Develop Global (DVP) Q2 2026 TU earnings summary

Executive summary

• Achieved record operational and financial performance in the December quarter, with Woodlawn ramping up to steady-state production and Sulphur Springs advancing toward a final investment decision in June 2026.

• Secured a major mining services contract with OceanaGold in New Zealand, expanding the mining services portfolio to two contracts and achieving record ore mined at Bellevue.

• Group external revenue reached a record nearly AUD 95 million for the December quarter.

• Business is growing rapidly, with new executive appointments to support expansion.

• Surging lithium prices opened new opportunities at Pioneer Dome.

Financial highlights

• Quarterly concentrate revenue up 98.5% to AUD 39.1 million, driven by higher copper and zinc concentrate sales compared to the September quarter.

• Record 59,000 tons processed at Woodlawn in December, supporting ramp-up to 850,000 tons per annum.

• Cash position at 31 December 2025 was AUD 179.9 million.

• Mining Services division posted quarterly external revenue of AUD 55.5 million.

• Net smelter return revenue per ton increased 40% to AUD 470 since the August 2024 restart, due to lower treatment and refining charges.

Outlook and guidance

• On track to reach steady-state production at Woodlawn in the March quarter and targeting 500,000 tons copper equivalent production per year ahead of schedule.

• Sulphur Springs final investment decision targeted for June quarter 2026, with strong project economics and funding/offtake processes underway.

• Pioneer Dome fully permitted and could deliver first DSO ore in less than six months if market conditions remain favorable.