DEV: Maiden drilling program commences at Sovereign Project

8th February 2021

Maiden drilling program commences at Sovereign Project

in the highly prospective Julimar region

Air-core drilling underway targeting nickel-copper-PGE mineralisation

DevEx Resources (ASX: DEV; "DevEx" or "the Company") is pleased to advise that a maiden air-core (AC) drilling program has commenced at its Sovereign Project in the Julimar Region of Western Australia, targeting nickel-copper-platinum group element (PGE) mineralisation.

The Sovereign Project overlies a magnetic complex of rocks that is interpreted to be part of the same mafic-ultramafic intrusive rocks hosting the Julimar Complex, where Chalice Mining Limited (ASX: CHN) has discovered significant Ni-Cu-PGE mineralisation.

DevEx's drilling will take place directly to the north of Chalice's Julimar Project and south of Caspin Resources' (ASX: CPN) Yarawindah Brook Project (Figure 2).

The ~7,000m program, comprising 230 holes, forms part of a substantial, project-wide exploration campaign, and marks the first-ever drilling to be undertaken at depth on the Sovereign Project.

Drilling is designed to test several targets within the 6km x 7km Sovereign Magnetic Complex, where previous assaying of shallow bauxite and rock chip sampling drilling returned multiple areas of anomalous nickel, copper, chromium and PGE results (see ASX Announcement - 19th August 2020).

Several areas - including the Kingsley, Hudson and Mackenzie anomalies - include multiple anomalous zones with coincident Cu and Pd+Pt plus supporting Ni and Chromium (Cr) results. The areas coincidently overlie several late-time airborne EM conductors (Figures 3 and 4), and are considered priority drill targets.

In addition to the drilling program, a partially completed ground-based moving loop electromagnetic (MLEM) survey over several airborne EM targets is planned to re-commence over the coming weeks.

The current drill program will take place over the western half of the Sovereign Magnetic Complex, under an earn-in agreement with Australian Silica Quartz Group Ltd (see ASX Announcement - 1st June 2020).

DevEx recently secured the remaining eastern half of the Sovereign Magnetic Complex following the grant of Exploration Licence E70/5365 (100%). No prior surface exploration has taken place within this newly-granted area; accordingly, the Company has commenced ground-based exploration with the objective of defining future drill targets.

Figure 1. Drill rig in operation at the Sovereign Project, Western Australia, targeting nickel-copper-PGE mineralisation.

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Figure 1. DevEx tenement application and the Australian Silica Quartz Group Ltd ('ASQ') tenement overlying airborne magnetics (RTP) in relation to Chalice Mining Limited's recent high-gradepalladium-nickel discovery (ASX: CHN) at the Julimar Project.

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Figure 2: Sovereign Magnetic Complex, showing airborne magnetics (RTP) and location of airborne electromagnetic

targets (yellow outlines) with Pt+Pdanalysis of pulps from previous bauxite drilling and rock chip samples.

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Figure 3: Ground gravity (Residual Bouguer) over airborne magnetics (RTP) and location of airborne electromagnetic

targets (yellow outlines) with Cuanalysis of pulps from previous bauxite drilling and rock chip samples.

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This announcement has been authorised for release by the Board.

Brendan Bradley

Managing Director

For further information, please contact:

Brendan Bradley, Managing Director DevEx Resources Limited Telephone [phone] Email: [e-mail]

For media inquiries, please contact:

Nicholas Read

Read Corporate

Telephone: [phone]

Email: [e-mail]

REFERENCES

1.Chalice Mining Limited (ASX:CHN) ASX announcement "High-GradeNi-Cu-Pd Sulphide Intersected at Julimar" on 23rd March 2020 and "High-gradeNi-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 Mining Limited (ASX:CHN) ASX announcement "Major new 6.5km-long EM anomaly identified at Julimar" on

22nd September 2020.

COMPETENT PERSON STATEMENT

The Information in this report that relates to previous exploration activities within the Julimar Complex is extracted from the ASX announcement titled "DevEx applies for exploration licences in new Julimar Nickel-Copper-PGE region, WA" released on 20th April 2020 and "DevEx expands position in Julimar Nickel-Copper-PGE region with strategic farm-in agreement" released on 1st June 2020, "New geochemistry results outline Ni-Cu-PGE targets at the Sovereign Project - Julimar region WA" released on 19th August 2020 and "Multiple late-time conductors, up to 1km long, identified at the Sovereign Nickel- Copper-PGE Project, WA" released on 8th October 2020 and "Exploration Update - WA and NSW Projects" released on 4th December 2020, 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 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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