of copper-gold exploration assets in the Lachlan Fold Belt in NSW ( Transaction ) from ASX-listed DevEx Resources Limited (ASX: DEV) ( DevEx ).

Pursuant to the Transaction, the Company has issued DevEx with 75,672,720 ordinary shares in LSA with a deemed value of $7.5 million, plus a 2% net smelter royalty. Following the share issue, DevEx has become a 36.46% shareholder in Lachlan Star.

As part of the Transaction, the Company welcomes DevEx’s Managing Director, Mr Brendan Bradley and Executive Director, Ms Stacey Apostolou, to the LSA Board of Directors and accepts the resignation of Bernard Aylward. The Company thanks Bernard for his work with the Company over the last 5 years, which included the identification of the Koojan JV in Western Australia.

Management Comment

Commenting on the transaction, LSA Chairman, Gary Steinepreis, said:

“We are pleased to have completed the acquisition of TRK Resources, with its extensive and highly strategic NSW portfolio, which was overwhelmingly supported by our Shareholders. Lachlan Star is now well positioned in NSW; the Junee Project located in Australia’s copper-gold porphyry heartland and the North Cobar Project, located along strike from the world-class Cobar mining centre.

We welcome DevEx as our major shareholder and the appointment of Brendan and Stacey to the Board.”

This announcement has been authorised for release by the Board.

For further information, please contact: Gary Steinepreis, Chairman Dan Smith, Director Lachlan Star Limited Telephone +61 8 9226 1524

Lachlan Star Limited ABN 88 000 759 535 www.lachlanstar.com

Level 1, 33 Ord Street West Perth WA 6005

Tel: +61 8 9226 1524