Develop Global (DVP) H1 2026 earnings summary

Executive summary

• Revenue for the half-year ended 31 December 2025 was $170.5m, up from $113.0m year-over-year, driven by mining services and initial concentrate sales from Woodlawn.

• Net profit after tax rose to $2.0m from $1.2m in the prior year, reflecting improved operational performance.

• Woodlawn Copper-Zinc Mine advanced through commissioning, achieving record throughput and initial concentrate shipments; steady-state production is targeted for March 2026.

• Sulphur Springs project commenced pre-development activities, with a final investment decision expected in June 2026.

• Pioneer Dome lithium project remains fully permitted and under review for development, with potential for first ore shipment within six months at a capital cost of $35-40m.

Financial highlights

• Revenue increased 51% year-over-year to $170.5m, with $58.5m from concentrate sales and $150.7m from mining services.

• EBITDA margin was 14%, up from 2% in the prior period.

• Net cash from operating activities was $26.6m, up from $17.6m year-over-year.

• Cash reserves at period end were $180.4m, up from $58.6m at 30 June 2025.

• Total assets increased to $908.5m from $898.1m at 30 June 2025.

Outlook and guidance

• Woodlawn Mine expected to reach nameplate capacity and steady-state production in March 2026.

• Sulphur Springs final investment decision targeted for June 2026, with significant project value uplift confirmed.

• Pioneer Dome project positioned for rapid development, with commercial discussions ongoing.