Develop Global (DVP) Q4 2025 TU earnings summary

Executive summary

• Achieved first concentrate sales from Woodlawn, with commissioning and ramp-up on schedule; 12,689t of concentrate produced in the June quarter containing 969t Cu, 2,340t Zn, 545t Pb, 68koz Ag, and 812oz Au.

• Sulphur Springs project advanced with substantial earthworks and early engineering; underground decline development brought forward to Sep-25 quarter.

• Raised A$180m via share placement to fund aggressive growth and accelerate value creation; proceeds received in July.

• Record FY25 mining services revenue of A$212.3m, with A$51m in the June quarter.

• Cash position of A$58m as of June 30, 2025, pre-raising.

Financial highlights

• Mining services division delivered record FY25 revenue of A$212.3m, up from previous periods.

• June quarter mining services revenue was A$51m.

• Cash balance at June 30, 2025, was A$57.7m.

• A$15.4m spent on property, plant, and equipment, mainly for Woodlawn processing plant.

• Exploration and evaluation expenditure for the quarter was A$0.8m.

Outlook and guidance

• Revenue from Woodlawn concentrate sales expected to flow into the September quarter.

• Updated DFS for Sulphur Springs due in December 2025, with final investment decision to follow.

• Aggressive growth strategy and Project DM15 to expand mine lives and production at Woodlawn and Sulphur Springs.

• Diamond drilling at Woodlawn to commence in September quarter, focusing on grade control and expansion.