Slide 1: Develop Strategy Day
ASX: DVP For personal use only DEVELOP STRATEGY DAY 6 SEPTEMBER 2022
Slide 2: Important Information and Disclaimer
IMPORTANT INFORMATION AND DISCLAIMER For personal use only Cautionary Statement The information contained in this document (“Presentation”) has been prepared by DEVELOP Global Limited (“Company”). This Presentation is being used as a presenter’s aid with summarised information. See DEVELOP’s other a
Slide 3: Develop will utilise the power of people to produce clean metals
For personal use only DEVELOP WILL UTILISE THE POWER OF PEOPLE TO PRODUCE CLEAN METALS AND HELP DECARBONISE THE WORLD.
Slide 4: Sections
SECTIONS For personal use only 01 02 03 04 People ESG Woodlawn Geology - Roadmap Woodlawn 05 06 07 08 Geology – Processing DEV Finance Sulphur Mining Strategy Springs Services
Slide 5: 1. Our Team
ASX: DVP For personal use only 1. OUR TEAM HARNESSING THE POWER OF PEOPLE
Slide 6: Our flagship asset: our people
PEOPLE OUR FLAGSHIP ASSET: OUR PEOPLE For personal use only • Creating a unique culture and workplace which is appealing greatly to high performing talent • Values driven business which has been generated by the team • Clearly articulate the business model to the team and prospective talent • Flat o
Slide 7: Board – September 2022
BOARD SEPTEMBER 2022 For personal use only MANAGING DIRECTOR Bill Beament EA Clare Zekas ESG AND EXTERNAL WOODLAWN MINE PRINCIPAL COMPANY SECRETARY CFO (Interim) GEOLOGY MANAGER AFFAIRS MINING SERVICES PROJECT MANAGER METALURGIST Guy Singleton Steven Wood Alan Rule Luke Gibson Chris Taylor Kurt Tied
Slide 8: Board – Future 2023
BOARD FUTURE – 2023 For personal use only MANAGING DIRECTOR Bill Beament ESG AND EXTERNAL CFO CHIEF GEOLOGICAL CHIEF TECHNICAL COMPANY SECRETARY OFFICER AFFAIRS OFFICER Shortlisted MINING SERVICES Guy Singleton Steven Wood Future Appointment Future Appointment Candidates FINANCIAL WOODLAWN MINE GEOL
Slide 9: 2. ESG Framework
ASX: DVP For personal use only 2. ESG FRAMEWORK A FUTURE FACING ROADMAP
Slide 10: Snapshot of the ESG ecosystem
Companies are navigating and SNAPSHOT OF THE ESG ECOSYSTEM responding to an evolving range of disclosure frameworks, standards and guidelines which form a PRINCIPLES, FRAMEWORKS AND AGENCIES complex ecosystem. For personal use only Mining Industry Governing Principles Associations and Accreditations
Slide 11: Spotlight on mining: key ESG agendas
There are several emerging trends in the mining SPOTLIGHT ON MINING industry that present both risks and opportunities, below are five key sector trends that emerged from the external landscape KEY ESG AGENDAS analysis For personal use only Water Stewardship Globally there is a greater call for tran
Slide 12: Material topics
MATERIAL TOPICS THE KEY AGENDAS WE ARE FACING TODAY For personal use only Biodiversity and ecosystems This refers to the variety of plant and animal life, and the ecosystems in which they live. With the introduction of the Taskforce for Nature Related Financial Disclosure (TNFD), there is a growing
Slide 13: Sustainability base case
SUSTAINABILITY BASE CASE Sustainability is constantly evolving. What is leading practice today, may not be the base case in the not too distant future, so overtime WHERE WE WILL STRIVE DVP will have to adapt it’s approach to ensure it maintains its sustainability ambitions. For personal use only Bas
Slide 14: ESG roadmap
ESG ROADMAP Base Case Good Practice Leading Practice FY22 FY23 FY24 FY25 FY26 For personal use only Develop suite of policies, procedures and guidelines Audit performance against ESMS Governance Establish a Sustainability Working Group Establish a Board Sustainability Link Board remuneration with ES
Slide 15: 3. Woodlawn Update and Vision
ASX: DVP For personal use only 3. WOODLAWN UPDATE AND VISION
Slide 16: History of Woodlawn
HISTORY OF WOODLAWN LONG PROFITABLE HISTORY OF HIGH GRADE OPERATIONS UNDER SIGNIFICA NTLY LOWER COMMODITY PRICES For personal use only Total production over 20 yrs: 13.8Mt @ 19.7% ZnEq (9.1%Zn, 1.6% Cu, 3.6%Pb) Avg Cu price in 1998 of ~A$1,055/t vs current spot of >A$11,300/t Avg Zn price in 1998 of
Slide 17: History of Woodlawn: recent discoveries of additional lenses
HISTORY OF WOODLAWN EXCITING RECENT DISCOVERIES OF ADDITIONAL LENSES. For personal use only • 2014 – Kate Lens Discovery • Forms large part of current mining plan (+500kt of ore) • Much of these most recent intercepts not included in the 2020 LOM • Kate Lens Discovery Hole (WLTD015) • 32.0m @ 1.8% C
Slide 18: Woodlawn – a blank canvas
WOODLAWN – A BLANK CANVAS EXCITING RECENT DISCOVERIES OF ADDITIONAL LENSES. For personal use only • Newly discovered sections of the ore body drilled out, exposed by development and ready for mining. • Almost all historical issues for the site to do with old workings, tailings reclaim or processing.
Slide 19: Historical issues: old workings and bioreactor
HISTORICAL ISSUES A QUALITY PROJECT FOR THE ENERGY REVOLUTION For personal use only Old Workings and Veolia Bioreactor Interaction • Interaction between old workings and Veolia bio-reactor via historic mine openings • Veolia have liability to treat extracted water from old mine void • Old Heron mine
Slide 20: Historical issues: previous challenges
HISTORICAL ISSUES A QUALITY PROJECT FOR THE ENERGY REVOLUTION For personal use only Previous Challenges • ‘Poor Ground’ reputation at Woodlawn, especially inside the B and C lens ore bodies. • Reputation compounded by the use of a sub-optimal mining method with inadequate support to facilitate full
Slide 21: Historical issues: underground mining practices
HISTORICAL ISSUES A QUALITY PROJECT FOR THE ENERGY REVOLUTION For personal use only Underground Mining Practices • Suboptimal performance by previous underground contractor with poor equipment availability and low productivities • These issues compounded by sometimes hostile relationship with mine o
Slide 22: Historical issues: processing
HISTORICAL ISSUES A QUALITY PROJECT FOR THE ENERGY REVOLUTION For personal use only Processing • Poor recoveries on both underground and tailings feed into plant post commissioning. • Commissioning issues found with plant design in the months leading to Heron’s administration. • Over-reliance by Her
Slide 23: Historical issues: site overview
HISTORICAL ISSUES A QUALITY PROJECT FOR THE ENERGY REVOLUTION For personal use only Site Overview • Management of site water balance is a high priority • Focus on establishing high quality, high speed underground development, leveraging expertise and step-change improvements to the mining approach •
Slide 24: Woodlawn UG project: update summary
WOODLAWN UG PROJECT A QUALITY PROJECT FOR THE ENERGY REVOLUTION For personal use only Project update summary • $7M capital development program for access to drilling programs followed by $5M (32,000m) diamond drill program to de-risk and grow the project is underway • Drilling is aimed at converting
Slide 25: Woodlawn UG project: exploration drive
WOODLAWN UG PROJECT SETTING UP FOR THE FUTURE For personal use only Exploration Drive: • Multiple drill platforms off the same drive • Primary air and power to be installed at access once far enough in • Excellent progress being made so far with good ground conditions encountered • Priority heading
Slide 26: Woodlawn UG project: the plan
WOODLAWN UG PROJECT SETTING UP FOR THE FUTURE For personal use only The Plan • Re-establish critical mine services and access to the bottom of the new decline (2410 RL) • Begin development of an +850m exploration / drill drive to gain an underground platform to drill out previously inaccessible part
Slide 27: Woodlawn UG project: opportunities – next years
WOODLAWN UG PROJECT OPPORTUNITIES – NEXT 5 YEARS For personal use only Significant Reserve Before We Start • Over 2Mt @ 11.9% ZnEq in the current LOM recently completed by Entech. Reserve delivers a 3 year mine life, goal is to grow to 5-7 years • Plan and schedule has zero input from any remnant or
Slide 28: Previous LOM (2020) versus new LOM
WOODLAWN UG PROJECT OPPORTUNITIES – NEXT 5 YEARS For personal use only Previous LOM (2020) • Original feasibility study that justified the project by Heron resulted in 40% of the Mine Inventory being dependent on re-entry to the old workings • Plan had multiple points of connection to access differe
Slide 29: Woodlawn – old workings: UG infrastructure
WOODLAWN – OLD WORKINGS OPPORTUNITIES – THE NEXT 5 YEARS For personal use only UG Infrastructure • High water level in old workings. Contaminated leachate water requiring treatment • Methane gas occupying the remainder of the void. Need to remove this prior to any works taking place • Significant op
Slide 30: Woodlawn – old workings: value-add potential
WOODLAWN – OLD WORKINGS OPPORTUNITIES – THE NEXT 5 YEARS For personal use only UG Value-Add Potential • Significant resource in both the fresh areas of the old workings as well as the remnant • Current mine plans have access to both of these through the old workings • Significant rehab likely requir
Slide 31: Woodlawn site layout
WOODLAWN SITE LAYOUT WOODLAWN ENVIRONMENTAL MANAGEMENT For personal use only
Slide 32: Woodlawn organic output (WOO)
WOODLAWN ORGANIC OUTPUT (WOO) AN ENVIRONMENTAL WIN-WIN For personal use only • Organic output is produced at Veolia’s Mechanical Biological Treatment (MBT) facility and given to Develop free of charge to rehabilitate the historical tailings dams • Approved for use on Tailings Dam North (TDN) for a t
Slide 33: Visy alkaline product
VISY ALKALINE PRODUCT WOODLAWN ENVIRONMENTAL MANAGEMENT For personal use only • Waste stream comprising grits, dregs, fly ash and boiler sand from nearby paper mill • Approved for use on TDN for a trial via EPA order and exemption • Diverted from landfill – beneficial reuse of industrial waste • Geo
Slide 34: Woodlawn precinct
WOODLAWN PRECINCT WOODLAWN ENVIRONMENTAL MANAGEMENT For personal use only • Iberdrola – Woodlawn Wind Farm – 23 Turbines 48.3MW (29,000 homes) • Veolia eco-precinct • Own the land - 6000ha, farming operation • Bioreactor landfill, 7.5MW bioenergy plant, Intermodal, MBT, Solar farm, aquaculture, hort
Slide 35: Section 4-5: Geology
CLEAN FUTURE FACING METALS WITH NEAR TERM GROWTH POTENTIAL SECTION 4-5: GEOLOGY For personal use only 29 30 82 47 79 Cu Zn Pb Ag Au Copper Zinc Lead Silver Gold
Slide 36: Develop – future facing metal inventory
DEVELOP – FUTURE FACING METAL INVENTORY THREE ADVANCED STAGE HIGH GRADE BASE METAL PROJECTS IN A TIER 1 JURISDICTION For personal use only WOODLAWN SULPHUR SPRINGS WHIM CREEK Project Woodlawn Cu-Zn-Pb Project Sulphur Springs Cu-Zn-Ag Project Whim Creek Zn-Cu-Pb Ownership 100% Ownership 100% Ownershi
Slide 37: Develop – base metals and VMS deposits
DEVELOP – BASE METALS & VMS DEPOSITS HIGH GRADE BASE METAL DEPOSITS – EXCEPTIONAL GROWTH POTENTIAL For personal use only • VMS deposits are a major source of global Zn, Cu, Pb, Ag and Au production • Well understood and studied deposit type, form at or near the seafloor in submarine volcanic environ
Slide 38: Growth potential
GROWTH POTENTIAL HIGH GRADE BASE METAL PROJECTS – SYSTEMATIC STRATEGY TO UNLOCK GROWTH POTENTIAL For personal use only DVP’s exploration and growth strategy is focused on expanding the existing resources at Woodlawn, Sulphur Springs and Kangaroo Caves along with applying a systematic, multi-phase, M
Slide 39: 4. Geology – Woodlawn
ASX: DVP For personal use only 4. GEOLOGY – WOODLAWN A WORLD CLASS BASE METALS PROVINCE
Slide 40: Woodlawn mineral resource
For personal use only Totals may not balance due to rounding. The resource is reported at a NSR cut-off grade of $A10/t (see ASX release 2 August 2022). 1. The zinc equivalent grades for Woodlawn (Zn Eq) are based on copper, silver, lead and zinc prices of US$9620/t Copper, US$2224/t Lead, US$3956/t
Slide 41: Overview of Woodlawn project
OVERVIEW OF WOODLAWN PROJECT WOODLAWN IS A HIGH-GRADE VMS BASE METAL SYSTEM IN THE WORLD-CLASS LACHLAND FOLD BELT For personal use only • 250km south-west of Sydney in NSW, Australia Location • 75km north-east of Canberra • 50km south of Goulburn Stage • Under Care & Maintenance since March 2020 • ~
Slide 42: Growth potential – Woodlawn
GROWTH POTENTIAL - WOODLAWN POTENTIAL TO BECOME A LARGE MINERAL SYSTEM AKIN TO GOLDEN GROVE AND ROSEBERY For personal use only TOTAL INVENTORY: 22Mt @ 8.0% Zn, 1.7% Cu, 2.8% Pb, 66 g/t Ag and 0.5 g/t Au (18% ZnEq grade)1 Develop (NSW) 29Metals (WA) MMG (TAS) Glencore (Canada) • Substantial high-grad
Slide 43: Woodlawn growth – resources and reserves
WOODLAWN GROWTH – RESOURCES & RESERVES SIGNIFICANT RESOURCE AND RESERVE POTENTIAL WITH VARIOUS OPEN LEN SES AND UNTESTED CONDUCTORS For personal use only • Majority of known lenses are open • Significant potential for extensions and for discovery of additional lenses • Res-dev, in-mine exploration a
Slide 44: Woodlawn growth – current
WOODLAWN GROWTH – CURRENT CURRENT PROGRAMME - FOCUSSING ON GROWING UNDERGROUND INVENTORY For personal use only • Previous owners committed little resources to exploration & exploration • Extensions of deposit are historically under-drilled or not drilled • Kate lens was only discovered in 2013, c.40
Slide 45: Woodlawn growth – remnant resources
WOODLAWN GROWTH – REMNANT RESOURCES CURRENT PROGRAMME - FOCUSSING ON GROWING UNDERGROUND INVENTORY For personal use only C Lens B Lens • Massive opportunity to investigate the Remanent Resource • ~5.1Mt at grades similar to historical production • Historical mining methods and extraction incredibly
Slide 46: Near-mine exploration potential
NEAR-MINE EXPLORATION POTENTIAL SIGNIFICANT NEAR-MINE TARGETS – POTENTIAL FOR ADDITIONAL LOM FEED TO WOODLAWN For personal use only • High-grade VMS-style mineralisation was partially mined underground at two deposits in the early 1990s: • Cowley Hills (2km from Woodlawn) • Currawang (10km from Wood
Slide 47: Near-mine exploration: Cowley Hills
NEAR-MINE EXPLORATION POTENTIAL SIGNIFICANT NEAR-MINE TARGETS – POTENTIAL FOR ADDITIONAL LOM FEED TO WOODLAWN For personal use only Cowley Hills • Cowely Hills (Satellite Deposit) is a high-grade, precious metal-rich VMS deposit located just 2.5km north of Woodlawn • Partially mined underground in 1
Slide 48: Near-mine exploration: Currawang
NEAR-MINE EXPLORATION POTENTIAL SIGNIFICANT NEAR-MINE TARGETS – POTENTIAL FOR ADDITIONAL LOM FEED TO WOODLAWN For personal use only Currawang • Currawang (Satellite Deposit) high-grade VMS deposit located 10km north of Woodlawn • Partially mined underground between 1992-1996 with production of 0.5Mt
Slide 49: Regional exploration potential
REGIONAL EXPLORATION POTENTIAL SIGNIFICANT REGIONAL LANDHOLDING IN HIGHLY PROSPECTIVE LACHLAN F OLD BELT For personal use only • Dominant 1,372km2 position over prospective stratigraphy in the highly regarded Lachlan Fold Geological Belt • Proven prospectivity with several historic mining centres •
Slide 50: 5. Geology – Sulphur Springs Project
ASX: DVP For personal use only 5. GEOLOGY – SULPHUR SPRINGS PROJECT A WORLD CLASS BASE METALS PROVINCE
Slide 51: Sulphur Springs mineral resource
For personal use only Totals may not balance due to rounding. The resource is reported at a NSR cut-off grade of $A80/t (see ASX release 22 September 2015 and 6 September 2022). 1. The Zinc equivalent grades for Sulphur Springs (Cu Eq) are based on copper, silver, lead and zinc prices of US$7650/t C
Slide 52: Sulphur Springs project: regional landholding
SULPHUR SPRINGS PROJECT SIGNIFICANT REGIONAL LANDHOLDING IN PROSPECTIVE PANORAMA TREND – UNEXPLORED For personal use only • High grade Cu-Zn +/-Ag VMS in an under-explored, fertile belt • +27km highly prospective Archaean Panorama Trend • 17.4 Mt current VMS base metal endowment • Sulphur Springs 13
Slide 53: Sulphur Springs project – resources
SULPHUR SPRINGS PROJECT – RESOURCES SIGNIFICANT RESOURCE UPDATE – IMPROVED GRADE, CONTAINED METAL & CLASSIFICATION For personal use only • Updated 2022 (NSR) Mineral Resource Estimate: 13.8Mt @ 5.7% Zn, 0.3% Pb, 1.1% Cu, 22.5g/t Ag & 0.2g/t Au (9.3% ZnEq1) • Conversion of 3.0Mt into Indicated catego
Slide 54: Sulphur Springs project – resources
SULPHUR SPRINGS PROJECT – RESOURCES SIGNIFICANT RESOURCE UPDATE – IMPROVED GRADE, CONTAINED METAL & CLASSIFICATION For personal use only
Slide 55: Sulphur Springs: unrealised exploration potential
SULPHUR SPRINGS PROJECT SIGNIFICANT REGIONAL LANDHOLDING IN PROSPECTIVE PANORAMA TREND – UNEXPLORED For personal use only Unrealised Exploration Potential • Sipa Resources Ltd (1990 – 1999) • Outokumpu – Sipa JV (2000-2003) • Sipa Resources Ltd (2003-2011) • CBH (Sulphur Springs, 2006-2010) • Majori
Slide 56: Sulphur Springs – regional exploration
SULPHUR SPRINGS – REGIONAL EXPLORATION HIGHLY PROSPECTIVE PANORAMA TREND – SIGNIFICANTLY UNDEREXPLORED For personal use only • Dominant position over prospective ‘Marker Chert’ stratigraphy in the emerging Panorama Trend Sulphur Springs 13.4Mt @ 5.7% Zn & 1.1% Cu • Proven prospectivity with only min
Slide 57: Develop group geology assets
DEVELOP GROUP GEOLOGY ASSETS THREE ADVANCED STAGE HIGH GRADE BASE METAL PROJECTS IN A TIER 1 JURISDICTION For personal use only Develop building a major base metals group centered on future-facing metals in Tier 1 ✓ locations ✓ Three advanced high-grade base metal projects in Tier 1 jurisdictions Su
Slide 58: 6. Processing
ASX: DVP For personal use only 6. PROCESSING PROCESSING METALS FOR THE FUTURE
Slide 59: Substantial infrastructure in place
SUBSTANTIAL INFRASTRUCTURE IN PLACE ~$340M INVESTED TO DATE – CONSTRUCTION COMPLETED IN 2019 For personal use only IsaMillTM , Reclaim and Tailings Thickeners Flotation Building Concentrate Filtration & Storage Ball Mill & Administration Classification Fine Ore Bin Assay Laboratory Screening Primary
Slide 60: Woodlawn process plant
WOODLAWN PROCESS PLANT TURN KEY PROCESSING FACILITY For personal use only Brand New 0.85Mtpa Plant built by Sedgman within Heron ✓ Resources A$340M site update “Great Bones” - Quality equipment selected by Heron will ✓ be suitable for proposed duty. Includes onsite laboratory facility. Lessons learn
Slide 61: Woodlawn – processing flow sheet
WOODLAWN – PROCESSING FLOW SHEET For personal use only
Slide 62: Woodlawn metallurgy
WOODLAWN METALLURGY BACK TO BASICS APPROACH • Tailings retreatment flowsheet employed by Heron Resources was unable to achieve grade and recovery prior to care and For personal use only maintenance period • Restart will focus on primary sulphide ore as sole feed source • Tailings to be considered as
Slide 63: Sulphur Springs process plant
SULPHUR SPRINGS PROCESS PLANT For personal use only
Slide 64: Sulphur Springs metallurgy
SULPHUR SPRINGS METALLURGY LOW COMPLEXITY, LOW RISK For personal use only ✓ Project de-risked by mining / treating fresh primary ore first ✓ Common and simple single stage crushing and SABC grinding circuit ✓ Desirable concentrate quality ✓ Flotation circuit based on low complexity flowsheet typical
Slide 65: Sulphur Springs process plant design
SULPHUR SPRINGS PROCESS PLANT PROCESS PLANT DESIGN For personal use only • Next steps: • Re-costing of capital and schedule review for project execution • Review of historical metallurgical testing and continue testing program on new drill core • Engage Detailed Design Engineer for FEED • 2018 DFS i
Slide 66: Concentrate marketing – green premium
CONCENTRATE MARKETING GREEN PREMIUM For personal use only • DEVELOP concentrate will be marketed as a premium “Green” product • Desirable concentrate quality • Leverage off renewable power sources and efficient underground mining (low scope 1 and 2 emissions) • All metal concentrates at Woodlawn are
Slide 67: 7. Dev Mining Services
ASX: DVP For personal use only 7. DEV MINING SERVICES BEST IN CLASS UNDERGROUND MINING SPECIALISTS
Slide 68: Fleet strategy
FLEET STRATERGY DEV MINING SERVICES – MAINTENANCE For personal use only • OEM’S have been delivered our 5 year outlook of equipment requirements for current projects and growth (circa $320 million), guaranteeing our supply of key equipment well into the future. • Dev Mining Services have a no rebuil
Slide 69: People – Dev Mining Services
PEOPLE DEV MINING SERVICES – HARNESSING THE POWER OF PEOPLE For personal use only • Our maintenance management team have long-standing relationships within the industry, as such, this has allowed for a continuous pipeline of people to fill roles in a very stretched skilled labour market – people wor
Slide 70: Supply chain
SUPPLY CHAIN LONG STANDING RELATIONSHIPS GO A LONG WAY For personal use only • Dev Mining Services management team have very strong relationships with suppliers which have been formed over several years and many different companies • Dev Mining Services had 6 weeks from time of being awarded the BGL
Slide 71: 8. Financing
ASX: DVP For personal use only 8. FINANCING Exceptional Value Creation
Slide 72: Sulphur Springs project: path to development
SULPHUR SPRINGS PROJECT PATH TO DEVELOPMENT For personal use only • Resource update (6th September 2022) • Revisit / update project feasibility study • Optimise life of mine plan and build financial model • Engagement with potential funding partners • Engagement with potential offtake partners • Com
Slide 73: Woodlawn project: path to development
WOODLAWN PROJECT PATH TO DEVELOPMENT For personal use only • Exploration drive and drilling (2022 and into 2023) • Resource update and remnants study • Underground project feasibility study • Optimise life of mine plan and financial model • Engagement with potential offtake partners • Finalise fundi
Slide 74: Track record – value creation
TRACK RECORD – VALUE CREATION SIGNIFICANT PROVEN CAPACITY For personal use only Bill Shirley Mick McMullen Shirley Michael Michelle Beament In’t Veld Non-Executive In’t Veld Blakiston Woolhouse Bill was the founder and Executive Mick substantially changed the view Non-Executive Non-Executive Non-Exe
Slide 75: Producing potential
For personal use only U V LOr PRODUCING POTENTIAL DEVELOP.COM.AU