ASX: DEV · Five-year financial review

DevEx Resources Limited (ASX: DEV) - Five-Year Financial Review FY2021-FY2025

DevEx is a mineral explorer with no production revenue in the selected statements. Compare recurring exploration costs, cash consumption and equity funding across five June year ends, while separating noncash portfolio gains and the FY2025 going-concern uncertainty.

Five consecutive years ended 30 June 2021, 2022, 2023, 2024 and 2025; each source annual report was dated in September of its corresponding year. Australian dollars, with share counts, percentages, cents and resource units labelled separately. · Editorial review: 2026-09-24 · MII Research

Reading the tables: 0 (nil) is a supported zero. Other text distinguishes an amount included in another line, a non-applicable item, a separately unavailable component and an unresolved value. These are not interchangeable. Period-specific detail is labelled; complete year-by-year detail remains available.

FY2025 cash

A$7.12m

At 30 June 2025; restricted cash excluded.

FY2025 operating cash use

A$9.34m

Net operating cash outflow.

FY2025 loss before tax

A$9.11m

Statutory loss; noncash associate and valuation items included.

FY2025 exploration expense

A$6.76m

Expensed exploration and evaluation, not capital expenditure.

Five years in context

DevEx reported in Australian dollars throughout five 30 June fiscal years. As an explorer, its statutory losses reflect expensed exploration rather than a producing-mine cost structure; there is no production, sales or AISC trend to infer.

Equity raisings supported expansion through FY2024. The NSW portfolio sale introduced an associate investment and substantial noncash profit effects; by FY2025 lower cash and the disclosed funding requirement became the principal liquidity boundary.

Events behind the numbers

FY2021

Equity funding supports wider exploration

Three placements raised A$22 million before costs, supporting expanded exploration across WA, NSW and the NT.

FY2022

Nabarlek drilling begins

After the 30 June 2022 balance date, drilling commenced at Nabarlek in July. FY2022 cash fell as exploration payments increased.

FY2023

Placement and post-year-end NSW sale agreement

A two-tranche placement raised A$17.2 million before costs. After the 30 June 2023 balance date, on 3 August 2023 DevEx announced an agreement to sell its NSW copper-gold portfolio for LSA shares and a 2% net smelter royalty.

FY2024

NSW sale completes; Kennedy resource follows year end

On 24 October 2023 the NSW portfolio sale completed. No Mineral Resource had been announced by 30 June 2024; on 4 July 2024, after year end, DevEx reported the maiden Kennedy Inferred Mineral Resource of 150 Mt at 1,000 ppm TREO using a 325 ppm TREO-CeO2 cut-off.

FY2025

Funding uncertainty disclosed

At 30 June 2025 cash was A$7.1 million. Directors disclosed a need for further funds and the auditor included a material uncertainty related to going concern.

FINANCIAL REVIEW / 01

Statutory performance and finance costs

DevEx remained an exploration-stage group. Expensed exploration was the largest recurring charge; FY2024 profit or loss also included the noncash gain on subsidiary disposal, while FY2025 included an associate loss and gain on dilution. These items make headline losses a poor proxy for field cash spend.

Loss before tax and exploration expense

AUD

Loss before income taxExploration and evaluation expense

AUD; negative values are expenses/losses. FY2024 includes a separate noncash subsidiary disposal gain.

AI-generated presentation · values from Statutory consolidated performance; no missing values plotted as zero.

Statutory consolidated performance

AUD

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Other income	299,566	56,285	13,337	7,699	57,480
Exploration and evaluation expense	-5,335,163	-7,199,710	-10,491,813	-12,994,127	-6,764,857
Business development expenses	-149,658	-454,552	-363,648	-925,997	-846,160
Corporate and administration expenses	-1,010,160	-1,815,592	-2,038,059	-2,398,566	-2,222,795
Share-based payment expense / credit	Included in corporate expenses	-2,283,634	-407,382	-1,266,610	13,147
Rehabilitation provision adjustment	-325,641	-106,892	-7,791	266,092	250,124
Loss from operating activities	-6,521,056	-11,804,095	-13,295,356	-11,314,300	-9,357,883
Finance income	9,725	36,336	511,154	862,878	524,036
Finance expenses	-73,550	-141,118	-154,666	-334,292	-280,846
Net finance income/(expenses)	-63,825	-104,782	356,488	528,586	243,190
Loss before income tax	-6,584,881	-11,908,877	-12,938,868	-10,785,714	-9,114,693
Income tax benefit	Nil	Nil	Nil	Nil	Nil
Loss attributable to owners of the Company	-6,584,881	-11,908,877	-12,938,868	-10,785,714	-9,114,693
Other comprehensive income	Nil	Nil	Nil	Nil	Nil
Total comprehensive loss attributable to owners	-6,584,881	-11,908,877	-12,938,868	-10,785,714	-9,114,693
Basic and diluted loss per sharecents	-2.48	-3.82	-3.60	-2.58	-2.06

AUD unless the row says cents per share. Expenses and losses are negative; a positive rehabilitation or share-based payment amount is a credit.

FY2021 uses the original current-year corporate/admin expense. The FY2022 annual comparative reclassified A$92,515 of that FY2021 amount into equity-settled transactions; the comparative split is not added on top of the original.

FY2025 is taken from the selected FY2025 statutory statement; earlier years use current-year extracted observations, not later comparative rows.

FY2021 share-based charge is included in the original corporate/admin line; it is shown as included there, preserving the later comparative reclassification as evidence without double counting.

Basis and presentation notes (11)

Share-based payment expense / credit / FY2021 — Included in corporate expenses: R000268 gives the original FY2021 corporate/admin expense including A$92,515 share-based charge; R000837 is a later comparative reclassification, so adding a separate FY2021 charge would double count.
Income tax benefit / FY2021 — Nil: Note reference 6; source presents dash indicating nil reported amount
Income tax benefit / FY2022 — Nil: Note 6; reported as nil (dash) — no income tax benefit recognised in 2022.
Income tax benefit / FY2023 — Nil: Source shows dash ('-'), indicating nil income tax benefit; note reference 6.
Income tax benefit / FY2024 — Nil: Refer to note 6 per source row; source presents a dash. Reported as nil for 2024. Detail of any deferred tax, R&D tax incentive, or exceptional tax item is not provided in the supplied rows.
Income tax benefit / FY2025 — Nil: Dash in this financial statement row denotes no recognised amount.
Other comprehensive income / FY2021 — Nil: Source presents dash indicating nil reported amount
Other comprehensive income / FY2022 — Nil: Reported as nil (dash).
Other comprehensive income / FY2023 — Nil: Source shows dash ('-').
Other comprehensive income / FY2024 — Nil: Source presents a dash; reported as nil for 2024.
Other comprehensive income / FY2025 — Nil: Dash in this financial statement row denotes no recognised amount.

Source: DevEx Resources annual reports, consolidated statements and notes; see source registry.

Material statutory income and associate components

AUD

Metric	FY2024	FY2025
Government incentives received	100,000	355,318
Gain on sale of tenements	400,000	Nil
Fair value gain on FVTPL equity investments	613,087	728,167
Gain on disposal of subsidiary	5,507,760	Nil
Gain on dilution of associate investment	Not applicable	555,233
Share of loss of associate	-623,638	-1,483,540

The FY2024 government incentive and tenement gain are separate statutory lines; neither is included in the FY2024 'Other income' row above.

The FY2025 associate loss and dilution gain relate to Lachlan Star; gain on dilution is noncash.

The associate-dilution gain is specific to FY2025; no FY2024 zero is asserted from the absence of that transaction line.

Basis and presentation notes (3)

Gain on sale of tenements / FY2025 — Nil: Dash in this financial statement row denotes no recognised amount.
Gain on disposal of subsidiary / FY2025 — Nil: Dash in this financial statement row denotes no recognised amount.
Gain on dilution of associate investment / FY2024 — Not applicable: The reported Lachlan Star associate-dilution gain is a distinct FY2025 event; the selected FY2024 statement has no corresponding transaction.

Source: DevEx Resources annual reports, consolidated statements and notes; see source registry.

Finance income and expense composition

AUD

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Interest income	9,725	36,336	511,154	862,878	524,036
Unwinding of discount on rehabilitation provision	-57,504	-117,380	-131,629	-310,431	-262,735
Interest expense – lease liabilities	-25,980	-28,216	-23,196	-18,624	-12,010
Bank charges	-8,708	-9,479	-10,343	-11,623	-10,684
Less allocations to exploration expenditure	18,642	13,957	10,502	6,386	4,583
Total finance expenses	-73,550	-141,118	-154,666	-334,292	-280,846
Net financing income/(expenses)	-63,825	-104,782	356,488	528,586	243,190

The allocation line is a positive offset to finance expense as reported in Note 5(d)/5(e).

Source: DevEx Resources annual reports, consolidated statements and notes; see source registry.

FINANCIAL REVIEW / 02

Financial position and liquidity

Cash peaked at the 30 June 2024 balance date after FY2024 equity funding, then fell to A$7.1 million at 30 June 2025. The FY2025 annual report discloses a material uncertainty relating to going concern and the need for additional funding in the coming year.

Cash and cash equivalents at year end

AUD

Cash and cash equivalents

AUD at each 30 June balance date; excludes separately restricted cash.

AI-generated presentation · values from Consolidated financial position at 30 June; no missing values plotted as zero.

Consolidated financial position at 30 June

AUD

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and cash equivalents	16,576,754	7,872,823	12,673,800	16,773,392	7,119,398
Trade and other receivables	187,903	710,620	535,126	757,130	285,479
Total current assets	16,764,657	8,583,443	13,208,926	17,530,522	7,404,877
Restricted cash (non-current)	1,557,213	1,500,160	1,528,547	1,769,083	1,841,083
Financial assets (non-current)	510,906	613,087	613,087	1,456,334	2,384,501
Investment in associate (non-current)	Not applicable	Not applicable	Not applicable	4,900,471	3,972,164
Property, plant and equipment	175,291	203,504	248,912	436,061	347,700
Right-of-use assets	480,621	389,152	321,534	219,565	117,596
Total non-current assets	2,724,031	2,705,903	2,712,080	8,781,514	8,663,044
Total assets	19,488,688	11,289,346	15,921,006	26,312,036	16,067,921
Trade and other payables	604,930	1,128,120	1,403,671	1,464,548	552,726
Provisions (current)	315,365	310,219	274,274	392,543	385,551
Employee benefits (current)	161,395	258,131	258,451	317,752	282,208
Lease liabilities (current)	62,146	94,832	104,435	114,932	125,476
Total current liabilities	1,143,836	1,791,302	2,040,831	2,289,775	1,345,961
Provisions (non-current)	1,122,904	1,072,415	1,154,041	991,617	945,660
Lease liabilities (non-current)	433,839	340,870	262,228	147,296	21,819
Total non-current liabilities	1,556,743	1,413,285	1,416,269	1,138,913	967,479
Total liabilities	2,700,579	3,204,587	3,457,100	3,428,688	2,313,440
Net assets / Total equity	16,788,109	8,084,759	12,463,906	22,883,348	13,754,481
Issued / Share capital	79,792,649	80,714,542	97,625,175	117,563,721	117,562,694
Reserves	549,843	2,597,796	2,648,075	3,870,167	1,027,438
Accumulated losses	-63,554,383	-75,227,579	-87,809,344	-98,550,540	-104,835,651

AUD, period-end balances. Current and non-current provisions, lease liabilities and equity components are retained separately.

The investment in associate begins with the FY2024 Lachlan Star transaction; earlier dashes are shown as not applicable rather than zero.

Basis and presentation notes (3)

Investment in associate (non-current) / FY2021 — Not applicable: R001734 places first recognition of Lachlan Star as associate in FY2024; no such associate investment applied in the earlier selected balance date.
Investment in associate (non-current) / FY2022 — Not applicable: R001734 places first recognition of Lachlan Star as associate in FY2024; no such associate investment applied in the earlier selected balance date.
Investment in associate (non-current) / FY2023 — Not applicable: R001734 places first recognition of Lachlan Star as associate in FY2024; no such associate investment applied in the earlier selected balance date.

Source: DevEx Resources annual reports, consolidated statements and notes; see source registry.

Cash and cash equivalents composition

AUD

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Cash at bank	16,576,554	7,871,923	3,661,031	6,770,942	1,610,248
Petty cash	200	900	Not separately presented	Not separately presented	Not separately presented
Term deposits	Not separately presented	Not separately presented	9,000,000	10,000,000	5,500,000
Field cash advance	Not separately presented	Not separately presented	12,769	2,450	9,150
Total cash and cash equivalents	16,576,754	7,872,823	12,673,800	16,773,392	7,119,398

Note 10 shows cash at bank and petty cash in FY2021–FY2022, then separately identifies term deposits and field cash advances in later years. An unreported component is labelled not separately presented, without implying zero; the reported total remains comparable.

This composition is distinct from the financial-instrument interest-rate table.

Basis and presentation notes (7)

Petty cash / FY2023 — Not separately presented: This later Note 10 uses term deposits and field cash advance categories; petty cash is not separately presented. Same-period selected table 01a066ee-ddfd-7922-a54f-4a88163a0c21.
Petty cash / FY2024 — Not separately presented: This later Note 10 uses term deposits and field cash advance categories; petty cash is not separately presented. Same-period selected table 01a066ee-ddfd-7922-a54f-4a88163a0c21.
Petty cash / FY2025 — Not separately presented: This later Note 10 uses term deposits and field cash advance categories; petty cash is not separately presented. Same-period selected table 01a066f4-6f83-7355-9634-b6ed533c7c66.
Term deposits / FY2021 — Not separately presented: Note 10 presents cash at bank and petty cash, with no separate term-deposit or field-advance category. Same-period selected table 01a066f2-c9c6-7ad1-b884-10ca2d6fad78.
Term deposits / FY2022 — Not separately presented: Note 10 presents cash at bank and petty cash, with no separate term-deposit or field-advance category. Same-period selected table 01a066f1-f92d-70e8-8e83-e7fa32ca5142.
Field cash advance / FY2021 — Not separately presented: Note 10 presents cash at bank and petty cash, with no separate term-deposit or field-advance category. Same-period selected table 01a066f2-c9c6-7ad1-b884-10ca2d6fad78.
Field cash advance / FY2022 — Not separately presented: Note 10 presents cash at bank and petty cash, with no separate term-deposit or field-advance category. Same-period selected table 01a066f1-f92d-70e8-8e83-e7fa32ca5142.

Source: DevEx Resources annual reports, consolidated statements and notes; see source registry.

FINANCIAL REVIEW / 03

Cash use, investing and funding

Every year had a net operating cash outflow. Equity financing funded much of the earlier activity; FY2025 had no new cash issue proceeds and cash fell as exploration and operating payments continued.

Operating cash use and financing cash flow

AUD

Net cash used in operating activitiesNet cash from financing activities

AUD cash flow; bars preserve outflow signs and include share issue costs in FY2025.

AI-generated presentation · values from Consolidated cash flow and cash bridge; no missing values plotted as zero.

Consolidated cash flow and cash bridge

AUD

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Payments to suppliers and employees	-817,669	-1,482,616	-2,026,402	-3,235,621	-3,010,941
Payments for mining exploration, evaluation and rehabilitation	-5,244,045	-7,813,029	-10,374,879	-13,022,550	-7,200,167
Proceeds from disposal of tenements	Not separately presented	Not separately presented	Not separately presented	400,000	Nil
Interest received	10,976	35,138	386,786	940,055	523,815
Interest paid (incl. lease interest from FY2024)	-28,445	-27,935	-22,819	-18,107	-11,442
Government grants and incentives	50,000	49,596	14,168	100,000	355,318
Other operating	66,133	Nil	Not separately presented	Not separately presented	Not separately presented
Net cash used in operating activities	-5,963,050	-9,238,846	-12,023,146	-14,836,223	-9,343,417
Acquisition of property, plant & equipment	-185,968	-86,097	-116,316	-281,920	-49,587
Payments for investments	Not separately presented	-102,181	Nil	-230,159	-200,000
Loans (to)/from other entities	Not separately presented	Not separately presented	Not separately presented	-128,401	128,401
Costs associated on sale of subsidiary	Not separately presented	Not separately presented	Not separately presented	-16,349	Nil
Net cash used in investing activities	-185,968	-188,278	-116,316	-656,829	-121,186
Net proceeds from issue of shares	20,749,397	887,206	16,910,633	19,938,546	-1,027
Repayment of lease liabilities (principal)	-62,256	-67,066	-95,807	-105,366	-115,807
Movement in restricted cash	-178,235	-96,947	125,613	-240,536	-72,557
Net cash from financing activities	20,508,906	723,193	16,940,439	19,592,644	-189,391
Net increase/(decrease) in cash and cash equivalents	14,359,888	-8,703,931	4,800,977	4,099,592	-9,653,994
Cash and cash equivalents at 1 July	2,216,866	16,576,754	7,872,823	12,673,800	16,773,392
Cash and cash equivalents at 30 June	16,576,754	7,872,823	12,673,800	16,773,392	7,119,398

AUD cash flows; outflows are negative. Share issue proceeds are cash, whereas the Lachlan Star disposal consideration was shares.

FY2024 cash flow contains subsidiary-sale costs, not the noncash gain on disposal recognised in profit or loss.

Lease repayments in the cash flow are principal; interest is in operating cash flows, with the FY2024 presentation explicitly including lease interest.

Basis and presentation notes (17)

Proceeds from disposal of tenements / FY2021 — Not separately presented: This cash-flow component is not separately presented in the selected annual statement; row Proceeds from disposal of tenements, FY2021. Same-period selected table 01a066f2-c97f-7733-a3fe-e08d66b77110.
Proceeds from disposal of tenements / FY2022 — Not separately presented: This cash-flow component is not separately presented in the selected annual statement; row Proceeds from disposal of tenements, FY2022. Same-period selected table 01a066f1-f8da-77dc-8317-47b69850c31b.
Proceeds from disposal of tenements / FY2023 — Not separately presented: This cash-flow component is not separately presented in the selected annual statement; row Proceeds from disposal of tenements, FY2023. Same-period selected table 01a066ee-033a-7ba7-bcd5-bc1666e6baab.
Proceeds from disposal of tenements / FY2025 — Nil: Nil in FY2025 (FY2024: 400,000)
Other operating / FY2022 — Nil: Issuer-reported nil (dash) for operating 'Other' line.
Other operating / FY2023 — Not separately presented: This cash-flow component is not separately presented in the selected annual statement; row Other operating, FY2023. Same-period selected table 01a066ee-033a-7ba7-bcd5-bc1666e6baab.
Other operating / FY2024 — Not separately presented: This cash-flow component is not separately presented in the selected annual statement; row Other operating, FY2024. Same-period selected table 01a066ee-ddb3-713a-a1c6-7264daef948f.
Other operating / FY2025 — Not separately presented: This cash-flow component is not separately presented in the selected annual statement; row Other operating, FY2025. Same-period selected table 01a066f4-6f42-74f2-8863-53e3af34fb60.
Payments for investments / FY2021 — Not separately presented: This cash-flow component is not separately presented in the selected annual statement; row Payments for investments, FY2021. Same-period selected table 01a066f2-c97f-7733-a3fe-e08d66b77110.
Payments for investments / FY2023 — Nil: Issuer-reported nil (shown as '-')
Loans (to)/from other entities / FY2021 — Not separately presented: This cash-flow component is not separately presented in the selected annual statement; row Loans (to)/from other entities, FY2021. Same-period selected table 01a066f2-c97f-7733-a3fe-e08d66b77110.
Loans (to)/from other entities / FY2022 — Not separately presented: This cash-flow component is not separately presented in the selected annual statement; row Loans (to)/from other entities, FY2022. Same-period selected table 01a066f1-f8da-77dc-8317-47b69850c31b.
Loans (to)/from other entities / FY2023 — Not separately presented: This cash-flow component is not separately presented in the selected annual statement; row Loans (to)/from other entities, FY2023. Same-period selected table 01a066ee-033a-7ba7-bcd5-bc1666e6baab.
Costs associated on sale of subsidiary / FY2021 — Not separately presented: This cash-flow component is not separately presented in the selected annual statement; row Costs associated on sale of subsidiary, FY2021. Same-period selected table 01a066f2-c97f-7733-a3fe-e08d66b77110.
Costs associated on sale of subsidiary / FY2022 — Not separately presented: This cash-flow component is not separately presented in the selected annual statement; row Costs associated on sale of subsidiary, FY2022. Same-period selected table 01a066f1-f8da-77dc-8317-47b69850c31b.
Costs associated on sale of subsidiary / FY2023 — Not separately presented: This cash-flow component is not separately presented in the selected annual statement; row Costs associated on sale of subsidiary, FY2023. Same-period selected table 01a066ee-033a-7ba7-bcd5-bc1666e6baab.
Costs associated on sale of subsidiary / FY2025 — Nil: Nil in FY2025 (FY2024: (16,349))

Source: DevEx Resources annual reports, consolidated statements and notes; see source registry.

Loss to operating cash reconciliation

AUD

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Loss after tax for the period	-6,584,881	-11,908,877	-12,938,868	-10,785,714	-9,114,693
Depreciation and amortisation	105,172	151,537	168,718	194,468	225,200
Unwinding of interest on rehabilitation provision	57,504	117,380	131,629	310,431	262,735
Share-based payments	92,515	2,283,634	407,382	1,266,610	-13,147
Write-down of fixed assets	Not separately presented	Nil	1,004	9,909	3,627
Reversal of impairment on financial assets	-255,453	Not separately presented	Not separately presented	Not separately presented	Not separately presented
Gain on sale of subsidiary (deducted)	Not separately presented	Not separately presented	Not separately presented	-5,507,760	Nil
Fair value gain on financial assets (deducted)	Not separately presented	Not separately presented	Not separately presented	-613,087	-728,167
Share of loss of associate (added back)	Not separately presented	Not separately presented	Not separately presented	623,638	1,483,540
Gain on dilution of investment in associate (deducted)	Not applicable	Not applicable	Not applicable	Not applicable	-555,233
Change in trade and other receivables	-25,650	-361,376	29,496	-84,674	355,616
Change in trade and other payables	595,380	385,369	175,928	45,240	-911,668
Change in provisions	52,363	93,487	1,565	-295,284	-351,227
Net operating cash outflows (subtotal)	-5,963,050	-9,238,846	-12,023,146	-14,836,223	-9,343,417

Noncash gains are deducted and noncash expenses added back. The FY2025 reduction in trade and other payables is a cash outflow even though its extracted row heading says 'Increase'.

FY2021 includes the A$255,453 reversal of impairment on financial assets. A reused FY2022 draft pointer refers to a different write-down and is excluded from this row.

Basis and presentation notes (20)

Write-down of fixed assets / FY2021 — Not separately presented: This noncash reconciliation component is not separately presented in the selected note; row Write-down of fixed assets, FY2021. Same-period selected table 01a066f2-c9cc-710d-acfd-58ab39dff332.
Write-down of fixed assets / FY2022 — Nil: Column header '2022 $'; source shows a dash indicating nil.
Reversal of impairment on financial assets / FY2022 — Not separately presented: R000994 is a fixed-asset write-down rather than a financial-asset impairment reversal; no separate current-year reversal is resolved in selected FY2022 reconciliation. Same-period selected table 01a066f1-f932-78d5-9a6a-14591cad29e8.
Reversal of impairment on financial assets / FY2023 — Not separately presented: This noncash reconciliation component is not separately presented in the selected note; row Reversal of impairment on financial assets, FY2023. Same-period selected table 01a066ee-0384-7edc-b491-1a4f957aca56.
Reversal of impairment on financial assets / FY2024 — Not separately presented: This noncash reconciliation component is not separately presented in the selected note; row Reversal of impairment on financial assets, FY2024. Same-period selected table 01a066ee-ddfd-7922-a54f-4a88163a0c21.
Reversal of impairment on financial assets / FY2025 — Not separately presented: This noncash reconciliation component is not separately presented in the selected note; row Reversal of impairment on financial assets, FY2025. Same-period selected table 01a066f4-6f83-7355-9634-b6ed533c7c66.
Gain on sale of subsidiary (deducted) / FY2021 — Not separately presented: This noncash reconciliation component is not separately presented in the selected note; row Gain on sale of subsidiary (deducted), FY2021. Same-period selected table 01a066f2-c9cc-710d-acfd-58ab39dff332.
Gain on sale of subsidiary (deducted) / FY2022 — Not separately presented: This noncash reconciliation component is not separately presented in the selected note; row Gain on sale of subsidiary (deducted), FY2022. Same-period selected table 01a066f1-f932-78d5-9a6a-14591cad29e8.
Gain on sale of subsidiary (deducted) / FY2023 — Not separately presented: This noncash reconciliation component is not separately presented in the selected note; row Gain on sale of subsidiary (deducted), FY2023. Same-period selected table 01a066ee-0384-7edc-b491-1a4f957aca56.
Gain on sale of subsidiary (deducted) / FY2025 — Nil: Dash in this financial statement row denotes no recognised amount.
Fair value gain on financial assets (deducted) / FY2021 — Not separately presented: This noncash reconciliation component is not separately presented in the selected note; row Fair value gain on financial assets (deducted), FY2021. Same-period selected table 01a066f2-c9cc-710d-acfd-58ab39dff332.
Fair value gain on financial assets (deducted) / FY2022 — Not separately presented: This noncash reconciliation component is not separately presented in the selected note; row Fair value gain on financial assets (deducted), FY2022. Same-period selected table 01a066f1-f932-78d5-9a6a-14591cad29e8.
Fair value gain on financial assets (deducted) / FY2023 — Not separately presented: This noncash reconciliation component is not separately presented in the selected note; row Fair value gain on financial assets (deducted), FY2023. Same-period selected table 01a066ee-0384-7edc-b491-1a4f957aca56.
Share of loss of associate (added back) / FY2021 — Not separately presented: This noncash reconciliation component is not separately presented in the selected note; row Share of loss of associate (added back), FY2021. Same-period selected table 01a066f2-c9cc-710d-acfd-58ab39dff332.
Share of loss of associate (added back) / FY2022 — Not separately presented: This noncash reconciliation component is not separately presented in the selected note; row Share of loss of associate (added back), FY2022. Same-period selected table 01a066f1-f932-78d5-9a6a-14591cad29e8.
Share of loss of associate (added back) / FY2023 — Not separately presented: This noncash reconciliation component is not separately presented in the selected note; row Share of loss of associate (added back), FY2023. Same-period selected table 01a066ee-0384-7edc-b491-1a4f957aca56.
Gain on dilution of investment in associate (deducted) / FY2021 — Not applicable: The associate dilution gain arose in FY2025; its noncash deduction does not apply to FY2021.
Gain on dilution of investment in associate (deducted) / FY2022 — Not applicable: The associate dilution gain arose in FY2025; its noncash deduction does not apply to FY2022.
Gain on dilution of investment in associate (deducted) / FY2023 — Not applicable: The associate dilution gain arose in FY2025; its noncash deduction does not apply to FY2023.
Gain on dilution of investment in associate (deducted) / FY2024 — Not applicable: The associate dilution gain arose in FY2025; its noncash deduction does not apply to FY2024.

Source: DevEx Resources annual reports, consolidated statements and notes; see source registry.

FINANCIAL REVIEW / 04

Equity and shareholder returns

The FY2024 placement and entitlement offer raised approximately A$21.1 million before costs. FY2025 issued capital moved only by share issue costs; equity contracted principally with the year's loss. Explicit no-dividend statements are available for four years, with the FY2024 declaration text absent from the selected extraction.

Closing equity components

AUD

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Issued capital (closing)	79,792,649	80,714,542	97,625,175	117,563,721	117,562,694
Share-based payment reserve (closing)	549,843	2,597,796	2,648,075	3,870,167	1,027,438
Accumulated losses (closing)	-63,554,383	-75,227,579	-87,809,344	-98,550,540	-104,835,651
Total equity (closing)	16,788,109	8,084,759	12,463,906	22,883,348	13,754,481

AUD. FY2025 issued capital declined by A$1,027 of issue costs; the A$2,829,582 reserve transfer to accumulated losses was within equity and did not create cash.

Source: DevEx Resources annual reports, consolidated statements and notes; see source registry.

Dividends declared in each year

text

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Dividend declaration	None declared	None declared	None declared	None declared	None declared

This row records explicit director statements. The FY2025 Directors' Report states that no dividends were declared or paid for the previous year, establishing FY2024 through its dated context. The FY2024 report also recommends no dividend for its current year. Option-pricing assumptions and absent cash/equity lines are not used as dividend evidence.

Basis and presentation notes (5)

Dividend declaration / FY2021 — None declared: Directors reported no dividend.
Dividend declaration / FY2022 — None declared: Directors reported no dividend.
Dividend declaration / FY2023 — None declared: Directors reported no dividend.
Dividend declaration / FY2024 — None declared: The FY2024 report recommends no dividend for its current year. The FY2025 Directors' Report explicitly states that no dividends were declared or paid for the previous year, establishing FY2024 by the dated FY2025 document context. This is not an option-pricing assumption.
Dividend declaration / FY2025 — None declared: Directors reported no dividend.

Source: DevEx Resources annual reports, consolidated statements and notes; see source registry.

FINANCIAL REVIEW / 05

Exploration spend and portfolio change

The portfolio shifted from the NSW copper-gold projects and Sovereign work toward Nabarlek uranium, Murphy West and Kennedy rare earths. The October 2023 NSW disposal took noncash LSA shares; the Kennedy Inferred Mineral Resource is a project snapshot, not a production or sales measure.

Exploration and evaluation expense

AUD

Total exploration and evaluation expenditure

AUD expensed in each fiscal year; FY2025 includes a generative exploration credit.

AI-generated presentation · values from Exploration and evaluation expenditure by project; no missing values plotted as zero.

Exploration and evaluation expenditure by project

AUD

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Nabarlek	444,883	1,081,387	7,312,774	10,021,087	5,364,456
Junee (separately reported)	1,195,263	2,311,185	1,415,793	Included in combined line	Included in combined line
Bogong	27,083	3,859	Not separately presented	Not separately presented	61,671
Basin Creek	1,600,294	305,957	91,588	Included in combined line	Included in combined line
Cobar and Wilga Downs	528,765	717,182	106,339	Included in combined line	Included in combined line
Sovereign	1,432,840	1,979,545	947,707	58,558	Not separately presented
Julimar Complex	27,192	Not separately presented	Not separately presented	Not separately presented	Not separately presented
Kennedy	Not separately presented	Not separately presented	229,630	1,977,826	281,749
Highway Nickel	Not separately presented	Not separately presented	Nil	280,333	1,678
Murphy West	Not separately presented	Not separately presented	Nil	508,733	821,795
NSW projects (combined)	3,324,322.0	3,334,324.0	1,613,720	43,097	Nil
Generative Exploration	207,843	800,595	387,982	104,493	-311,214
Jimblebar	Not separately presented	Not separately presented	Not separately presented	Not separately presented	544,722
Government co-funding credit	-129,000	Not separately presented	Not separately presented	Not separately presented	Not separately presented
Total exploration and evaluation expenditure	5,335,163	7,199,710	10,491,813	12,994,127	6,764,857

AUD. Project classification changed: the FY2025 report shows FY2024 Jimblebar A$52,535 and generative A$51,958, while the original FY2024 extracted year shows generative A$104,493. The displayed FY2024 series retains the original current-year classification. The NSW projects comparison row sums the three separately reported FY2021–FY2022 components and is non-additive to those component rows; FY2023 separately reports Junee, Basin Creek and Cobar components totalling A$1,613,720, equal to the later comparative NSW combined line; FY2023–FY2025 combined amounts are non-additive to any displayed components. The FY2023 Cobar source does not separately identify Wilga Downs.

The FY2025 generative line is a net credit A$311,214 after refunds. Earlier absent project rows are extraction gaps or projects not yet separately reported, not assumed nil.

Basis and presentation notes (30)

Junee (separately reported) / FY2024 — Included in combined line: The selected FY2024 Note 5(c) presents the NSW projects together; this component cannot be separated from the combined NSW-project amount.
Junee (separately reported) / FY2025 — Included in combined line: The selected FY2025 Note 5(c) presents the NSW projects together; this component cannot be separated from the combined NSW-project amount.
Bogong / FY2023 — Not separately presented: This project is not separately presented in the selected year's Note 5(c); row Bogong, FY2023. Same-period selected table 01a066ee-0345-7c03-8601-9098f706c7a9.
Bogong / FY2024 — Not separately presented: This project is not separately presented in the selected year's Note 5(c); row Bogong, FY2024. Same-period selected table 01a066ee-ddbb-77a3-b199-7cfa5c8a635f.
Basin Creek / FY2024 — Included in combined line: The selected FY2024 Note 5(c) presents the NSW projects together; this component cannot be separated from the combined NSW-project amount.
Basin Creek / FY2025 — Included in combined line: The selected FY2025 Note 5(c) presents the NSW projects together; this component cannot be separated from the combined NSW-project amount.
Cobar and Wilga Downs / FY2024 — Included in combined line: The selected FY2024 Note 5(c) presents the NSW projects together; this component cannot be separated from the combined NSW-project amount.
Cobar and Wilga Downs / FY2025 — Included in combined line: The selected FY2025 Note 5(c) presents the NSW projects together; this component cannot be separated from the combined NSW-project amount.
Sovereign / FY2025 — Not separately presented: This project is not separately presented in the selected year's Note 5(c); row Sovereign, FY2025. Same-period selected table 01a066f4-6f47-7194-ac70-3f481f157616.
Julimar Complex / FY2022 — Not separately presented: This project is not separately presented in the selected year's Note 5(c); row Julimar Complex, FY2022. Same-period selected table 01a066f1-f8e5-7e04-997f-d717e0507a7a.
Julimar Complex / FY2023 — Not separately presented: This project is not separately presented in the selected year's Note 5(c); row Julimar Complex, FY2023. Same-period selected table 01a066ee-0345-7c03-8601-9098f706c7a9.
Julimar Complex / FY2024 — Not separately presented: This project is not separately presented in the selected year's Note 5(c); row Julimar Complex, FY2024. Same-period selected table 01a066ee-ddbb-77a3-b199-7cfa5c8a635f.
Julimar Complex / FY2025 — Not separately presented: This project is not separately presented in the selected year's Note 5(c); row Julimar Complex, FY2025. Same-period selected table 01a066f4-6f47-7194-ac70-3f481f157616.
Kennedy / FY2021 — Not separately presented: This project is not separately presented in the selected year's Note 5(c); row Kennedy, FY2021. Same-period selected table 01a066f2-c98b-7ed2-ba90-3e262d5d1011.
Kennedy / FY2022 — Not separately presented: This project is not separately presented in the selected year's Note 5(c); row Kennedy, FY2022. Same-period selected table 01a066f1-f8e5-7e04-997f-d717e0507a7a.
Highway Nickel / FY2021 — Not separately presented: This project is not separately presented in the selected year's Note 5(c); row Highway Nickel, FY2021. Same-period selected table 01a066f2-c98b-7ed2-ba90-3e262d5d1011.
Highway Nickel / FY2022 — Not separately presented: This project is not separately presented in the selected year's Note 5(c); row Highway Nickel, FY2022. Same-period selected table 01a066f1-f8e5-7e04-997f-d717e0507a7a.
Highway Nickel / FY2023 — Nil: Note 5(c); dash reported (nil/no expenditure); comparative period
Murphy West / FY2021 — Not separately presented: This project is not separately presented in the selected year's Note 5(c); row Murphy West, FY2021. Same-period selected table 01a066f2-c98b-7ed2-ba90-3e262d5d1011.
Murphy West / FY2022 — Not separately presented: This project is not separately presented in the selected year's Note 5(c); row Murphy West, FY2022. Same-period selected table 01a066f1-f8e5-7e04-997f-d717e0507a7a.
Murphy West / FY2023 — Nil: Note 5(c); dash reported (nil/no expenditure); comparative period
NSW projects (combined) / FY2025 — Nil: Dash in this financial statement row denotes no recognised amount.
Jimblebar / FY2021 — Not separately presented: This project is not separately presented in the selected year's Note 5(c); row Jimblebar, FY2021. Same-period selected table 01a066f2-c98b-7ed2-ba90-3e262d5d1011.
Jimblebar / FY2022 — Not separately presented: This project is not separately presented in the selected year's Note 5(c); row Jimblebar, FY2022. Same-period selected table 01a066f1-f8e5-7e04-997f-d717e0507a7a.
Jimblebar / FY2023 — Not separately presented: This project is not separately presented in the selected year's Note 5(c); row Jimblebar, FY2023. Same-period selected table 01a066ee-0345-7c03-8601-9098f706c7a9.
Jimblebar / FY2024 — Not separately presented: Original FY2024 current-year note did not separately present Jimblebar; the FY2025 comparative reclassified A$52,535 from generative exploration. Same-period selected table 01a066ee-ddbb-77a3-b199-7cfa5c8a635f.
Government co-funding credit / FY2022 — Not separately presented: No separate current-year government co-funding line in the selected Note 5(c); the FY2022 packet contains a FY2021 comparative credit that is not a FY2022 amount. Same-period selected table 01a066f1-f8e5-7e04-997f-d717e0507a7a.
Government co-funding credit / FY2023 — Not separately presented: No separate current-year government co-funding line in the selected Note 5(c); the FY2022 packet contains a FY2021 comparative credit that is not a FY2022 amount. Same-period selected table 01a066ee-0345-7c03-8601-9098f706c7a9.
Government co-funding credit / FY2024 — Not separately presented: No separate current-year government co-funding line in the selected Note 5(c); the FY2022 packet contains a FY2021 comparative credit that is not a FY2022 amount. Same-period selected table 01a066ee-ddbb-77a3-b199-7cfa5c8a635f.
Government co-funding credit / FY2025 — Not separately presented: No separate current-year government co-funding line in the selected Note 5(c); the FY2022 packet contains a FY2021 comparative credit that is not a FY2022 amount. Same-period selected table 01a066f4-6f47-7194-ac70-3f481f157616.

Source: DevEx Resources annual reports, consolidated statements and notes; see source registry.

Lachlan Star associate

mixed

Metric	FY2024	FY2025
Lachlan Star ownership%	36.46	29.96
Lachlan Star carrying valueAUD	4,900,471	3,972,164

The disposal consideration in October 2023 was LSA shares plus a 2% net smelter royalty, not cash proceeds. Ownership fell with dilution to 29.96% by 30 June 2025.

Source: DevEx Resources annual reports, consolidated statements and notes; see source registry.

Kennedy Inferred Mineral Resource snapshot

mixed

Metric	30 June 2025
Resource tonnage, 325 ppm TREO-CeO2 cut-offMt	150
TREO grade, 325 ppm cut-offppm	1,000
TREO-CeO2 grade, 325 ppm cut-offppm	470
MREO grade, 325 ppm cut-offppm	180

Whole-deposit dry basis. The 150 Mt resource is the project total at the stated cut-off, not a deposit subtotal or annual production figure.

Source: DevEx Resources annual reports, consolidated statements and notes; see source registry.

Reading the figures

FY2024 dividend declaration is confirmed as none using the dated FY2025 previous-year statement, with the FY2024 no-recommendation statement retained as supporting context.
Some project allocations were not separately presented in the selected year's Note 5(c); consolidated totals remain shown, and missing project categories are not treated as zero.
FY2024 project presentation was reclassified in the FY2025 comparative between Jimblebar and generative exploration; FY2024 current-year classifications are shown and disclosed.
Final targeted check: existing parsed annual-report DB evidence was read on 28 September 2026. Not available in checked reports is a closed data-availability limit, never a numeric zero. Only the previously held cells and their directly related notes were changed; this is not a new full-report audit or publication approval.

Annual-report source registry

Annual Report to shareholdersDevEx Resources Limited; year ended 2021-06-30; annual report dated 2021-09-27.
Annual Report June 2022DevEx Resources Limited; year ended 2022-06-30; annual report dated 2022-09-28.
Annual Report June 2023DevEx Resources Limited; year ended 2023-06-30; annual report dated 2023-09-21.
Annual Report June 2024DevEx Resources Limited; year ended 2024-06-30; annual report dated 2024-09-30.
Annual Report June 2025DevEx Resources Limited; year ended 2025-06-30; annual report dated 2025-09-16.

Prepared from the existing annual extraction datasets, supplemented only by selected same-company annual-report tables and saved row interpretations. No new raw-document extraction or web financial research was used for this test.

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AI-led method

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