DEVELOP GLOBAL LIMITED — Legal Proceedings Report 2022

May 16, 2022

17 May 2022

Circular to creditors and shareholders

Heron Resources Limited ACN 068 263 098 (Subject to Deed of Company Arrangement) Section 444GA Order Made

Christopher Hill, David McGrath and Michael Ryan in their capacity as administrators (“ Deed Administrators ”) of the Deed of Company Arrangement (“ DOCA ”) proposed by Develop Global Limited (“ DEVELOP ”) and executed on 25 February 2022 in relation to Heron Resources Limited (Subject to Deed of Company Arrangement) (“ Heron ”) and its subsidiaries as listed in Schedule 1 (all Subject to Deed of Company Arrangement) (collectively “the Group ”) refer to:

• the circular to Heron creditors and shareholders dated 8 April 2022 in relation to the application for leave from the Supreme Court of New South Wales pursuant to section 444GA(1)(b) of the Corporations Act 2001 (Cth) (“ Act ”) to permit the Deed Administrators to transfer all of the issued shares in Heron to DEVELOP (or its nominee) (“ Section 444GA Application ”);

• the explanatory statement dated 8 April 2022 in relation to the Section 444GA Application; and

• the previous ASX announcements on 3 May 2022 and 12 May 2022 advising the date and time of the final hearing of the Section 444GA Application.

The Section 444GA Application was heard on 16 May 2022 by Justice Richmond in the Supreme Court of New South Wales. His Honour made orders, among other things, granting leave to the Deed Administrators to transfer all of the Heron shares from the current shareholders to DEVELOP or its nominee (“ Section 444GA Order ”).

A copy of his Honour’s orders and reasons will be made available on the FTI Consulting website in the “Public Documents” section at: https://www.fticonsulting.com/creditors/heron-resourceslimited-and-its-subsidiaries.

Next steps

DEVELOP has confirmed that it, and not a nominee, will be the recipient of all issued shares in Heron to be transferred pursuant to the Section 444GA Order.

The transfer of all the issued shares in Heron to DEVELOP will occur following satisfaction of all conditions precedent to the DOCA. The Deed Administrators expect the last outstanding condition precedent to the DOCA, being the Australian Securities and Investments Commission granting relief for the purposes of section 606 of the Act for the transfer of shares in accordance with the Section 444GA Order, to be satisfied shortly.

FTI Consulting (Australia) Pty Limited

ABN 49 160 397 811 | ACN 160 397 811 | AFSL Authorised Representative # 001269325 Level 22, Gateway | 1 Macquarie Place | Sydney NSW 2000 | Australia Postal Address | PO Box R367 | Sydney NSW 1225 | Australia

+61 2 8247 8000 telephone | +61 2 8247 8099 fax | fticonsulting.com

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