Ann: Substantial Commencement at Sulphur Springs, page-3

Pretty active crew.
HIGHLIGHTS
Substantial earthworks have commenced at the Sulphur Springs Project in WA’s Pilbara • These include construction of the boxcut for the underground decline and clearing the surface site for the processing plant and related infrastructure • The decline is due to commence in the Dec-25 quarter; This will enable Develop to significantly de-risk the project construction and funding requirements • The updated definitive feasibility study (DFS) is scheduled for completion in the Dec-25 quarter; This will pave the way for project funding and a Final Investment Decision (FID) • Sulphur Springs is forecast to generate strong financial returns, with Life-of-Mine (LOM) based on annual production of ~30,000t of copper-equivalent metal (CuEq) • Previously released June-23 DFS had a pre-tax Net Present Value (NPV) of A$523m; Consensus commodity prices are now substantially higher and smelter costs much lower • Develop believes there is significant potential to further increase the production and financial returns by accelerating the underground development • By developing the decline and underground capital infrastructure upfront, Develop can establish the potential for further growth on these fronts, enhancing the project’s financing options in the process • This approach also means Develop can adopt a ‘bottom-up’ mining strategy such as that employed successfully at its Woodlawn copper-zinc mine in NSW; This will increase mining efficiency, reduce risks, lower costs and significantly increase Sulphur Springs’ NPV