DevEx Resources Limited advised it has confirmed the significant potential of its 100%-owned Nabarlek Uranium Project, located in the heart of the world-class Alligator Rivers Uranium Province (ARUP) in the Northern Territory, Australia following receipt of high-grade uranium assay results from the first tranche of diamond drilling. These uranium assay results show a good correlation to the previously reported down-hole gamma uranium equivalent intercepts. Nabarlek South: Geological logging and assays indicate the uranium mineralisation at Nabarlek South is hosted in numerous fractures and veins with intercepts including: 10.1m @ 1.10% U3O8 from 124.1m in 22NBDD02 (Hole 2) including: 3.3m @ 2.63% U3O8 including: 0.3m @ 8.8%* U3O8 and 0.6m @ 5.6% U3O8; and 0.3m @ 2.15% U3O8, 61.8m @ 0.08% U3O8 from 65.3m in 22NBDD01 (Hole 1) including: 0.2m @ 1.76% U3O8; 0.3m @ 0.71% U3O8, 0.2m @ 1.07% U3O8 and 0.6m @ 0.60% U3O8.

Within the interval in Hole 2, a 0.15m sample has assayed higher than ALS Laboratories' maximum detection limit of 11.8% U3O8 (118,000ppm U3O8). This sample is being sent to ANSTO for further analysis to determine its grade. These uranium-bearing fractures appear to shatter and alter the host dolerite, coalescing to form high-grade intervals such as those reported in Hole 2, and go towards creating a much broader envelope of lower-grade uranium mineralization as reported in Hole 1. With drilling to date focused on understanding the primary controls of uranium mineralisation at Nabarlek South, the Company plans to expand the drill programme along strike from these intercepts where the uranium mineralisation remains poorly constrained by historical drilling and assaying.

U42 Prospect: A review of historical airborne radiometric surveys at U42 has highlighted a significant uranium trend that closely matches the recent bedrock uranium intercept in hole 22NBRC14 (RC14), which intersected: 1.9m @ 0.44% eU3O8 from 186.7m, including: 0.6m @ 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. The uranium mineralisation seen in RC14 is open up-dip to the unconformity and also along strike for several kilometres.

These preliminary results are exciting, considering the extremely wide spacing of the RC drilling. The recently processed airborne radiometric data provides strong support to this interpretation and shows a north-west trending uranium anomaly that is orientated similar to other uranium-bearing fault zones in the region. With the onset of the top-end wet season, DevEx plans to prioritise an expanded drill programme at U42 at the start of the 2023 dry season in April.

DevEx holds an extensive tenement package in the 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 Buffalo and the U42 Prospects.