Develop Global (DVP) H1 2025 earnings summary

Executive summary

• Revenue increased 72% year-over-year to $113.0m for the half-year ended 31 December 2024, driven by strong performance in mining services and project development activities.

• Net profit after tax was $1.17m, a turnaround from a $3.70m loss in the prior corresponding period.

• Major operational focus was on progressing the Woodlawn Copper-Zinc mine restart, with a $65m USD loan facility secured and refurbishment 50% complete by period end.

• Cash reserves rose to $112.9m, with unused borrowing facilities of $56.7m, supporting ongoing project development.

Financial highlights

• Revenue: $113.0m (up from $65.8m year-over-year).

• EBITDA margin improved to 14% from 6% year-over-year.

• Net profit after tax: $1.17m (vs. $3.70m loss year-over-year).

• Net cash from operating activities: $17.6m (vs. $8.4m outflow year-over-year).

• Cash and cash equivalents: $112.9m (up from $41.5m at 30 June 2024).

Outlook and guidance

• First concentrate production and cash flow from Woodlawn expected in June 2025 quarter; underground ore production to commence March 2025 quarter.

• Sulphur Springs development to proceed after Woodlawn achieves steady-state production.

• Pioneer Dome lithium project received final government approvals, with further studies planned.