DevEx Resources Limited reported further significant high-grade assay results from its 2022 drilling campaign at the 100%-owned Nabarlek Uranium Project (Project), located in the heart of the world-class Alligator Rivers Uranium Province (ARUP) in the Northern Territory, Australia. Several new high-grade uranium assay results have been received from both Reverse Circulation (RC) and diamond drilling completed last year, confirming the significant potential of the Project and the opportunity to delineate high-grade zones of mineralisation across multiple prospects. Importantly, these assay results also confirm the previously reported 2 down-hole gamma uranium equivalent intercepts.

At U42, broad-spaced reconnaissance RC drilling has intersected high-grade uranium mineralisation within the underlying Cahill Formation. Assay results from the previously reported uranium equivalent intercepts in hole RC14 confirm the presence of significant high-grade uranium mineralisation, including: 22NBRC14 (RC14) 2.0m @ 0.59% U3O8 from 188m, including: 1.0m @ 1.03% eU3O8. Hole RC14 was designed to test for a uranium feeder structure beneath the flat dolerite and sandstone unconformity.

This style of uranium mineralisation is similar to how other major uranium deposits form in the region (e.g., the world-class Ranger Uranium Mine to the south-east). The uranium mineralisation seen in RC14 is open up-dip to the prospective unconformity and along strike for several kilometres. These preliminary results are exciting, considering the extremely wide spacing of the RC drilling.

Assay results received continue to confirm previously announced 3 down-hole gamma uranium equivalent intercepts, demonstrating high-grade uranium hosted in numerous fractures which collectively combine to form a broader envelope of lower-grade mineralization including: 54.8m @ 0.09% U3O8 (900ppm U3O8) from 66.0m in 22NBDD21 (Hole 21), including: 0.5m @ 0.63% U3O8; 0.3m @ 0.64% U3O8; 0.3m @ 0.63% U3O8 and 0.3m @ 0.51% U3O8. 20.5m @ 0.15% U3O8 (1500ppm U3O8) from 117.2m in 22NBDD30 (Hole 30). including: 0.6m @ 0.74% U3O8; 0.4m @ 0.71% U3O8; 0.4m @ 0.89% U3O8 and 0.4m @ 0.51% U3O8.

Pending assay results from uranium-bearing drill holes are expected next month. Final laboratory analysis of one over-limit sample from within the high-grade uranium intercept in Hole 2 (22NBDD02) has been received from Australia's Nuclear Science and Technology Organisation (ANSTO), assaying 12.3% U3O8 (123,000ppm) from a 0.15m interval, with the final intercept of: 10.1m @ 1.10% U3O8 from 124.1m in 22NBDD02 (Hole 2) including: 3.3m @ 2.65% U3O8 including: 0.3m @ 9.01% U3O8 and 0.6m @ 5.6% U3O8. Preliminary interpretation of these results indicates the broader envelope of uranium mineralisation shows a close association with the southern edge of an extensive gravity feature which extends for several kilometres in length.

Sparse historical drilling into several prospects along this trend continues to identify uranium mineralisation at this gravity boundary. The Company believes there is strong potential these prospects may all represent one continuous uranium system. Expanded drilling along trend from Nabarlek South is therefore planned in 2023.

Further to the west, drilling planned to test the Overload Prospect was interrupted by the onset of the top-end wet season and has been postponed to 2023. The high-grade results at U42 and Nabarlek South continue to reinforce the potential for high- grade uranium deposits surrounding the historical Nabarlek Uranium Mine. The 2023 drilling campaign will see a priority focus on these Prospects.

DevEx holds an extensive tenement package in the Alligator Rivers Uranium Province (ARUP) of Australia, which is centred on, and includes, the former Nabarlek Uranium Mine, considered Australia's highest-grade uranium mine with past production of 24Mlbs @ 1.84% U3O8. The ARUP is considered amongst the world's most prospective areas for uranium mineralisation, with over 500 million pounds of uranium (U3O8) identified in mined and unmined deposits. This year DevEx has been actively drilling multiple uranium targets surrounding the old mine site, with several prospects reporting positive high-grade intercepts, including Nabarlek South, North and the U42 Prospects.