Develop Cancels Woodlawn Minority Sale Amid Aggressive Growth and Capital Raise

Woodlawn Mine – Commissioning Success and Production Ramp-Up

Develop Global Limited has successfully delivered its first shipments of copper, zinc, and lead concentrates from the Woodlawn Copper-Zinc Mine in New South Wales, marking a significant milestone in the project’s commissioning phase. The June quarter saw 12,689 tonnes of concentrate produced, containing substantial quantities of copper, zinc, lead, silver, and gold. Importantly, the plant achieved nameplate throughput capacity during stress testing, and metal recoveries are tracking well against forecasts, signaling a smooth transition towards steady-state production.

Underground development is notably ahead of schedule, with 1,449 metres advanced in the quarter using a single jumbo drill. This progress underpins the company’s confidence in ramping up ore production, supported by 32,000 tonnes of high-grade ore ready for processing. Develop is also pursuing growth initiatives under Project DM15, aiming to extend the mine life to 15 years through aggressive exploration and increased production capacity.

Sulphur Springs – Early Works and Accelerated Development

In Western Australia’s Pilbara region, Develop has commenced substantial earthworks at the Sulphur Springs Zinc-Copper Project. The company has brought forward the timetable for underground decline development, now set to begin in the September quarter, ahead of the updated definitive feasibility study scheduled for completion in December 2025. Early engineering works for the processing plant are underway, reflecting an accelerated approach designed to de-risk construction and funding phases.

The project holds a high-grade resource base and remains under-explored, with plans for extensive drilling to extend mine life and enhance productivity. Collaboration with the Nyamal Traditional Owner Group continues to be a key aspect of site development, ensuring responsible progress aligned with community interests.

Mining Services and Corporate Strategy – Record Revenue and Capital Raise

Develop’s mining services division achieved a record FY25 revenue of A$212.3 million, driven by strong operational performance at the Bellevue Gold Project and other contracts. The company’s fleet of jumbos demonstrated robust productivity, supporting ongoing growth opportunities in mining services.

To underpin its aggressive growth strategy, Develop successfully raised A$180 million through a share placement, attracting strong demand from institutional investors. This capital injection will accelerate value creation across its asset base and support new partnership opportunities. Notably, Develop has cancelled the potential sale of a minority interest in the Woodlawn mine, signaling a strategic focus on maximizing asset value internally.

Safety and Environmental Stewardship

Safety performance remains exemplary, with a lost time injury frequency rate of zero reported for the quarter, well below the national metalliferous mining average. The company also reported no material environmental or heritage incidents, reflecting its commitment to responsible mining practices.

Looking ahead, Develop is poised to leverage its strong operational momentum, extensive exploration pipeline, and enhanced financial position to deliver sustained growth and shareholder value.