• Firm commitments for $180M institutional placement at $4.50/share
• Funds to accelerate development at Sulphur Springs and Woodlawn projects
• Aim to significantly grow mine lives at both projects

Develop Global Ltd (ASX:DVP) has announced that it has received firm commitments for an institutional placement to raise approximately $180 million (before costs). The placement will see the issue of 40 million new shares at $4.50 per share, representing a 6.1% discount to the last closing price and a 6.2% discount to the 5-day VWAP. The placement was strongly supported by existing institutional shareholders as well as new high-quality Australian and international institutional investors. The funds raised will be used to accelerate the development timetable at the Sulphur Springs zinc-copper project, including early commencement of pre-production capital works, as well as accelerate production growth options at the Woodlawn copper-zinc mine. The company also plans to significantly grow the mine lives at both Woodlawn and Sulphur Springs through exploration and resource definition activities. Additionally, the funds will provide Develop with the flexibility to pursue other growth and partnership opportunities across its mine ownership and mining services divisions. Develop Managing Director Bill Beament stated that the company sees a window of lucrative opportunity in the copper and base metals space, with strong global demand and a race to secure offtake, particularly from tier-one locations like Develop's projects.

Develop is confident it can extend the mine life at its Woodlawn and Sulphur Springs projects, which will create substantial value for shareholders. The company is also sourcing and being presented with partnership opportunities at other projects, reflecting the reputation of its world-class team in mine ownership and mining services.