DEVELOP GLOBAL LIMITED — Investor Presentation 2022

Aug 1, 2022

DIGGERS AND DEALERS PRESENTATION

AUGUST 2022

IMPORTANT INFORMATION AND DISCLAIMER

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 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 forwardlooking 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. The Production Target (and the forward looking financial information based on that Production Target) contained in the DFS includes material classified as Ore Reserves and Inferred Resources. Material classified as Ore Reserves contributes ~68% of the material within the LOM Production Target and Inferred Resources contribute ~32% of material included within the LOM Production Target. The mine plan has been sequenced to ensure that the reliance on material contributed from Inferred Resources is minimised within the first 5 years and the Company is satisfied that the proportion of Inferred Resources is not a determining factor for project viability. Nonetheless, the Company notes there is a low level of geological confidence associated with Inferred Resources and there is no certainty that further exploration work will result in the determination of Indicated Resources or that the LOM Production Target insofar as it relates to the Inferred Resources will be realised.

Competency Statement

The information in this presentation that relates Geophysical Exploration Results is based on information compiled by Mr Russell Mortimer, who is employed as a Consultant to the Company through geophysical consultancy Southern Geoscience Consultants Pty Ltd. Mr Mortimer is a member of the Australian Institute of Geoscientists and a member of the Australian Society of Exploration Geophysicists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

The information in this presentation that relates to Exploration Results at the Sulphur Springs Project 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 announcements issued 22 September 2015, based on information compiled or reviewed by Mr David Milton, Hardrock Mining Consultants Pty Ltd who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Milton has sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaking to qualify as Competent Persons as defined in the 2012 – Refer Edition of the "Australasian Code for Reporting of Mineral Resources".

The information contained in this presentation relating to the Sulphur Springs Resources was previously released in announcements issued 21 March 2018, based on information compiled or reviewed by Mr David Milton of Mil Min Pty Ltd who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Milton has sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaking to qualify as Competent Persons as defined in the 2012 – Refer Edition of the "Australasian Code for Reporting of Mineral Resources".

The information contained in this presentation relating to the Sulphur Springs Reserves was previously released in ASX announcement dated 10th October 2018 based on information compiled or reviewed by Mr Daniel Donald, of Entech Pty Ltd who is a member of the Australasian Institute of Mining and Metallurgy. Mr Donald has sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaken to quality as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Mineral Reserves".

The information contained in this announcement relating to the Woodlawn Underground Resources was previously released in announcements issued 2 August 2022 andis based on information compiled or reviewed by Ms Jillian Irvin of Entech Pty Ltd who is a Member of the Australian Institute of Geoscientists. Ms Irvin consents to the inclusion. Ms Irvin has sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaking to qualify as Competent Persons as defined in the 2012 – Refer Edition of the "Australasian Code for Reporting of Mineral Resources".

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 that all material assumptions and technical parameters underpinning the estimate in DFS announcement issued 10 October 2018 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.

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

TIMELINE LAST 12 MONTHS

VALUE CREATION SO FAR…..

THE OPPORTUNITY

RECENT HISTORY OF SHAREHOLDER VALUE CREATION

The success of these companies over the past 5 years highlights the enormous opportunity for Develop

Total Shareholder Returns for the past 5 years (include dividends)

359%

These four companies are here because they share the same Essential Ingredients as Develop

• ENTREPRENEURIAL LEADERSHIP
• WORLD CLASS OPERATIONAL DNA
• QUALITY PROJECTS
• FUNDING CAPABILITY

Source: Bloomberg

Note: Column charts represent market capitalisations as at 27 July 2017 and 27 July 2022. Total Shareholder Return (TSR) assumes dividends are reinvested.

DEVELOP PRODUCING POTENTIAL DEVELOP.COM.AU

WOODLAWN – ZINC/COPPER

• Acquired the mine in NSW, Feb-22 for A\$30m upfront and A\$70m in success-driven milestone payments
• Combined with rapidly emerging Sulphur Springs it will transform the Company into a major base metals group centered on clean facing metals in tier-one locations
• Prior owners invested ~A\$340m in the operation; constructing a new box-cut, establishing an underground mine, a 1.0Mtpa processing plant and extensive surface infrastructure
• Woodlawn meets all Develop's strategic and key asset criteria:
• ✓ Clean future-facing metals (zinc and copper) in a Tier-1 location
• ✓ World-class geology: VMS system, strong and profitable historic production, significant potential to grow the inventory
• ✓ Outstanding value for money: Purchase price upfront is <10% of the previously invested capital
• The mine had a profitable 20-year production record, producing 13.8Mt at 19.7% ZnEq1

IN-MINE GROWTH POTENTIAL

• Substantial high-grade Resource of 7.3Mt at 13.2%ZnEq¹ (ASX release 02 Aug-22)
• Massive opportunity to investigate the Remanent Resource geological models
• Known high-grade lenses remain open
• Significant potential for extensions of these lenses and for discovery of additional lenses
• Initial emphasis is aimed at converting Inferred Resources to Indicated, extending the mineralised lenses at depth/along strike and drill-testing recentlyidentified EM conductors
• To optimise drilling from underground an 800m drilling platform is under construction
• Have established an exceptional team for the development and drilling phase of the project
• Drilling to commence in the December quarter

A QUALITY PROJECT FOR THE ENERGY REVOLUTION SULPHUR SPRINGS

Sulphur Springs has the key elements needed for the world's decarbonisation: copper, zinc and silver

• Located in Tier 1 world-class Pilbara district of WA
• High-grade 17.4Mt Resource; 1.3% Cu, 4.2% Zn & 17gpt Ag;
• Significant Exploration upside on 27km camp scale geological belt
• 2018 Definitive Feasibility Study delivered a project NPV8% of A\$472 million
• Free Cash-Flow (pre-tax real) A\$818 million, payable production of ~27.5ktpa CuEq⁴ over 10-year life
• The assumed Copper and Zinc prices in the 2018 DFS are now significantly higher
• Attractive Copper and Zinc concentrates, Copper offtake is unencumbered

SULPHUR SPRINGS – COPPER/ZINC

• We needed to complete a A\$10M drilling program to improve the Resource classification in the DFS: success greatly improves the development options
• The drilling delivered exceptional thick high-grade mineralisation. Significant results include;
• o 65.1m @ 3.5% CuEq⁴ , 27.8m @ 6.7% CuEq⁴
• o 54.0m @ 3.1% CuEq⁴ , 33.0m @ 4.6% CuEq⁴
• o 50.0m @ 2.9% CuEq⁴ , 23.0m @ 5.2% CuEq⁴
• New high-grade hangingwall zinc mineralisation discovered with results including:
• o 11.7m @ 26.7% Zn, 25.0m @ 8.9% Zn
• o 20.0m @ 7.5% Zn and 20.0m @ 7.2% Zn
• Exploration drilling intersected thick zones, results;
• o 49.0m @ 2.6% CuEq⁴ , 23.0m @ 2.6% Cu o 43.0m @ 1.8% CuEq⁴ , 40.0m @ 1.5% CuEq⁴
• Resource update scheduled for Sep Quarter 2022

OUR FLAGSHIP ASSET

WORLD CLASS UNDERGROUND DNA

THE MINES OF THE FUTURE WILL BE UNDERGROUND

Building underground capability enables Develop to build its business organically; Mining Services accelerates this

01	02	03
Created Mining	First tender Bellevue	Built mining services
Services division	Gold	team at Woodlawn
Recruited key	Awarded ~A\$400m	Getting expertise to join
Management	contract, Bellevue	has been easy
Ordered first mining fleet	Record metres in first month	Goal is to have 2 to 3 mining agreements

MINERAL RESOURCES TABLE - WOODLAWN

MINERAL RESOURCES

Location	JORC Classification	Tonnes ('000t)	NSR (\$A/t)	Zn %	Pb %	Cu %	Au g/t	Ag g/t
Woodlawn Underground	Measured	104	404	4.3	1.9	2.1	1.4	100.0
	Indicated	4,776	348	5.0	1.8	1.8	0.7	42.2
	Inferred	2,461	408	6.9	2.5	1.8	0.3	47.8
	Project total	7,341	369	5.7	2.0	1.8	0.6	44.9

1. 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 Zinc, US\$22.8/oz Silver and US\$1877/oz Gold with metallurgical metal recoveries of 88% Zn, 70% Pb, 70% Cu, 33% Au and 82% Ag based on historical recoveries at Woodlawn and supported by metallurgical test work undertaken. The zinc equivalent calculation is as follows: Zn Eq = Zn grade% * Zn recovery + ((Pb grade % * Pb recovery % * (Pb price \$/t/ Zn price\$/t)) + (Cu grade % *Cu recovery % * (Cu price \$/t/ Zn price \$/t)) + (Ag grade g/t /31.103 * Ag recovery % * (Ag price \$/oz/ Zn price \$/t)) + (Au grade g/t /31.103 * Ag recovery % * (Au price \$/oz/ Zn price \$/t)) and are reported on 100% Basis. It is the opinion of Develop Global and the Competent Person that all elements and products included in the metal equivalent formula have a reasonable potential to be recovered and sold.

2. The NSR has been calculated using metal pricing, recoveries and other payability assumptions detailed in 'Cut-off parameters' in Section 3 of the attached JORC Code Table 1. It is Entech's opinion that all metals used in the NSR calculation have reasonable potential to be extracted, recovered and sold. Tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding. 1. A NSR of \$100 was used for mineralisation in unmined (virgin) areas.

3. A NSR of \$140 was used for previously mined (remnant) areas, which reflects higher associated costs for mining and metal recovery these areas. Minable Stope Optimisation (MSO) shapes were applied to areas of remanent mineralisation.

MINERAL RESOURCES TABLE – SULPHUR SPRINGS

MINERAL RESOURCES
Location	JORC Classification	Tonnes ('000t)	Cu %	Zn %	Pb %	Ag g/t
Sulphur Springs	Measured	-	-	-	-	-
	Indicated	9,400	1.5	3.8	0.2	17.0
	Inferred	4,400	1.4	3.7	0.2	18.0
	Sub-total	13,800	1.5	3.8	0.2	17.0
Kangaroo Caves	Measured	-	-	-	-	-
	Indicated	2,300	0.9	5.7	0.3	13.6
	Inferred	1,300	0.5	6.5	0.4	18.0
	Sub-total	3,600	0.8	6.0	0.3	15.0
	Project total	17,400	1.3	4.2	0.2	17.0

1. The copper equivalent grades for Sulphur Springs (Cu Eq) are based on copper, silver, lead and zinc prices of US\$9340/t Copper, US\$21.6/oz Silver, US\$2118/t Lead and US\$3668/t Zinc with overall recoveries of 86.8%, 46.0%, 0.0% and 93.6% respectively (price deck based on 3-month LME as 12/05/22, recoveries based on 2018 DFS (see ASX release 10 October 2018).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)) and are reported on 100% Basis. It is the opinion of Develop Global and the Competent Person that all elements and products included in the metal equivalent formula have a reasonable potential to be recovered and sold.