DEVELOP GLOBAL LIMITED — AGM Information 2023

Nov 15, 2023

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ASX: DVP
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LEVERAGED OPPORTUNITY TO THE WORLD’S ENERGY TRANSITION

• ENERGY TRANSITION METALS OWNERSHIP

• SPECIALIST UNDERGROUND SKILLS

ANNUAL GENERAL MEETING - NOVEMBER 2023

IMPORTANT INFORMATION AND DISCLAIMER

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 and periodic disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au or at www.develop.com.au for more information.

While the information contained in this Presentation has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give any representations or warranties (express or implied) as to the accuracy, reliability or completeness of the information in this Presentation, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as “Information”) and liability therefore is expressly disclaimed. Accordingly, to the full extent permitted by law, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained in this Presentation or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation.

This Presentation may include certain statements that may be deemed “forward-looking statements”. All statements in this Presentation, other than statements of historical facts, that address future activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. The Company, its shareholders, directors, officers, agents, employees or advisers, do not represent, warrant or guarantee, expressly or impliedly, that the information in this Presentation is complete or accurate. To the maximum extent permitted by law, the Company disclaims any responsibility to inform any recipient of this Presentation of any matter that subsequently comes to its notice which may affect any of the information contained in this Presentation. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. DEVELOP assumes no obligation to update such information.

Investors are cautioned that any forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in forward looking statements. Please undertake your own evaluation of the information in this presentation and consult your professional advisers if you wish to buy or sell DEVELOP shares.

This Presentation has been prepared in compliance with the JORC Code 2012 Edition. The ‘forward-looking information’ contained here is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. The Company disclaims any intent or obligations to update or revise any forward looking statements whether as a result of new information, estimates or options, future events or results or otherwise, unless required to do so by law.

JORC COMPLIANCE STATEMENTS

The information in this presentation that relates to Exploration Results is based on information by Mr Luke Gibson who is an employee of the Company. Mr Gibson is a member of the Australian Institute of Geoscientists and Mr Gibson has sufficient experience with the style of mineralisation and the type of deposit under consideration.

The information contained in this presentation relating to the Kangaroo Caves Resources was previously released in ASX announcement ‘Kangaroo Caves Resource Update’ issued 22 September 2015. The information contained in this presentation relating to the Sulphur Springs Resources was previously released in ASX announcement ‘Sulphur Springs Updated Mineral Resource Estimate’ issued 6 September 2022.

The information contained in this announcement relating to the production target for the Woodlawn Project, and forecast financial information derived therefrom, was previously released in the announcement ‘‘Updated mine plan shows Woodlawn set to generate exceptional financial returns” issued 27 September 2023.

The information contained in this announcement relating to the Woodlawn Underground Resources was previously released in announcement ‘Woodlawn Updated Mineral Resource Estimate’ issued 11 October 2023.

The information contained in this announcement relating to the Woodlawn Underground drilling results was previously released in announcements ‘‘Discovery of high-grade mineralisation at Woodlawn’ issued '31 August 2023, ‘Woodlawn drilling returns thickest-ever intersection‘’ issued 16 May 2023 and ‘Woodlawn drilling 10% copper, 4.2% Zinc outside Resource’ issued 5 April 2023

The information contained in this presentation relating to the Sulphur Springs Reserves, Sulphur Springs production target, and forecast financial information derived therefrom, was previously released in ASX announcement ‘Sulphur Springs Updated DFS’ issued 30 June 2023.

The Company confirms that: a) The form and context of the material in this presentation has not been materially modified from the above previous announcements; b) It is not aware of any new information or data that materially affects the information included in the previous announcements; and c) in the case of estimate or mineral resources or ore reserves, that all material assumptions and technical parameters underpinning the relevant estimates continue to apply and have not materially changed; and c) It is uncertain that following further exploration and evaluation that the historical estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC 2012 Code.

The information contained in this announcement relating to the Pioneer Dome Resources, Pioneer Dome production target, and forecast financial information derived therefore, has been extracted from the ASX announcements by Essential Metals Limited ‘Dome North lithium upgrade’ issued 20 December 2022 and ‘Positive Pioneer Dome Scoping Study supports commencement of detailed studies’ issued 7 February 2023. While DEVELOP is not aware of any reason why this information is misleading or incomplete, it has not been independently verified by the Company.

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DEVELOP WILL UTILISE THE POWER OF PEOPLE TO PRODUCE CLEAN METALS AND HELP DECARBONISE THE WORLD.

HYBRID BUSINESS MODEL: MINE OWNERSHIP – MINING SERVICES STRATEGY

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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

• Develop has built its world class underground capability

• We have no people attraction or retention issues

• We don’t discuss turnover

• This skill base is our competitive advantage because:

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Maximises performance of our own assets

Provides scope to partner and joint venture with others

Help others deliver on their decarbonisation promises and diversify

PEOPLE POWER CHANGE

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OUR SUSTAINABILITY STRATEGY CONCEPT

DESIGNING FOR SUSTAINABILITY FROM THE OUTSET

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POINT OF NEUTRALITY /
SUSTAINABILITY?
RESIDUAL IMPACT
CONTRIBUTE
NET GAIN
IMPACT IMPACT IMPACT IMPACT
OFFSET
RESTORE RESTORE
NO NET LOSS
MINIMISE MINIMISE MINIMISE
-
AVOID AVOID AVOID AVOID
ONE TWO THREE FOUR
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OUR SUSTAINABILITY STRATEGY

TJIWARL-DEVELOP JV SOCIAL CONTRIBUTION

• DEVELOP and TJIWARL Traditional Owners (TCS) partner in a landmark 50/50 contracting joint venture

• DEVELOP to act as capacity partner, whilst upskilling TCS to take on sole ownership and management of the enterprises post 36 months

• First multi-million-dollar contract secured at Bellevue Gold via the run of mine (ROM) pad

• DEVELOP and Tjiwarl will collaboratively provide the JV with market exposure to prospective clients and business support services

• The partnership seeks to strengthen DEVELOP’s cultural competency and create a strong economic platform for TJIWARL traditional owners to develop

• Further contracting opportunities will be explored at neighbouring mining operations

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A QUALITY PROJECT FOR THE ENERGY REVOLUTION

WOODLAWN COPPER/ZINC MINE

• Acquired the NSW located mine in May-22 for $A30M

• It had profitable 20yrs, produced 13.8Mt at 5.6% CuEq[1]

• Prior owners invested ~A$340M in the operation

Woodlawn mine has:

1. A high performing site operational team

2. Develop has spent A$50M on our operational goals

3. Substantial UG Resource of 10.3Mt at 4.4% CuEq[1] and Reserves of 3.4Mt at 3.1% CuEq[1] (10% increase)

4. Updated Heron mine plan delivered a post-tax NPV A$481M and a mine life of 7 years (new Resource estimate is not included in this mine plan; Mar-Qtr 24)*

5. Restart capex of just A$32M and no offtake partners*

6. Once operational ~A$90Mpa of pre-tax cashflow*

7. Geological system is extensive and very prospective

WILL BE A SECTOR LEADING EXAMPLE OF THE NEW GENERATION OF MINE THE WORLD NEEDS

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ASX Announcement titled “Amended – Updated Woodlawn Mine Plan ” issued on 27-09-2023
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A QUALITY PROJECT FOR THE ENERGY REVOLUTION

WOODLAWN STRATEGY

• Underground capital development ongoing to enhance an accelerated restart scenario

• 1 million tonnes, first 18 months of ore production has been developed in the Kate lens (1[st] lens) - see ASX Announcement titled “Amended – Updated Woodlawn Mine Plan ” issued on 27-09-2023

• Aiming to grow the underground mineral inventory and mine life to underpin a restart strategy funded by debt

• Drilling commenced late 2022; 50,000m drill program to complete, numerous assays pending

• Excellent Copper and Zinc results received (post new resource calculation); o 10.6m @ 13.3% CuEq[1] 8.2m @ 13.6% CuEq[1] o 23.0m @ 6.3% CuEq[1] 7.5m @ 13.0% CuEq[1] o 75.0m @ 2.7% CuEq[1] 8.2m @ 9.3% CuEq[1] 1

• o 20.0m @ 5.6% CuEq[1 ] 13.7m @ 5.8% CuEq o 12.8m @ 5.9% CuEq[1] 8.8m @ 7.4% CuEq[1]

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ASX Announcement titled “Amended – Updated Woodlawn Mine Plan ” issued on 27-09-2023
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• Opportunities to add value through Resource/Reserve upgrade and a new mine plan, all due in Mar-Qtr 24

• Final Investment Decision due in the Mar-24 Qtr

1 Refer to the explanatory note for equivalence calculations on slide 17 of this presentation

A QUALITY PROJECT FOR THE ENERGY REVOLUTION

SULPHUR SPRINGS ZINC-COPPER PROJECT

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• The project is a high-grade Zinc and Copper Resource of 17.4Mt @ 5.8% Zn, 1.0% Cu & 21gpt Ag (8.4% ZnEq[2] ) located in the Tier 1 mining district of WA

• This was the sole asset Venturex recapitalised on (market cap A$40M) in Jun-21 it resulted in the initial A$38M funding package from new shareholders

• Develop has spent A$15M over the past two years on our operational goals

• All major project approvals have been granted (Ministerial environmental approval, Mining Proposal and Mine Closure plan)

• This resulted in a substantial increase in Resources and Reserves

• Changed the mine plan to underground mining only, simplifying the execution

• Jun-23 Definitive Feasibility Study delivered a post-tax NPV of A$523M. Mine life of 8 years and upfront capital requirement of A$296M.

• Once the mine is built it generates ~A$147Mpa of pre-tax cashflow

• Only 135kt of zinc is subject to an offtake agreement, no offtake for copper. This makes the project highly desirable for offtake partners

• Further opportunities to add value through exploration and increasing plant capacity. Kangaroo Caves and Sulphur Springs open pit were not in the DFS

2 Refer to the explanatory note for equivalence calculations on slide 17 of this presentation

A QUALITY PROJECT FOR THE ENERGY REVOLUTION ESSENTIAL METALS LIMITED – THIRD LEG

Tier-1 Location within WA’s 'Lithium Corridor’

• Acquisition of Essential Metals was completed last week

• Pioneer Dome lithium project is located 130km south of Kalgoorlie and 250km north of the Esperance port; ~90km from MinRes-Mt Marion

• • Mineral Resource of 11.2Mt @ 1.2% Li2O

• One of only two Australian Lithium Resources not yet committed to an off-take arrangement

• Scoping Study in Feb-23 delivered a post tax NPV10 of A$367M; mine life ~7 years and capital cost of A$293M

• Essential used conservative pricing assumptions of spodumene concentrate of US$1,500/t and AUD-USD exchange rate of 0.70

• Annual production ~200,000t of 5.7% spodumene concentrate

• • At current spodumene prices this generates significant free cashflow

• Develop’s is undertaking its own scoping study, all start up and operational options are being investigated

• “WHITE ROCK” in Western Australia is in demand…..

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A QUALITY PROJECT FOR THE ENERGY REVOLUTION

ESSENTIAL METALS LIMITED – THIRD LEG

Next Steps

Opportunities

• Cade pit is 82% of ore planned to be mined (key orebody)

• 3 Stage Open Pit Mining Currently Planned with excessive Strip Ratios beyond Stage 1

• Base of Stage 1 pit accesses high grade material predominantly greater than 1.5% Li2O at the end of 2nd year of mining

• Underground mining could further bring forward production

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Fast track early works to inform detailed study works

• Metallurgical testwork: A diamond programme has been completed to provide samples for metallurgical optimisation testwork and project engineering design

• Heritage Survey: A heritage survey over the Mining Lease has been completed. This will clear the way for future mining operation

• Water targeting: A drill programme will be undertaken to test areas of Pioneer Dome tenure identified as having the potential to provide future production water sources

• Flora & Fauna survey update: A survey was completed in October to provide an update to the baseline survey completed in November 2021

• Clearing Permit: Outputs from the flora and fauna survey will then be used to apply for a clearing permit covering the footprint of the future mining operation

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OUR PEOPLE ARE OUR FLAGSHIP ASSET

UNDERGROUND CAPABILITY

MINING SERVICES IS KEY TO ACHIEVING BUSINESS PLAN

CULTURE CAPABILITY CASHFLOW

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WORLD-CLASS UNDERGROUND CAPABILITY

BELLEVUE GOLD - ~A$400M CONTRACT

CONTRACT TO DATE PERFORMANCE :

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COMPARISON AGAINST OUR PEERS :

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WORLD-CLASS UNDERGROUND CAPABILITY

FUNDING AND BALANCE SHEET

• Strong cash position as at 30 September of A$57m

• Equipment finance debt of A$27.6m at 30 September, which is covered by the Bellevue mining services agreement

• Undrawn asset financing facilities of A$43.4m

• Continued strong asset financing support from Global EOM’s and Big 4 Australian banks

• Develop has no corporate debt facilities

• Received three non-binding indicative term sheets from Tier 1 lenders for Woodlawn mine; to test the financing credentials

• Develop has unrecognised, but available, tax losses of A$283m at 30 June 2023 (potential cash tax shield of A$85m)

DVP 30 June 2023 Balance Sheet (Unaudited)	DVP 30 June 2023 Balance Sheet (Unaudited)
Cash	$21.8m
Other Current Assets	$15.1m
PPE & ROU Assets	$70.9m
Other Non-Current Assets	$138.1m
Total Assets	$245.9m
Interest Bearing Debt	$24.7m
Other Liabilities	$71.5m
Total Liabilities	$96.2m
Net Assets $149.7m

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VALUE CREATION SO FAR..

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ASX STOCK SHARE MARKET CASH ENTERPRISE
CODE PRICE CAPITALISATION (30 SEPTEMBER 23) VALUE
DVP A$2.80 A$678M $57M A$621M
242m shares on issue No Corporate Debt • Woodlawn
Zinc/Copper Mine
• Sulphur Springs
Zinc/Copper Project
• Pioneer Dome Lithium
•
A$400M Underground
SUBSTANTIAL SHAREHOLDER SUBSTANTIAL SHAREHOLDER
Mining Services
BILL BEAMENT ~20% (FULLY DILUTED 25%) MINERAL RESOURCES ~15% (MARKET CAP A$12B)
Agreement
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A QUALITY PROJECTS FOR THE ENERGY REVOLUTION

MINERAL RESOURCES TABLE

SULPHUR SPRINGS PROJECT	SULPHUR SPRINGS	Resource Category Tonnes (kt) Cu % Pb % Zn % Ag gpt Au gpt	Resource Category Tonnes (kt) Cu % Pb % Zn % Ag gpt Au gpt	Resource Category Tonnes (kt) Cu % Pb % Zn % Ag gpt Au gpt	Resource Category Tonnes (kt) Cu % Pb % Zn % Ag gpt Au gpt	Resource Category Tonnes (kt) Cu % Pb % Zn % Ag gpt Au gpt	Resource Category Tonnes (kt) Cu % Pb % Zn % Ag gpt Au gpt	Resource Category Tonnes (kt) Cu % Pb % Zn % Ag gpt Au gpt
		Indicated	12,398	1.2	0.3	5.6	21.8	0.1
		Inferred	1,401	0.2	0.5	6.4	38.4	0.2
		TOTAL	13,798	1.1	0.3	5.7	23.5	0.2
	KANGAROO CAVES	Resource Category Tonnes (kt) Cu % Pb % Zn % Ag g/t Au g/t
		Indicated	2,300	0.9	0.3	5.7	13.6	0.0
		Inferred	1,300	0.5	0.4	6.5	18.0	0.0
		Total 3,600 0.8 0.3 6.0 15.0 0.0
WOODLAWN	WOODLAWN	Resource Category Tonnes (kt) Cu % Pb % Zn % Ag g/t Au g/t
		Measured	1,311	2.3	1.6	5.3	48.5	0.9
		Indicated	5,918	1.9	1.7	4.9	34.6	0.4
		Inferred	3,045	1.6	3.4	8.7	71	0.5
		Total 10,273 1.8 2.2 6.1 47.2 0.5
Base Metals TOTAL		Measured 1,311 2.3 1.9 4.3 100 1.4
		Indicated 20,616 1.4 0.8 5.4 25.5 0.2
		Inferred 5,746 0.7 1.5 7.3 47.8 0.3
		Total 27,671 1.3 1.0 5.9 31.2 0.3
PIONEER DOME	DOME NORTH	Resource Category Tonnes (kt) Li2O% Ta2O5 ppm Fe2O3%
		Indicated	8,600	1.23	55	0.46
		Inferred	2,600	0.92	62	0.55
		Total 11,200 1.16 57 0.48

NOTES

1. The copper equivalent grades for Woodlawn (CuEq) are based on copper, lead, zinc, silver and gold prices of US$8144t Copper, US$2209/t Lead, US$2592/t Zinc and US$23.1oz Silver, and US$1966/oz Gold (price deck based on LME spot at 15/11/2023), with metallurgical metal recoveries of 89% Cu, 85% Pb, 92% Zn, 78% Ag and 43% Au respectively based on historical recoveries at Woodlawn and supported by metallurgical test work undertaken. The copper equivalent calculation is as follows: Cu Eq = (Cu grade % * Cu recovery %) + ((Pb grade % * Pb recovery % * (Pb price $/t/Cu price$/t)) + ( Zn grade% * Zn recovery* (Zn price $/t/Cu price$/t)) + (Ag grade g/t /31.103 * Ag recovery % * (Ag price $/oz/Cu price $/t)) + (Au grade g/t /31.103 * Au recovery % * (Au price $/oz/Cu price $/t))

The zinc equivalent grades for Sulphur Springs (ZnEq) are based on copper, lead, zinc, silver and gold prices of US$8144t Copper, US$2209/t Lead, US$2592/t Zinc and US$23.1oz Silver, and US$1966/oz Gold (price deck based on LME spot at 15/11/2023), with metallurgical metal recoveries of 86.8% Cu, 0.0% Pb, 93.6% Zn, 46% Ag and 0.0% Au respectively based on metallurgical test work undertaken. The zinc equivalent calculation is as follows: Zn Eq = (Cu grade % * Cu recovery % * (Cu price $/t/Zn price $/t)) + ((Pb grade % * Pb recovery % * (Pb price $/t/Zn price$/t)) + ( Zn grade% * Zn recovery) + (Ag grade g/t /31.103 * Ag recovery % * (Ag price $/oz/Zn price $/t)) + (Au grade g/t /31.103 * Au recovery % * (Au price $/oz/Zn price $/t))

Tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding.

The Sulphur Springs MRE is reported at a A$80/t Net Smelter Return (NSR) cut-off and been extracted from the Company’s ASX announcement ‘Sulphur Springs Updated Mineral Resource Estimate’ issued 2 June 2023 (Original Announcement).

The Woodlawn MRE is reported at a A$100/t NSR for virgin mineralisation and A$140/t remnant mineralisation and has been extracted from the Company’s ASX announcement “Woodlawn Resource Increases by 40%” issued 11 October 2023 (Original Announcement).

The Dome North MRE is reported at a 0.3% Li2O% cut-off grade has been extracted from the Company’s ASX announcement ‘Dome North lithium upgrade’ issued 20 December 2022 (Original Announcement).