DEVELOP GLOBAL LIMITED — Investor Presentation 2024

Aug 1, 2024

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ASX Announcement

2 August 2024

Updated Investor Presentation

Develop Global Limited (ASX: DVP) (“ Company ”) advises that Managing Director Bill Beament has today delivered an updated Investor Presentation.

In the presentation, Mr Beament discusses the Company’s recent entry into a term sheet for a prepayment/loan facility and offtake arrangement with global commodities trader Trafigura Pte Ltd for its Woodlawn copper-zinc mine in NSW (see separate ASX announcement released today at 6:21am WST).

The webinar presentation can be viewed at: https://youtu.be/MVOTcPHzZp0

The power point presentation featured in the webinar is enclosed in this Announcement.

This Announcement is authorised by the Board of Directors.

Investor Enquiries

Bill Beament Develop 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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ASX: DVP
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02 AUGUST 2024

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

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 Help others deliver on their decarbonisation promises and diversify

Maximises performance of our own assets

Provides scope to partner and joint venture with others

PEOPLE POWER CHANGE

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WHAT’S BEEN ACHIEVED IN <24 MONTHS

HYBRID BUSINESS MODEL: MINE OWNERSHIP AND MINING SERVICES BUSINESS UNITS

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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 Relea~~s~~e	April 2024 Relea~~s~~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

1 Refer to ASX announcement ‘Woodlawn Production Restart Study” dated 3 April 2024 and ASX announcement ‘Woodlawn Funding and Valuation Update” dated 2 August 2024

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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 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.

Competency Statement

The information contained in this presentation references the following announcements:

• ASX announcement ‘Woodlawn Funding and Valuation Update” dated 2 August 2024

• ASX announcement ‘Woodlawn Production Restart Study” dated 3 April 2024

• ASX announcement ‘Resource Upgrade Paves was for Funding’ dated 22 March 2024

• ASX announcement ‘Woodlawn Resource increases by 40%’ dated 11 October 2023

• ASX announcement ‘Discovery of high-grade mineralisation at Woodlawn’ dated 31 August 2023

• ASX announcement ‘Woodlawn drilling returns thickest-ever intersection’ 16 May 2023

• ASX announcement ‘Woodlawn drilling 10% copper, 4.2% Zinc outside Resource’ 5 April 2023

• ASX announcement ‘Woodlawn Updated Mineral Resource Estimate’ dated 2 August 2022

• ASX announcement ‘Woodlawn acquisition completed’ dated 20 May 2022

• ASX announcement ‘Develop agree to acquire Woodlawn Zinc-Copper Project’ dated 17 February 2022

Woodlawn past productions related to operational period of the Woodlawn project between 1978 and 1998, and is based on publicly available information reported by Heron Resources and Develop:

• 8.0Mt @ 8.3% Zn, 1.6% Cu, 3.1% Pb & 62gpt Ag from the Woodlawn open pit (1978-1987);

• 0.5Mt @ 13.0% Zn, 1.6% Cu 2.2% Pb & 33gpt Ag from the (satellite) Currawang mine (1991-1995);

• 5.8Mt @ 10.1% Zn, 1.6% Cu, 4.1% Pb, 90gpt Ag & 0.5gpt Au from Woodlawn Underground (1987-1998);

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 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.

IMPORTANT INFORMATION AND DISCLAIMER

Mineral Resources Statement

WOODLAWN	Resource Category	Tonnes (Mt)	Cu %	Pb %	Zn %	Ag gpt	Au gpt
	Measured	1.3	2.1	1.6	5.2	47.7	0.9
	Indicated	6.8	1.8	1.7	4.7	34.6	0.4
	Inferred	3.1	1.6	3.3	8.5	70	0.5
	Total	11.3	1.8	2.1	5.8	46.0	0.5
JORC Code disclosures for the Woodlawn Mineral Resource Estimate estimates are set out in Develops’ ASX announcement ‘Resource Upgrade Paves was for Funding’ dated 22 March 2024. Tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding.

Ore Reserves Statement

WOODLAWN	Ore Reserve	Ore (Mt)	Cu %	Pb %	Zn %	Ag gpt	Au gpt
	UG Proved	1.2	1.7	1.4	4.5	37.1	0.7
	UG Probable	4.8	1.4	1.3	3.4	27	0.4
	UG Total Reserve	6.0	1.5	1.3	3.6	29	0.4
JORC Code disclosures for the Woodlawn Ore Reserve Estimate estimates are set out in Develops’ASX announcement ‘Woodlawn _Production Restart Study” dated 3 April 2024._Tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding.

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