Develop Global : Growth Raise - Presentation

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ASX: DVP

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TIME TO SUPERCHARGE THE GROWTH

• ENERGY TRANSITION METALS OWNERSHIP

• UNDERGROUND MINING SERVICES

EQUITY RAISING PRESENTATION - JUNE 2025

TIME TO ACCELERATE GROWTH

DISCLAIMER (CONT.)

Not an Offer (Cont.)

The distribution of this Presentation (including an electronic copy) in the United States and elsewhere outside Australia is restricted by law. If you come into possession of this presentation, you should observe such restrictions. Any non-compliance with these restrictions may contravene applicable securities laws.

Refer to the "International Offer Restrictions" section of this Presentation for more information.

Not financial product advice

This Presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice, financial, legal, tax accounting or other advice, or a recommendation to acquire New Shares (or any other securities) of Develop and does not and will not form any part of any contract for the acquisition of New Shares being offered under the Placement. It has been prepared without taking into account the objectives, financial or tax situation or particular needs of any individual. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs and seek professional advice from their legal, financial, taxation or other independent adviser (having regard to the requirements of all relevant jurisdictions). Develop is not licensed to provide financial product advice in respect of an investment in New Shares. Cooling off rights do not apply to the acquisition of New Shares under the Offer.

Past performance

Past performance metrics and figures (including past share price performance of Develop), as well as any historic or pro forma financial information, that is included in this Presentation are provided for illustrative purposes only and should not be relied upon as (and is not) an indication of Develop's views, or that of any other party involved in its preparation, on Develop's future financial performance or condition or prospects. Investors should note that past performance of Develop, including in relation to the historical trading price of Develop's shares, mineral resources and ore reserves, costs and other historical financial information cannot be relied upon as an indicator of (and provides no guidance, assurance or guarantee as to) future performance, including the future trading price of New Shares offered and sold under the Offer. The historical information included in this Presentation is, or is based on, information that has previously been released to the market.

Forward-looking statements and forecasts

This Presentation may include forward-looking statements. Forward-looking statements include those containing such words as anticipate, estimates, forecasts, should, will, expects, plans or similar expressions. There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements. Any such statements, opinions and estimates in this Presentation speak only as of the date of this Presentation, are preliminary views and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance and estimates.

Forward-looking statements are provided as a general guide only. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of Develop, and which could cause actual results or trends to differ materially from those expressed in this presentation.

Actual results may vary from the information in this Presentation. Develop does not make, and this Presentation should not be relied upon as, any representation or warranty as to the accuracy, or reasonableness, of such statements or assumptions. Investors are cautioned not to place undue reliance on such statements. Develop undertakes no obligation to update publicly or release any revisions to these forward-looking statements, regardless of whether new information, future events or results or other factors affect the information contained in this Presentation.

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DISCLAIMER (CONT.)

Investment risk

There are a number of risks specific to the Offer, Develop and of a general nature which may affect the future operating and financial performance of Develop and the value of an investment in Develop. An investment in New Shares is subject to known and unknown risks, some of which are beyond the control of Develop. Develop does not guarantee any particular rate of return or the performance of Develop.

Refer to the "Risk Factors" section of this Presentation for more information.

Financial data

All dollar values are in Australian dollars ($ or A$) unless otherwise stated. Amounts, totals and change percentages are calculated on whole numbers and not the rounded amounts presented.

JORC Code

It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee's Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"). Investors outside Australia should note that while ore reserve and mineral resource estimates of Develop in this document comply with the JORC Code (such JORC Code-compliant ore reserves and mineral resources being "Ore Reserves" and "Mineral Resources" respectively), and may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the "Canadian NI 43-101 Standards"); or (ii) Item 1300 of Regulation S-K, which governs disclosures of mineral reserves in registration statements filed with the SEC. Information contained in this document describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities laws.

Mineral Resources, Ore Reserves and Production Targets

This Presentation contains estimates of Develop's Mineral Resources and Ore Reserves and Production Targets. The information in this Presentation that relates to Develop's Mineral Resources, Ore Reserves and Production Targets has been extracted from Develop's previous ASX announcements set out in:

• 'Kangaroo Caves Resource Update' dated 22 Sep 2015 (Venturex Resources);

• 'Sulphur Springs Resource Update' dated 2 June 2023;

• 'Updated DFS - Sulphur Springs' dated 30 June 2023;

• 'Resource Upgrade Paves Way for Funding/Production Strategy' dated 22 March 2024;

• 'Woodlawn Production Restart Study' dated 3 April 2024;

• 'Updated Pioneer Dome Scoping Study' dated 7 May 2024; and

• 'Woodlawn Funding and Valuation Update' dated 2 August 2024,

  (together, "Original Announcements"). Copies of the Original Announcements are available at https://www.asx.com.au or https://www.develop.com.au.

  Develop confirms that it is not aware of any new information or data that materially affects the information included in the Original Announcements and, in relation to the estimates of Develop's Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the announcements continue to apply and have not materially changed. In relation to Production Targets and forecast financial information derived from them, Develop confirms that all the material assumptions underpinning the Production Targets and forecast financial information derived from them continue to apply and have not materially changed. Develop confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from those announcements.

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  DISCLAIMER (CONT.)

  Exploration Results

  The information in this Presentation that relates to exploration results has been extracted from Develop's previous ASX announcement set out in:

• 'Sulphur Springs Exploration Drilling Update' dated 17 December 2020.

Develop confirms is not aware of any new information or data that materially affects the information included in that announcement.

No liability

This Presentation has been prepared by Develop in good faith, based on information available to it, including information from third parties, and has not been independently verified. No representation or warranty is

made as to the accuracy, completeness or reliability of the information.

Neither Develop, Argonaut Securities Pty Ltd ("Argonaut") or Aitken Mount Capital Partners Pty Ltd ("Aitken Mount") (Argonaut and Aitken Mount, together, "the Joint Lead Managers"), nor their related bodies corporate and other affiliates, and their respective directors, officers, employees, associates, advisers and agents ("Limited Group") makes any representations or warranties in relation to the accuracy, completeness, timeliness, reliability or fairness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for errors or misstatements (negligent or otherwise) in or omissions from, this document including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom, or takes any responsibility for any part of this document.

The Joint Lead Managers have not authorised, permitted or caused the issue or lodgement, submission, dispatch or provision of this presentation and there is no statement in this document which is based on any statement made by the Joint Lead Managers any of member of their respective Limited Groups. To the maximum extent permitted by law, each of Development, the Joint Lead Managers or their respective Limited Groups expressly disclaim any liability (including, without limitation, any liability arising out of fault or negligence on the part of any of them) for any loss whatsoever arising from the use of this document or its contents or otherwise arising in connection with it, and make no representations or warranties, express or implied, regarding, and take no responsibility for, any part of this presentation other than references to their name.

Further, none of Develop, the Joint Lead Managers or their respective Limited Groups accept any fiduciary obligations to or relation with any investor or potential investor in connection with the offer of the New Shares, or otherwise, and by accepting this presentation each recipient expressly disclaims any fiduciary relationship and agrees that it is responsible for making its own independent judgements with respect to the New Shares referred to in this document, and any other transaction or other matter arising in connection with this presentation. Statements in this presentation are made only as of the date of this document unless otherwise stated and the information in this document remains subject to change without notice.

No responsibility or liability is assumed by Develop, the Joint Lead Managers or their respective Limited Groups for updating any information in this document or to inform any recipient of any new or more accurate information or any errors or mis-descriptions of which Develop, the Joint Lead Managers or their respective Limited Groups may become aware.

Statements made and information presented in this Presentation are made and presented only as at the date of this Presentation and is current as at the date of this Presentation (unless otherwise indicated). The information in this Presentation remains subject to change without notice. Develop reserves the right to withdraw the Offer or vary the timetable for the Offer at any time before the issue of the relevant securities without notice.

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