DEVELOP GLOBAL LIMITED — Capital/Financing Update 2022

Dec 1, 2022

ASX Announcement

2 December 2022

Develop Satisfies Stage 2 of the Consideration for the Acquisition of the Premium Group

Develop Global Limited (ASX: DVP) (“Develop” or the “Company”) refers to its announcement on 7 November 2022 in relation to completion of settlement of the acquisition of Premium Mining & Civil Pty Ltd and Premium Mining Personnel Pty Ltd (together, the “Premium Group”) (the “Acquisition”).

Further to that announcement, the Company is pleased to advise that pursuant to the share sale agreement entered into in respect of the Acquisition, the Company on 2 December 2022 satisfied stage 2 of the consideration payable to the vendors of the Premium Group following 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.

An Appendix 2A in respect of the Develop shares issued as part of stage 2 of the consideration payable to vendors (Stage 2 Equity Consideration) follows this announcement. The Stage 2 Equity Consideration is subject to 24 months escrow from completion of settlement of the Acquisition.

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

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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