Slide 1: Business Platform Built, Time to Supercharge the Growth
ASX: DVP NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES BUSINESS PLATFORM BUILT TIME TO SUPERCHARGE THE GROWTH • ENERGY TRANSITION METALS OWNERSHIP • UNDERGROUND MINING SERVICES EQUITY RAISING PRESENTATION – JUNE 2025
Slide 2: Disclaimer
TIME TO ACCELERATE GROWTH DISCLAIMER Important notices You are advised to read the following carefully before making any use of the information contained in this presentation. This presentation is dated 25 June 2025 (“Presentation”) and has been prepared by Develop Global Limited (ABN 28 122 180 205
Slide 3: Disclaimer (Cont.)
TIME TO ACCELERATE GROWTH DISCLAIMER (CONT.) Not an Offer (Cont.) The distribution of this Presentation (including an electronic copy) in the United States and elsewhere outside Australia is restricted by law. If you come into possession of this presentation, you should observe such restrictions. An
Slide 4: Disclaimer (Cont.)
TIME TO ACCELERATE GROWTH DISCLAIMER (CONT.) Investment risk There are a number of risks specific to the Offer, Develop and of a general nature which may affect the future operating and financial performance of Develop and the value of an investment in Develop. An investment in New Shares is subject
Slide 5: Disclaimer (Cont.)
TIME TO ACCELERATE GROWTH DISCLAIMER (CONT.) Exploration Results The information in this Presentation that relates to exploration results has been extracted from Develop’s previous ASX announcement set out in: • 'Sulphur Springs Exploration Drilling Update' dated 17 December 2020. Develop confirms i
Slide 6: We Have Established a Great Platform
WE HAVE ESTABLISHED A GREAT PLATFORM TO BE THE PRE-EMINENT COPPER / BASE METALS COMPANY ON THE ASX WITH UNIQUE CAPABILITY TO DEVELOP AND UNLOCK OPPORTUNITIES 6
Slide 7: Investment Highlights
INVESTMENT HIGHLIGHTS The platform is set for Develop to establish itself as the pre-eminent copper / base metals company on ASX ✓ Our people are proven mine builders, operators and wealth creators ✓ Ramping up the Woodlawn Copper-Zinc Mine to nameplate 850Ktpa steady state run-rate delivering ~22Kt
Slide 8: Our Flagship Asset Is Our People
OUR FLAGSHIP ASSET: IS OUR PEOPLE • The mines of the future will be underground • Demand for underground skills is soaring • Develop’s Executives have one of the largest networks of underground personnel in the Australian industry (+10,000) • Develop has built its world class underground capability
Slide 9: Develop Company Assets
DEVELOP COMPANY ASSETS ALL BUSINESS UNITS ARE LOCATED IN AUSTRALIA Woodlawn Cu/Zn Mine1 Sulphur Springs Zn/Cu1 Pioneer Dome – Li1 Mining Services Project revenue – A$2.6b Project revenue – A$2.9b Project revenue – A$2.2b FY24 Revenue A$147m Free cashflow – A$1.1b Free cashflow – A$745m Free cashflow
Slide 10: Funding to Accelerate Growth
SOURCES & USES FUNDING TO ACCELERATE GROWTH 1 Sulphur Springs - Early Commencement of Pre-production Capital Boxcut / underground establishment and associated infrastructure, develop the Source of Funds A$m decline to 350m below surface (the bottom of known ore body), excavate a drill drive, establi
Slide 11: Copper/Base Metals Peer Companies
DEVELOP’S VALUE CREATION COPPER/BASE METALS PEER COMPANIES SCARCITY OF QUALITY ASSETS DRIVING CONSOLIDATION AND INVESTOR SUPPORT Trading data Transaction data Change in share price prior Offer premium Listing Operational Market capitalization1 Enterprise value1 to announcement / latest (%)1 P / NAV1
Slide 12: Business Capital Structure
BUSINESS CAPITAL STRUCTURE - SIGNIFICANT VALUE CREATION IN ONLY 3 YEARS ASX STOCK SHARE MARKET CASH2 ENTERPRISE CODE PRICE1 CAPITALISATION VALUE DVP A$ 4.79 A$1.4B 288m shares on issue A$ 50M A$104M in Project A$ 1.4B • Woodlawn Copper Debt3 and Zinc Mine Undrawn equipment • Sulphur Springs Zinc fin
Slide 13: Woodlawn
WOODLAWN EXPANDING PRODUCTION; GROWING MINE LIFE 13
Slide 14: Woodlawn Copper/Zinc Mine
A QUALITY PROJECT FOR THE ENERGY REVOLUTION WOODLAWN COPPER/ZINC MINE • Purchased the mine in May-22 for A$100M • Inherited ~A$340m of prior capital expenditure • Develop spent ~A$60m up till Sep-24 to de-risk the restart of operations • Substantial UG Resource of 11.3Mt at 4.1% CuEq; +55% increase
Slide 15: Processing Status
A QUALITY PROJECT FOR THE ENERGY REVOLUTION PROCESSING STATUS • Concentrator commissioning well advanced, now in ramp up phase • Saleable copper concentrate produced from the 1st day of processing • First copper parcel shipped to Trafigura and payment received • Achieving better copper concentrate g
Slide 16: Underground Mining Progress
A QUALITY PROJECT FOR THE ENERGY REVOLUTION UNDERGROUND MINING PROGRESS • All personnel, equipment and major infrastructure is on site to execute the underground mining plan • Primary ventilation, pumping and power systems have been installed • Full underground development works commenced in Jan-25
Slide 17: Woodlawn – Production Growth Options
A QUALITY PROJECT FOR THE ENERGY REVOLUTION WOODLAWN – PRODUCTION GROWTH OPTIONS • Investigate stages of production growth via mill expansion scenarios from 0.85Mtpa up to 1.35Mtpa • Utilise two jumbos to accelerate capital development and access more production areas ($20m from the use of funds) •
Slide 18: Woodlawn – Accelerate Growth
A QUALITY PROJECT FOR THE ENERGY REVOLUTION WOODLAWN – ACCELERATE GROWTH • Project "DM15"; Targeting 15-year mine life1 • Woodlawn is significantly under-explored relative to other similar Tier-1 VMS Projects • Resources and Reserves are currently contained within ~900m from surface • Limited drilli
Slide 19: Woodlawn – Near Mine Growth
A QUALITY PROJECT FOR THE ENERGY REVOLUTION WOODLAWN – NEAR MINE GROWTH • Exceptional regional exploration tenement package (1,100km2) within highly prospective Lachlan Fold Belt of NSW • Includes two nearby historical mines (<10km). Targeting potential for 0.25-0.35Mt per annum of additional mill f
Slide 20: Sulphur Springs
SULPHUR SPRINGS ACCELERATING DEVELOPMENT 20
Slide 21: Accelerate Sulphur Springs Zinc-Copper Project
A QUALITY PROJECT FOR THE ENERGY REVOLUTION ACCELERATE SULPHUR SPRINGS ZINC-COPPER PROJECT • High-grade Zinc and Copper Development Project located in a Tier 1 mining district of Western Australia • Project Resource of 17.4Mt @ 5.8% Zn, 1.0% Cu & 21gpt Ag (Includes Sulphur Springs and Kangaroo Caves
Slide 22: Sulphur Springs – Accelerate Growth
A QUALITY PROJECT FOR THE ENERGY REVOLUTION SULPHUR SPRINGS – ACCELERATE GROWTH • Project "DM15"; Is designed to accelerate mine life extensions. Targeting 15-year life1 • Sulphur Springs Resource contains; 13.8Mt @ 1.1% Cu, 5.7% Zn & 22.5gpt Ag • Majority of Sulphur's Resources and Reserves are con
Slide 23: Sulphur Springs – Regional Growth
A QUALITY PROJECT FOR THE ENERGY REVOLUTION SULPHUR SPRINGS – REGIONAL GROWTH • Project currently hosts 17.4Mt of high-grade VMS base metal endowment within an under-explored but highly prospective belt • The Project hosts a satellite deposit Kangaroo Caves located less than 6km from the Sulphur Spr
Slide 24: Capital Raising Overview
CAPITAL RAISING OVERVIEW ACCELERATING GROWTH ACROSS THE BUSINESS 24
Slide 25: Capital Raising Overview
TIME TO ACCELERATE GROWTH CAPITAL RAISING OVERVIEW A$180.0 million institutional placement to accelerate growth across the business • Institutional placement of 40.0 million fully paid ordinary shares (New Shares) to raise approximately A$180.0 million (Placement or Offer) Offer structure and • The
Slide 26: Indicative Timetable
TIME TO ACCELERATE GROWTH INDICATIVE TIMETABLE Event Date Announcement of Placement, trading halt lifted and recommencement of trading Wednesday, 25th June 2025 Settlement of New Shares under the Placement Wednesday, 2nd July 2025 Allotment, quotation and trading of New Shares under the Placement Th
Slide 27: Pro Forma Capital Structure
TIME TO ACCELERATE GROWTH PRO FORMA CAPITAL STRUCTURE Current Pro-Forma Capital Structure (A$) (Pre-Raise) (Post-Raise) Shares on issue (DVP.ASX) 288m 328m Share price / Offer price1 $4.79 $4.50 Market capitalisation (23 June 25) $1.4bn $1.5bn Cash2 $50m $230m Project debt3 $104m $104m Enterprise va
Slide 28: Resource & Reserve Tables
RESOURCE & RESERVE TABLES PRODUCING POTENTIAL D=V=LOP 28
Slide 29: Resource Tables
PATHWAY TO CASHFLOW RESOURCES TABLES BASE METALS LITHIUM-TANTALUM Resource SULPHUR SPRINGS SULPHUR SPRINGS PROJECT Tonnes (Mt) Cu % Pb % Zn % Ag gpt Au gpt Resource Category Tonnes (Mt) Li2O% Ta2O5 ppm Fe2O3% PIONEER DOME NORTH Cade, Davy & Category DOME Heller Indicated 12.4 1.2 0.3 5.6 21.8 0.1 In
Slide 30: Ore Reserves Tables
PATHWAY TO CASHFLOW ORE RESERVES TABLES BASE METALS Ore Reserve Ore (Mt) Cu % Pb % Zn % Ag gpt Au gpt SULPHUR SPRINGS Estimate SULPHUR SPRINGS UG Proved - - - - - - UG Probable 8.8 1.1 0.2 5.4 20.6 0.1 UG Total 8.8 1.1 0.2 5.4 20.6 0.1 Ore Reserve WOODLAWN Ore (Mt) Cu % Pb % Zn % Ag gpt Ag gpt Estim
Slide 31: International Offer Restrictions
INTERNATIONAL OFFER RESTRICTIONS 31
Slide 32: International Offer Restrictions
INTERNATIONAL OFFER RESTRICTIONS This Presentation does not constitute an offer of New Shares in any jurisdiction in which it would be unlawful. In particular, this Presentation may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Australia exce
Slide 33: International Offer Restrictions (Cont.)
INTERNATIONAL OFFER RESTRICTIONS (CONT.) European Union (excluding Austria) This Presentation has not been, and will not be, registered with or approved by any securities regulator in the European Union. Accordingly, this Presentation may not be made available, nor may the New Shares be offered for
Slide 34: International Offer Restrictions (Cont.)
INTERNATIONAL OFFER RESTRICTIONS (CONT.) New Zealand This Presentation has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the “FMC Act”). The New Shares are not being offered or sold in New Zealand (or allotted with a
Slide 35: International Offer Restrictions (Cont.)
INTERNATIONAL OFFER RESTRICTIONS (CONT.) United Kingdom Neither this Presentation nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Ma
Slide 36: Risk Factors
RISK FACTORS PRODUCING POTENTIAL D=V=LOP 36
Slide 37: Risk Factors
RISK FACTORS Overview This section sets out the potential risks associated with Develop, the Offer, the industry in which Develop operations and an investment in New Shares. This section does not purport to list every risk that may be associated with holding New Shares now or in the future, and the
Slide 38: Risk Factors (Cont.)
RISK FACTORS (CONT.) (c) Woodlawn operational risks (Cont.) Occurrences of environmental or other operational risks could result in damage to, or destruction of, production facilities, personal injury or death, environmental damage, delays in mining, increased production costs and other monetary los
Slide 39: Risk Factors (Cont.)
RISK FACTORS (CONT.) (f) Commodity price volatility risks Develop’s revenues and cash flows are sensitive to the spot copper / zinc price. Copper / zinc prices, like all commodity prices, are affected by numerous factors and events that are beyond Develop’s control. These factors and events include
Slide 40: Risk Factors (Cont.)
RISK FACTORS (CONT.) (h) Acquisition, divestment and offtake risks From time to time, Develop evaluates opportunities for acquisition and divestment of assets and participates in discussions with third parties on a confidential basis, including in respect to asset level transactions. Generally speak
Slide 41: Risk Factors (Cont.)
RISK FACTORS (CONT.) (l) Contract and counterparty risks The ability of Develop to achieve its objectives will depend on the performance of contractual counterparties. Develop may enter into various agreements for the construction, development and operation of its projects (including the supply of e
Slide 42: Risk Factors (Cont.)
RISK FACTORS (CONT.) (p) Reserves becoming depleted and being unable to be replaced Mining companies must continually replace reserves depleted by production to maintain production levels over the long term and provide a return on invested capital. Depleted reserves can be replaced in several ways,
Slide 43: Risk Factors (Cont.)
RISK FACTORS (CONT.) (t) Water management Water is a scarce commodity in much of regional Australia, and particularly in the areas in which Develop has existing or potential future operations. Water is a significant input into mine development and processing activities and access to sufficient water
Slide 44: Risk Factors (Cont.)
RISK FACTORS (CONT.) (y) Health, safety and security risk Mining activities have inherent hazards and risks. Develop is committed to providing a safe and healthy workplace and environment for its personnel, contractors and visitors. Develop provides appropriate instructions, equipment, preventative
Slide 45: Risk Factors (Cont.)
RISK FACTORS (CONT.) (bb) Liquidity and realisation risk There can be no guarantee that an active market in Develop’s shares will develop or continue, or that the market price of Develop’s shares will increase. If a market does not develop or is not sustained, it may be difficult for investors to se
Slide 46: Risk Factors (Cont.)
RISK FACTORS (CONT.) (ff) ESG risks There is an increasing vigilance by investors, shareholders and other interested third parties regarding environmental, social and governance (ESG) issues. An increased focus on ESG issues may impact the implementation, interpretation or enforcement of legislation
Slide 47: Risk Factors (Cont.)
RISK FACTORS (CONT.) (ll) Dividends Any future payment of dividends by Develop will be at the discretion of the board and will depend on the financial position of Develop, future capital requirements, business operations and other factors considered relevant by the board at the time. No assurance in
Slide 48: Producing Potential – Develop.com.au
V/ LOr PRODUCING POTENTIAL DEVELOP.COM.AU