Team Veye June 10, 2026

Develop Global Makes FID on Two Growth Projects and Secures Funding

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Develop Global Limited (ASX: DVP) announced on 10 June 2026 that it has secured a US$400 million financing and offtake package from Trafigura which will allow its board to approve final investment decisions on both the Sulphur Springs Copper-Silver-Zinc Project and the Pioneer Dome Lithium Project. It will also help in refinancing the existing Woodlawn facility.

The agreement combines a US$350 million senior secured loan with a US$50 million warrant package and binding offtake contracts, giving Develop funding certainty across two growth projects and strengthening its path to cash generation from copper, zinc, silver and lithium.

At Sulphur Springs, the company has committed A$450 million of capital expenditure and is targeting first saleable concentrate production in the June 2028 quarter, with Trafigura agreeing to buy the majority of copper and zinc concentrate output under terms tied to market standard charges and payabilities.

The project is being advanced through a fixed price EPC structure and Develop said work already completed on early works and underground development has put the project on a clear construction path.

Pioneer Dome will be advanced as a capital light direct shipping ore operation with A$40 million of pre production capex, first DSO sales targeted for the December 2026 quarter and a Trafigura offtake covering a minimum of 750,000 tonnes. Pricing is linked to lithium carbonate and includes a short term floor price giving Develop downside protection while preserving upside exposure to lithium prices.

Develop said the package reflects the quality of its asset base and the strength of its relationship with Trafigura which extends beyond funding into a binding co-operation agreement aimed at future acquisition and development opportunities. The company also said the transaction positions it to accelerate growth across three producing Australian operations and its mining services business, while Sulphur Springs is set to be renamed Yitirrti by the Nyamal First Nations people.

(Source: Company Announcement)

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