Develop Global (DVP) Q1 2026 TU earnings summary

Executive summary

• Achieved key milestones at Woodlawn, with ramp-up on schedule and production set to reach nameplate capacity of 850ktpa by March 2026.

• Updated Sulphur Springs DFS projects pre-tax free cashflow of A$1.5B, doubling previous forecasts, and a 76% increase in NPV to A$921M.

• Mining Services Division secured a major contract extension worth ~A$130M with Bellevue Gold.

• Group LTIFR was 0.0, with no material environmental or heritage incidents.

Financial highlights

• Woodlawn revenue for the September quarter was A$19.7M from 7,962t of concentrate.

• Mining Services external revenue was A$54M; internal revenue was A$17M.

• Cash position at September 30, 2025, was A$203.8M.

• Sulphur Springs DFS: LOM revenue A$3.42B, LOM free cashflow A$1.46B, IRR 59%, payback ~3 years.

Outlook and guidance

• Woodlawn expected to reach steady-state production in March 2026, with potential to exceed planned tonnage rates.

• Sulphur Springs advancing toward FID and construction, with all approvals in place and pre-development activities underway.

• Anticipates further progress at both projects in the December quarter, leveraging strong commodity prices.