• Woodlawn mine on track to reach steady-state production in Q1 2026
• Sulphur Springs project progressing rapidly, FID targeted for Q2 2026
• Pioneer Dome lithium project presents opportunity due to surging lithium prices

Develop Global Ltd (ASX: DVP) has reported strong progress across all its divisions in the December quarter, setting the company up for rapid growth in copper, zinc and silver/gold production. At the Woodlawn Copper-Zinc Mine, the commissioning process has progressed extremely well, with both throughput and recoveries meeting or exceeding forecasts. The mine reached a record monthly throughput of 59,000t in December, putting it on track to hit nameplate capacity of 850,000tpa this quarter. The company is now moving into higher-grade areas of the mine as part of its strategy to hit steady-state production in the coming quarter. At the Sulphur Springs Zinc-Copper Project, the underground decline is progressing rapidly, which will provide better drilling access and form part of a 'bottom-up' mining approach. An updated Definitive Feasibility Study delivered a pre-tax NPV8% of A$921 million, a 76% increase on the previous study. With spot commodity prices, the NPV8% would be up 25% to A$1.15 billion. Final Investment Decision for Sulphur Springs is targeted for the June quarter of 2026. The company's Mining Services division also secured a A$200 million contract from OceanaGold to establish its Waihi North Project in New Zealand. Additionally, the sharp increase in lithium prices has created an opportunity at Develop's Pioneer Dome Lithium Project, which is fully permitted and could deliver first DSO ore within 6 months at a low capital cost.

Develop is targeting annual production of 50,000t of copper-equivalent metal across its operations. At the Woodlawn mine, the company is on track to reach steady-state production in the March quarter of 2026. At the Sulphur Springs project, the company is targeting a Final Investment Decision in the June quarter of 2026, which would see the project produce an average of 79ktpa of zinc and 11.5ktpa of copper over years 3-7 of its 8-year mine life.

Develop believes it is tracking well compared to its 5-year plan, which targets 50ktpa of copper-equivalent metal production and 2-3 mining services contracts. The company now has two mining services contracts, including the major new contract secured from OceanaGold. The surging lithium price has also created an opportunity at the company's Pioneer Dome lithium project, which it is actively assessing.