• GRES awarded A$275m EPC contract for Yitirrti processing plant
• Plant capacity: 1.5Mt per annum, producing copper-silver and zinc concentrates
• Total project cost estimated at A$450m, funded by debt, cash on hand, and cashflow

Develop Global has awarded GR Engineering Services (GRES) a contract to design and build the processing plant for its Yitirrti copper-zinc-silver project in the Pilbara region. The contract, valued at A$275 million, marks a significant milestone for the project, which is on schedule for production in the June quarter of 2028. The processing plant will have a nameplate capacity of 1.5 million tonnes per annum and will produce separate copper-silver and zinc concentrates. The total capital cost for the Yitirrti project is estimated at A$450 million. The project is expected to generate strong financial returns, with an Internal Rate of Return of 37% and a payback period of just 23 months. Funding for the project will come from a combination of a recent US$400 million (~A$570 million) debt facility provided by Trafigura, Develop's cash on hand, and cashflow from its Woodlawn and Pioneer Dome mines. Trafigura has also committed to offtake agreements for copper and zinc concentrates from Yitirrti.

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Develop expects substantial growth in free cashflow generation with Yitirrti's first sales scheduled for June 2028.