Quarterly Appendix 5B Cash Flow Report - December 2025

• Net cash from operating activities of $18.8 million in Q4 2025
• Investing activities used $29.5 million, mainly for property, plant and equipment and mine properties
• Financing activities used $13.2 million, including $9.6 million in borrowing repayments

Develop Global Ltd has released its quarterly Appendix 5B cash flow report for the period ended 31 December 2025. The company reported net cash from operating activities of $18.8 million, driven by $94.6 million in customer receipts, offset by $15.1 million in production costs, $28.5 million in staff costs, and $31.0 million in other cost of sales. Investing activities used $29.5 million, primarily for $22.1 million in mine property expenditures and $5.3 million for property, plant and equipment. Financing activities used $13.2 million, including $9.6 million in borrowing repayments and $3.5 million for bank guarantees. The company ended the quarter with $179.9 million in cash and cash equivalents and $60.4 million in unused financing facilities available.