• Project Revenue A$3.4 billion, up 18%
• Free Cash-Flow (pre-tax) A$1.5 billion, up 96%
• Pre-Tax NPV8% A$921 million, up 76%

Develop Global Ltd has completed an updated Definitive Feasibility Study (DFS) on its 100%-owned Sulphur Springs Zinc-Copper Project in Western Australia's Pilbara region. The updated DFS shows that Sulphur Springs will be technically and economically robust, generating a pre-tax internal rate of return of 59% and free cashflow of approximately A$1.5 billion. The new bottom-up mining approach will see Sulphur Springs developed as an underground mine from the outset, allowing substantial flexibility in the mine plan and scheduling sequence. The DFS indicates that Sulphur Springs will produce average annual recovered metal for years three to seven of 79ktpa of Zinc and 11.5ktpa of Copper, with life-of-mine recovered metal of 490kt Zinc and 75kt Copper. Concentrate grades will be 50% for Zinc and 21% for Copper. The Project is forecast to generate life-of-mine revenue of A$3.42 billion and life-of-mine Project free cashflow of A$1.46 billion over an estimated 8-year mine life. The updated DFS pre-tax Net Present Value (NPV) is A$921 million, a substantial 76% increase from the previous DFS. Develop intends to progress project off-take arrangements, project financing and pre-development activities prior to a Final Investment Decision.

Average annual recovered metal for years three to seven of 79ktpa of Zinc and 11.5ktpa of Copper; Life-of-mine recovered metal of 490kt Zinc and 75kt Copper. Life-of-mine Project revenue of A$3.42 billion and life-of-mine Project free cashflow of A$1.46 billion over an estimated 8-year mine life.

Develop now has two projects in Sulphur Springs and its Woodlawn Copper-Zinc mine in NSW which give the company substantial exposure to the expected upturn in clean energy transition metals markets. Develop is confident in the potential to deliver substantial mine life growth at Sulphur Springs through further exploration and increasing the plant capacity.