DEVELOP GLOBAL LIMITED — Capital/Financing Update 2022

Nov 6, 2022

ASX Announcement

7 November 2022

Develop Completes Acquisition of the Premium Group

Develop Global Limited (ASX: DVP) (“Develop” or the “Company”) is pleased to advise that it has completed settlement of the acquisition of Premium Mining & Civil Pty Ltd and Premium Mining Personnel Pty Ltd (together, the “Premium Group”) (the “Acquisition”).

Pursuant to the share sale agreement entered into in respect of the Acquisition, the Company on 4 November 2022 satisfied stage 1 of the consideration payable by the payment of $300,000 in cash and the issue of 1,528,383 fully paid ordinary shares in Develop (“Stage 1 Equity Consideration”) to the vendors of the Premium Group in order to complete settlement of the Acquisition. The Stage 1 Equity Consideration is subject to 12 months escrow from completion of settlement of the Acquisition.

It is expected that the Company will satisfy stage 2 of the consideration payable pursuant to the Acquisition in early December, upon determination of net debt and the working capital adjustments.

As previously announced, the Premium Group is a well-established provider of specialist mining personnel and equipment to the underground mining industry. This acquisition bolsters Develop’s capabilities in providing underground expertise and equipment, both of which are in extremely high demand and will play critical roles in helping Develop achieve its goals as a mine owner/developer and mining services business partner.

Further details of the Acquisition are set out in the Company’s notice of general meeting dated 1 August 2022.

In addition to the issue of the Stage 1 Equity Consideration, the Company on 4 November 2022 completed the issue of the following securities:

• (a) 15,020 fully paid ordinary shares in Develop pursuant to the exercise of options; and

• (b) 60,600 fully paid ordinary shares in Develop pursuant to the exercise of vested performance rights.

An Appendix 2A in respect of the issue of the Stage 1 Equity Consideration, as well as the issue of the above securities, follows this announcement.

SECTION 708A(5) NOTICE

In respect to the issue of the Stage 1 Equity Consideration and the 75,620 fully paid ordinary shares in Develop as referred to above (together, the “Securities”), the Company gives notice pursuant to Section 708A(5)(e) of the Corporations Act 2001 (the “Act”) that:

1. the Company issued the Securities without disclosure under Part 6D.2, in reliance of Section 708A(5) of the Act;

2. the Company, as at the date of this notice, has complied with:

   • (a) the provisions of Chapter 2M of the Act as they apply to the Company; and

   • (b) Sections 674 and 674A of the Act; and

3. as at the date of this notice, there is no information that is “excluded information” (as defined in Sections 708A(7) and (8) of the Act), required to be disclosed by the Company.

Authorised for ASX release by the Board of the Company.

Investor Enquiries

Bill Beament DEVELOP Global Limited

T: +61 8 6389 7400

E: hello@develop.com.au

Media Enquiries

Paul Armstrong Read Corporate P: +61 8 9388 1474

• E: info@readcorporate.com.au

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About Develop

Develop (ASX: DVP) has a twin-pronged strategy for creating value. The first of these centres on the exploration and production of future-facing metals. As part of this, the Company owns the Sulphur Springs copper-zincsilver project in WA’s Pilbara region. This project is currently the focus of ongoing exploration to grow the inventory and various development studies. Develop also owns the Woodlawn zinc-copper project in NSW. Woodlawn, which is on care and maintenance, comprises an underground mine, a significant JORC Resource and Reserve and a new processing plant. The second plank of Develop’s strategy centres on the provision of underground mining services. As part of this, Develop has an agreement with Bellevue Gold (ASX: BGL) to provide underground mining services at its Bellevue Gold Project in WA.

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