Develop Global (DVP) Investor Presentation summary

Strategic focus and business model

• Pursues a hybrid model combining mine ownership with underground mining services, aiming to build world-class underground capability and ESG leadership while producing clean energy transition metals and generating diversified cashflow streams.

• Targets annual output exceeding 50kt copper equivalent and 200kt lithium spodumene, with mine lives of 7–10 years and mining services operating 5–7 projects, including third-party contracts.

Key assets and project highlights

• Woodlawn Cu/Zn mine: 10-year life, A$2.6b revenue, A$1.1b free cashflow, A$728m pre-tax NPV, fully funded and permitted, with production restart imminent and significant resource/reserve upgrades.

• Sulphur Springs Zn/Cu: 8-year life, A$2.9b revenue, A$745m free cashflow, A$523m pre-tax NPV, all approvals in place, underground-only plan, and strong production/cashflow outlook.

• Pioneer Dome Li: 7-year life, A$2.2b revenue, A$666m free cashflow, A$373m pre-tax NPV, fully permitted, with additional critical minerals on leases.

Financials and capital structure

• Market capitalisation of A$745m, share price A$2.75, A$112m cash (Dec 2024), A$102m project debt, and undrawn equipment financing of A$45.3m.

• Substantial tax losses (~A$342m) provide a potential A$103m tax shield, supporting mine finance repayment.