Develop Global (DVP) H2 2025 earnings summary

Executive summary

• Achieved first sales of copper, zinc, and lead concentrates from Woodlawn, marking transition to producer status.

• Substantial progress at Sulphur Springs with earthworks underway and updated DFS due later in 2025.

• Mining services division delivered strong results, with external revenue up 57% to $216.8m, mainly from the Bellevue contract.

• Raised A$180m via share placement to accelerate growth, particularly at Sulphur Springs and Woodlawn.

• Ended the year with optimism, strong project pipeline, and robust funding.

Financial highlights

• Revenue from customers increased to $231.5m (FY24: $147.2m), driven by mining services and Woodlawn concentrate sales.

• Net profit after tax of $72.8m, a significant turnaround from a $12.0m loss in FY24, aided by a $77.6m income tax benefit.

• EBITDA for mining services segment reached $36.8m, with group underlying profit at $72.8m.

• Cash reserves at year-end were $58.6m (FY24: $41.5m), with total assets of $898.1m and net assets of $630.4m.

• Share price closed at $4.90 (FY24: $2.17); basic EPS 27.01c (FY24: -5.29c).

Outlook and guidance

• Woodlawn ramp-up to steady-state production continues into FY26.

• Sulphur Springs underground development to commence in Sep-25 quarter; updated DFS expected in Dec-25 quarter.

• Mining services focus on contract extension at Bellevue and targeting 5-7 operations.

• Strong market outlook for copper and zinc supports project economics.