Develop Global (DVP) H2 2025 earnings summary

Executive summary

• Transitioned from project developer to producer with first sales from Woodlawn copper-zinc-lead project, following successful exploration, development, and plant upgrade.

• Substantial progress at Sulphur Springs zinc-copper project, with earthworks underway and updated DFS due late 2025.

• Mining services division delivered strong results, notably at Bellevue Gold Mine, and completed contracts at Beta Hunt and Mt Marion.

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

• Entered FY26 with optimism, strong commodity outlook, and robust funding.

Financial highlights

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

• Net profit after tax of A$72.8m, a significant turnaround from FY24 loss of A$12.0m, aided by a large deferred tax benefit.

• Mining services external revenue rose 57% to A$216.8m.

• Cash reserves at year-end were A$58.6m (FY24: A$41.5m).

• Total assets increased to A$898.1m (FY24: A$471.2m); net assets A$630.4m.

Outlook and guidance

• Woodlawn mine 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.

• Bellevue mining services contract due to expire Dec-25, with extension discussions underway.

• Focus remains on growing production rates, mine lives, and inventory at core assets.