Develop Global (DVP) Q1 2027 earnings summary

Executive summary

• Woodlawn set quarterly records for ore mined and processed; Pioneer Dome mined first lithium ore, while Yitirrti underground development and construction advanced.

• Operating free cash flow was A$29.6M; A$58.6M was invested in growth and development.

• Lost Time Injury Frequency Rate remained zero.

Financial highlights

• Woodlawn sold 19,614t of concentrate for A$57.4M revenue; closing concentrate stockpiles were 3,822t, with indicative value of ~A$12M.

• A$146.9M was received from customers during the quarter.

• Mining Services generated A$46.4M in external revenue.

• Pioneer Dome was established for A$18M, below the initial A$30M estimate.

Outlook and guidance

• FY27 Woodlawn guidance: 775–875kt processed at 2.7% CuEq, yielding 21.0–23.5kt contained CuEq; 45% of tonnage planned in H1 and 55% in H2.

• Woodlawn FY27 underlying operating cost guidance is A$180–200M; sustaining capital A$30–35M, growth capital A$15–20M and DM15 exploration A$6–7M.

• Pioneer Dome FY27 guidance is 650–750kt mined at 1.2% Li₂O, containing 7.8–9kt lithia; DSO converter recoveries expected at 70%–85%.

• Pioneer Dome first DSO shipment was scheduled for November 9, with invested capital recovery targeted by calendar year-end; shipment was also forecast for the December 2026 quarter.

• Yitirrti first concentrate remained on track for the June 2028 quarter; Mining Services FY27 revenue guidance was A$100–110M, with A$175–180M expected the following year across two contracts.