DEVELOP GLOBAL LIMITED — Investor Presentation 2024

Sep 2, 2024

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ASX: DVP
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PATHWAY TO CASHFLOW

• ENERGY TRANSITION METALS OWNERSHIP

• UNDERGROUND MINING SERVICES

COMPANY PRESENTATION – SEPTEMBER 2024

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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 Resource Update’ 2 June 2023.

• The information contained in this announcement relating to the Woodlawn Underground Resources was previously released in announcement ‘Resource Upgrade Paves was for Funding” dated 22 March 2024.

• 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 information contained in this announcement relating to the Woodlawn Reserves, Woodlawn production target, and forecast financial information derived therefrom, was previously released in the announcement ‘‘Woodlawn Production Restart Study” dated 3 April 2024

• The information contained in this announcement relating to the Pioneer Dome Resources, Pioneer Dome production target, and forecast financial information derived therefore, was previously released in the announcement ‘Positive Pioneer Dome Scoping Study supports commencement of detailed studies’ issued 7 May 2024.

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.

WHAT’S BEEN ACHIEVED IN <24 MONTHS

HYBRID BUSINESS MODEL: MINE OWNERSHIP AND MINING SERVICES BUSINESS UNITS

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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:

01

02

03

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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ALL BUSINESS UNITS ARE LOCATED IN AUSTRALIA

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WORLD-CLASS UNDERGROUND CAPABILITY

A QUALITY PROJECT FOR THE ENERGY REVOLUTION WOODLAWN ASSET COPPER/ZINC MINE

• Purchased in May-22 for A$100M

• Inherited ~A$340m of prior capital expenditure

• Develop has spent ~A$60m on the mine

Major achievements of this spend are;

• Key operational team in place

• Resource increased by 55% to 11.3Mt at 1.8% Cu, 5.8% Zn, 2.1% Pb, 46g/t Ag and 0.5g/t Au

• Reserve increased by 94% to 6.0Mt at 1.5% Cu, 3.6% Zn, 1.3% Pb, 29g/t Ag and 0.4g/t Au

• First 2 years of ore production fully developed

• Delivered a 10-year mine plan

• Released Production Restart Study in April-24 that had a pre-tax NPV of A$658m and free cashflow of A$1b

WORLD-CLASS CAPABILITY

• Leading base metals commodity trader, Trafigura, has agreed terms to provide a ~A$100M pre-payment/loan facility to bring

• As part of the funding, Develop has also agreed to a ~5 year offtake agreement across all concentrates produced from the

• Under this agreement, treatment and refining charges are materially lower than assumed in the April-24 Restart Study. This has

• The key terms of the Woodlawn loan facility provided by Trafigura are detailed below

Debt Sizing	US$65 million or equivalent in A$, being approximately A$100 million as at the date of this announcement
Term	4.5years from drawdown
Interest Rate/Margin	SOFR 3 month + 2%(if drawn down in US$)or BBSY 3 month +2%(if drawn down in A$)
Security	General security agreement over all assets of Woodlawn Mine Holding Pty and Tarago Operations Pty Ltd with a Parent Company Guarantee granted byDevelop Global Limitedwitha carve out providedfor Dev Mining ServicesPtyLtd.
Grace Period	18 months from drawdown date and then a reduced amount of US$5 million or approximately A$7.7 million for the period18months and24 months afterdrawdowndate
Capitalised Interest	Interest will be capitalised duringthe Grace Period
Up-Front Fee	1.00%
Voluntary Early Repayment	Anytime with 5 business days’ notice. Any early repayment shall be made with accrued interest on the amount repaid early and breakcosts
Coverage Ratio	At anytime, cargo value to be at least 175% of outstandingindebtedness
Offtake Required	~5-year offtake across all concentrates (including, without limitation, copper, zinc and lead) produced from the Woodlawn mine
Hedging No mandatoryhedgingrequired

WORLD-CLASS CAPABILITY

• Trafigura has annual revenue of ~US$250 billion , an equity base of over US$16 billion

• They have access to close to US$75 billion of credit lines provided by a network of around 150 banks

• In Australia, Trafigura is the largest commodities trader for base metals

• They provide significant funding for many Australian and International mines. Through its subsidiary Nyrstar,

• Securing these loan and offtake terms at Woodlawn, we have established a relationship with one of the

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A QUALITY PROJECT FOR THE ENERGY REVOLUTION

WOODLAWN RESTART KEY UPDATE RESULTS

• Pre-tax NPV increases by 11% to A$728m

• Pre-tax free cashflow increases to A$1.1b

• Updated NPV is based on consensus prices forecasts used in April-24 to enable like-for-like comparisons of the two NPV results

• Both copper and zinc spot prices are +10% higher than when the April NPV was released

• The pre-production capital and max cash down increase by $A11m to A$78m due to increases in processing and optimising mining sequence

• With this debt, existing cash of A$41m and a profitable mining services division which will grow cash in FY25, Woodlawn is now fullyfunded through to production and cashflow in Mid-2025 (subject to final investment decision)

						July 24 Update	July 24 Update	April 2024 R~~eleas~~e	April 2024 R~~eleas~~e
Pre-Tax NPV7% 1				A$M		728		658
Payback				Mths		23		24
Free Cash-flow				A$M		1,101		1,003
Maximum Cash Down				A$M		78		67
						July 24 Update		April 2024 Release
Construction Capital				A$M		49		42
Mining Capital				A$M		7		0
WorkingCapital				A$M		22		23
Sub Total				A$M		78		67
USD/t	Y1 Y2 Y3 Y4 Y5 Y6 Y7-Y10 avg
Copper	8,601	8,938	9,145		9,426		9,681	10,017	10,506
Lead	2,098	2,100	2,103		2,153		2,228	2,320	~~2,201~~
Zinc	2,671	2,705	2,741		2,808		2,899	3,060	3,003
Silver	24	25	24		24		23	24	~~23~~
Gold	2,043	2,050	1,900		1,807		1,852	1,898	2,020

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CAPEX Requirements

Notes

VALUE CREATION SO FAR..

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ASX STOCK SHARE MARKET CASH ENTERPRISE
CODE PRICE CAPITALISATION (31 JUNE 24) VALUE
DVP A$2.10 A$540M A$41M A$499M
258m shares on issue No Corporate Debt • Woodlawn Copper
and Zinc Mine
• Pioneer Dome Lithium
• Sulphur Springs Zinc
and Copper Project
•
A$450M Underground
SUBSTANTIAL SHAREHOLDER SUBSTANTIAL SHAREHOLDER
BILL BEAMENT 20% (FULLY DILUTED ~25%) BLACKROCK 5% of Mining Service
Agreements
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PATHWAY TO CASHFLOW

BASE METALS

SULPHUR SPRINGS PROJECT	SULPHUR SPRINGS	Resource Category Tonnes (Mt) Cu % Pb % Zn % Ag gpt Au gpt	Resource Category Tonnes (Mt) Cu % Pb % Zn % Ag gpt Au gpt	Resource Category Tonnes (Mt) Cu % Pb % Zn % Ag gpt Au gpt	Resource Category Tonnes (Mt) Cu % Pb % Zn % Ag gpt Au gpt	Resource Category Tonnes (Mt) Cu % Pb % Zn % Ag gpt Au gpt	Resource Category Tonnes (Mt) Cu % Pb % Zn % Ag gpt Au gpt	Resource Category Tonnes (Mt) Cu % Pb % Zn % Ag gpt Au gpt
		Indicated	12.4	1.2	0.3	5.6	21.8	0.1
		Inferred	1.4	0.2	0.5	6.4	38.4	0.2
		TOTAL	13.8	1.1	0.3	5.7	23.5	0.2
	KANGAROO CAVES	Resource Category Tonnes (Mt) Cu % Pb % Zn % Ag g/t Au g/t
		Indicated	2.3	0.9	0.3	5.7	13.6	0.0
		Inferred	1.3	0.5	0.4	6.5	18.0	0.0
		Total 3.6 0.8 0.3 6.0 15.0 0.0
WOODLAWN	WOODLAWN	Resource Category Tonnes (Mt) Cu % Pb % Zn % Ag g/t Au g/t
		Measured	1.3	2.3	1.6	5.3	48.5	0.9
		Indicated	5.9	1.9	1.7	4.9	34.6	0.4
		Inferred	3.0	1.6	3.4	8.7	71	0.5
		Total 10.3 1.8 2.2 6.1 47.2 0.5

LITHIUM-TANTALUM

		Resource Category Tonnes (Mt) Li2O% Ta2O5 ppm Fe2O3%	Resource Category Tonnes (Mt) Li2O% Ta2O5 ppm Fe2O3%	Resource Category Tonnes (Mt) Li2O% Ta2O5 ppm Fe2O3%	Resource Category Tonnes (Mt) Li2O% Ta2O5 ppm Fe2O3%	Resource Category Tonnes (Mt) Li2O% Ta2O5 ppm Fe2O3%
	TH &
	DOME NOR Cade, Davy Heller	Indicated	8.6	1.23	55	0.46
		Inferred	2.6	0.92	62	0.55
		Total 11.2 1.16 57 0.48

Notes

Base Metals TOTAL	Resource Category Tonnes (Mt) Cu % Pb % Zn % Ag g/t Au g/t	Resource Category Tonnes (Mt) Cu % Pb % Zn % Ag g/t Au g/t	Resource Category Tonnes (Mt) Cu % Pb % Zn % Ag g/t Au g/t	Resource Category Tonnes (Mt) Cu % Pb % Zn % Ag g/t Au g/t	Resource Category Tonnes (Mt) Cu % Pb % Zn % Ag g/t Au g/t	Resource Category Tonnes (Mt) Cu % Pb % Zn % Ag g/t Au g/t	Resource Category Tonnes (Mt) Cu % Pb % Zn % Ag g/t Au g/t
	Measured	1.3	2.3	1.9	4.3	100	1.4
	Indicated	20.6	1.4	0.8	5.4	25.5	0.2
	Inferred	5.7	0.7	1.5	7.3	47.9	0.3
	Total	27.7	1.3	1.0	5.9	31.2	0.3