DEVELOP GLOBAL LIMITED — Capital/Financing Update 2022

Feb 23, 2022

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ASX Announcement 24 February 2022

Not for release to US wire services or distribution in the United States

Open of Retail Entitlement Offer and dispatch of Retail Offer Booklet

Develop Global Limited ( Develop ) refers to its earlier announcement of 17 February 2022 about its fully underwritten equity raising to raise A$50 million by way of:

• an institutional placement of approximately 7.6 million new fully paid ordinary shares in Develop ( New Shares ), to raise approximately A$25 million ( Placement ); and

• a 1-for-18.6 pro-rata accelerated non-renounceable entitlement offer to raise approximately A$25 million ( Entitlement Offer ),

The retail component of the Entitlement Offer ( Retail Entitlement Offer ) opens today (Thursday, 24 February 2022) and is scheduled to close at 5.00 pm (Sydney time) on Monday, 7 March 2022 (unless extended).

Only eligible retail shareholders on the record date (being 7.00 pm (Sydney time) on Monday, 21 February may participate in the Retail Entitlement Offer. The eligibility criteria are set out in the retail offer information booklet ( Retail Offer Booklet ), a copy of which was released to ASX earlier today.

The following documents will be sent to Develop retail shareholders today:

• to eligible retail shareholders who have nominated to receive documents from the Company by electronic means, an email containing instructions on how to access a copy of the Retail Offer Booklet and personalised Entitlement and Acceptance Form online;

• to eligible retail shareholders who have notified the Company that they would like to receive documents from the Company in hard copy, the Retail Offer Booklet and accompanying personalised Entitlement and Acceptance Form by post;

• to all other eligible retail shareholders, a letter notifying them of the Retail Entitlement Offer and providing instructions on how to access a copy of the Retail Offer Booklet and participate in the Retail Entitlement Offer; and

• to ineligible retail shareholders, a letter notifying them of the Retail Entitlement Offer and their inability to participate in the Retail Entitlement Offer.

Eligible retail shareholders can access the Retail Offer Booklet and personalised Entitlement and Acceptance Form, and apply online, at https://events.miraqle.com/ dvp-offer .

Eligible retail shareholders are encouraged to carefully read the Retail Offer Booklet for further information, and seek advice from your stockbroker, accountant, or other professional advisor.

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Shareholder enquiries

If you have any questions in relation to the Retail Entitlement Offer, please call the Entitlement Offer Information Line on 1300 420 709 (within Australia) or +61 1300 420 709 (outside Australia) at any time between 8:30 am and 5:00 pm (Sydney time) on Monday to Friday during the Retail Entitlement Offer period (excluding public holidays). Further information in relation to the Retail Entitlement Offer, and the Equity Raising generally, can be found in the investor presentation released to ASX on 17 February 2022, available at https://develop.com.au/investor-centre/#asx-announcements.

This announcement has been authorised for release to ASX by Develop's Managing Director, Bill Beament.

About Develop

Develop (ASX: DVP) is an exploration and development company with two advanced copper-zinc projects near Port Hedland in the Pilbara region of Western Australia. The two projects are the Sulphur Springs Project which includes the Sulphur Springs and Kangaroos Caves deposits, plus 27km of prospective tenements on the Panorama trend; and the JV on the Whim Creek Project, which includes the Resources at the Whim Creek, Mons Cupri and Salt Creek mines together with the Evelyn project and 18,100 ha of prospective tenements over the Whim Creek basin. The Company’s focus is to finance its flagship Sulphur Springs Project, paving the way for its transformation into a new mid-tier ASX-listed base metal producer in the medium term. This will position it to be a long-term supplier of copper and zinc to global markets at a time when significant shortfalls are expected for both metals, especially copper.

INVESTORS: MEDIA: Bill Beament Paul Armstrong Develop Read Corporate P: +61 8 6389 7400 P: +61 8 9388 1474 E: hello@develop.com.au E:info@readcorporate.com

IMPORTANT NOTICE

This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer of securities for sale in the United States or any other jurisdiction in which such an offer would be illegal. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act or 1933 (as amended) or offered or sold, directly or indirectly, in the United States except in transactions exempt from, or not subject to, the registration of the US Securities Act of 1933 (as amended) and applicable securities laws of any state or other jurisdiction of the United States.

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