• Develop remains on track for first concentrate production and cashflow at Woodlawn in the June quarter of 2025
• Funding and offtake facility finalised with Trafigura Pte Ltd; US$65m (~A$104.8m) pre-payment/loan facility fully drawn
• Excellent progress on Woodlawn processing plant upgrade, now 70% complete

Develop Global Ltd has reported on a successful December quarter with strong progress made on the plant upgrade and preparations for underground ore production at its Woodlawn copper-zinc mine. The company finalised a US$65 million (~A$104.8m) prepayment/loan facility and offtake arrangement with Trafigura Pte Ltd, which has now been fully drawn. Upgrades to the Woodlawn processing plant are tracking on budget and on schedule, with a focus on the crushing circuit and civil upgrades, including internal works on the float area infrastructure, realignment and commissioning of the ball mill and jaw crusher. Subsequent to the end of the quarter, the commissioning of the ball mill and flotation circuit was completed, with options to accelerate copper concentrate production and shipping currently being investigated. Underground development at Woodlawn has also ramped up successfully, with ore production from underground on-track to commence in the March quarter. Develop's Mining Services division also performed strongly during the quarter, with revenue rising 21% as the company accelerated underground development and ore production at the Bellevue gold mine.

The first 3 years of post-ramp up production at Woodlawn is set to yield ~A$425m of pre-tax cashflow, providing substantial cash generation while repaying all the debt (at spot Cu/Zn prices).

Develop remains on track for first concentrate production and cashflow at Woodlawn in the June quarter of 2025. The company is also considering a sale of up to 20% of the Woodlawn asset as part of a strategic partnership process.