Develop Global (DVP) H2 2026 earnings summary

Executive summary

• Achieved significant growth across core mining assets and mining services, with Woodlawn transitioning to steady-state production and record output in June 2026.

• Final Investment Decisions (FID) approved for Yitirrti copper-silver-zinc and Pioneer Dome lithium projects, both now under construction.

• Secured a US$400m financing and offtake package with Trafigura, supporting project development and providing future deal flow opportunities.

• Mining Services division delivered record external revenue of $227m, with major new contracts at Waihi (NZ) and BP33 (NT).

Financial highlights

• Group revenue rose to $388.5m (2025: $231.5m), driven by $161.6m in Woodlawn concentrate sales and $226.9m in Mining Services revenue.

• Pre-tax profit was $13.5m (2025: loss of $4.8m); net profit after tax was $9.1m (2025: $72.8m, which included a large deferred tax benefit).

• Operating cash flow increased to $50.0m (2025: $12.6m); cash at year-end was $114.8m (2025: $54.6m).

• Total assets reached $972m, with net assets of $673m.

• No dividends declared.

Outlook and guidance

• Woodlawn expected to deliver increasing cash flow as recoveries and efficiencies improve.

• Yitirrti on track for first concentrate production in June 2028; Pioneer Dome DSO sales targeted for December 2026.

• Mining Services division maintains a strong pipeline and is positioned for further growth.