Develop Global (DVP) Q3 2026 earnings summary

Executive summary

• Achieved commercial production at Woodlawn, exceeding nameplate capacity and reaching record monthly mining and processing volumes in March, with over 80,000 tonnes mined and 78,000 tonnes processed.

• Significant quarter-on-quarter ramp-up in production metrics at Woodlawn, including ore tonnes mined up 46%, mined grade up 41%, and copper equivalent production up 88%.

• Advancing three mine projects: Woodlawn (operational), Sulphur Springs (15% ahead of schedule, FID targeted for June 2026), and Pioneer Dome (rapidly progressing, strong offtake interest, fully permitted, shovel-ready).

• Mining services division remains buoyant, achieving A$50.3m external revenue, supported by high gold prices, strong contract pipeline, and mobilisation for a major new contract.

Financial highlights

• Quarterly external revenue was A$69.3 million, with A$50 million from mining services and the remainder from Woodlawn concentrate sales.

• Cash balance at 31 March was A$130 million, down A$50.1 million from December, mainly due to growth CapEx and delayed concentrate shipments.

• Growth/expansion capital of A$36 million spent across Woodlawn, Sulphur Springs, Pioneer Dome, and Waihi, including A$12 million at Sulphur Springs and A$12 million at Woodlawn.

• Concentrate stockpiles of 11,845 tonnes valued at ~A$33 million, with A$28.9 million shipped in April after shipping delays.

Outlook and guidance

• Expecting further grade and recovery improvements at Woodlawn as mining moves into higher-grade zones, with ore grades to align with LOM reserve grades in June quarter.

• Sulphur Springs and Pioneer Dome funding and offtake processes targeted for completion in the June quarter, enabling final investment decisions.

• Mining services revenue expected to pick up with new Waihi contract commencing and tendering for A$2.5 billion of new work.