• Woodlawn Copper-Zinc Mine ramps up production, on track for steady-state by March 2026
• Updated Sulphur Springs DFS shows exceptional financial returns with A$1.5B free cashflow
• Major contract extension for Develop's Mining Services Division

Develop Global Ltd (ASX: DVP) has reported a highly productive quarter, with excellent results at the Woodlawn Copper-Zinc Mine and a significantly improved outlook for the Sulphur Springs Zinc-Copper Project. At Woodlawn, the site commissioning is proceeding to plan, with the mine forecast to hit nameplate capacity of 850ktpa in the March 2026 quarter. Metal recoveries are tracking forecast with ongoing increases, and the company has achieved a 22% increase in ore mined compared to the previous quarter. The updated Definitive Feasibility Study (DFS) for Sulphur Springs shows the project is set to generate outstanding financial returns, with a pre-tax Net Present Value (NPV8%) of A$921 million - a substantial 76% increase on the previous DFS. The DFS puts Sulphur Springs on track for a Final Investment Decision and construction, with all major project approvals granted and the boxcut/twin portals excavated. Develop's Mining Services Division also delivered strong results, with a major seven-month contract extension signed with Bellevue Gold Limited worth approximately A$130 million. The company's cash position at the end of the quarter was A$203.8 million.

Woodlawn Copper-Zinc Mine is forecast to hit nameplate capacity of 850ktpa in the March 2026 quarter. Sulphur Springs is expected to produce average annual recovered metal for years three to seven of 79ktpa of zinc and 11.5ktpa of copper.

Develop is rapidly gaining momentum at both Woodlawn and Sulphur Springs, with the company expecting to make more rapid progress in the lead up to Christmas. The company believes the market will be pleasantly surprised by the speed at which the Sulphur Springs project advances, as well as the production and financial upside.