Thanks Travis, and welcome to our second quarterly conference call on activities of Develop. Hopefully, I don't drop out.

I'm on site at Bellevue, the coms are good, and hopefully, they're paying their IT bill. Look, we're deep into the first quarter of this business.

We're coming up nearly to our 4-year anniversary of mining services establishment and when we got the keys at Woodlawn. We're only four 4 to 6 weeks off finishing that first quarter.

It's been an extremely busy sort of quarter that we're going to go through today. As you can see, there's a lot of information and a lot of activity.

I'll start with declaring commercial production at our first mine that we've now completed building. Woodlawn has reached a steady state.

We achieved that in the March quarter. That's what we articulated and we set that target last year for our shareholders in the market.

It's extremely pleased and proud of the Develop team in delivering Woodlawn to steady state. That was culminated off with record performance in the month of March.

We mined over 80,000 tonnes for the month. We processed 78,000 tonne for the month.

We've really successfully even stress-tested above the nameplate of this operation in a mining and a processing run rate. Our copper equivalent production was 17,000 tonne per annum.

That will increase further and I'll go through that in a minute. We had extremely strong quarter-on-quarter ramp-up.

From our December quarter, our ore tonnes were up 46%. Our mine grade was up 41%.

Our processing tonnes were up 25%. Our concentrate production was up 50%.

A value of metal in concentrate was up 66% to 68%. Our copper equivalent production was up 88%.

We grew our surface stockpiles. They're now sitting at 14,000 tonne at the end of oh sorry, 15,000 tonne.

We even had a lot of underground broken stocks. The mine is really hitting its strap.

One of the other key things and I'll get Ben to talk about this later on, our mine and port concentrate stockpiles sit around nearly 12,000 tonnes and $33 million, and the vast majority of that was shipped in April and money in the bank. Our mined ore grades, they're definitely progressing very quickly towards our life of mine reserve grades.

I'll point people to figure 2 is really important, which is the Kate lens. I'll let people have a look at that in due course, but we are on the edges of Kate and now we're coming back into the main part of the orebody, we'll expect those grades to improve quite remarkably in this quarter and beyond.

Obviously, as grade goes up through the mill, that has a huge impact on our recoveries as well and our recoveries will continue to improve. We've made huge progress on what we're producing.

All our concentrate was in-spec. There's a lot more room for improvement, both on mine grade, obviously recoveries will improve as we get into more of that Kate lens.

Obviously, we end up producing a lot more metal. We're very, very excited at how the month of March went, and we're seeing great progress in the month of April.

In fact, our recoveries and grades are already up quite substantially from the March quarter. We've been very busy on the drilling as well.

Can't underestimate, we started a program last year called DM15. We want to drill and mine, and we want to take this mine plan from 10 to 15 years.

The first rig went in and that was basically just grade control drilling, and that's hit another lens, N lens and M lens. Then we drilled some sterilization holes as well, right up the top of the mine, and that hit the best ever intercept the mine's ever received.

That's in the quarterly report, have a look at that. We will follow that up, and I think we've got seven other holes we're seeing into a bonanza zone at the top of the mine that we thought was barren.

Very fertile system. We have the second rig coming in in this quarter, and that rig is the one that goes in the purpose-built drill drive that is near completion at the moment.

That's the one that's really designed there over the next month 18 months to take it from a 10 to 15-year mine plan. We haven't seen value creation yet in Develop really with the drill bit, but you're starting to get it now.

The other thing obviously Ben will talk about is just there's a big fall in treatment costs and refining costs across the base metals. We're seeing negatives everywhere on treatment, we're getting paid by smelters to process our own material, it's a really extraordinary position to be in, and we think that's going to continue.

On to our second project, and this is probably again, we've now completed building our first mine, but I think people really need to be conscious of the next two mines and how quick they are going to come online and how quick we are progressing it. There's a lot of detail in this quarterly report.

Our Sulphur Springs project, that is now a copper-silver-zinc project, basically half the revenue is copper and silver, and the other half is zinc. The underground development is rapidly progressing, with 15% ahead of schedule.

We did nearly 900 meters of development during the quarter. Our engineering construction preparations advancing extremely quick.

GR Engineering are finalizing the final engineering drawings and flow sheets now. The surface infrastructure has been cleared, ROM pads built, and our long-lead items, things like ball mills and MCCs and all the long-lead items for the processing plant have been ordered, deposits have been paid.

I've appointed a general manager, he commenced 3 weeks ago, and Ben will take you through the financing and offtake later on in this call. That is rapidly progressing and we're not stopping there, and we're still on track for final investment decision this quarter.

Our third mine, we're building three mines in 3 years. Our third mine, and I think there's nothing in our share price on this, is our Pioneer Dome lithium project.

This is rapidly progressing towards a mine. As we know, the lithium price has resurged, and I think it looks very sustainable moving forward.

This is even pre-Iran, let alone post-Iran, where everyone, including myself, now wants an electric car and solar panels on their roof and a big battery, it's only going to escalate and get off the fossil fuels in the future. We are going to capitalize on that.

We're 20 We're as of today, we're probably 25% through our grade control drilling. We are infill drilling the open pit, the DSO open pit, as we speak.

Results have been fantastic to date, and you'll hear more on this in probably 4 or 5 weeks when we give a much fuller presentation on Pioneer Dome. The resource model integrity is been picture-perfect from the geology team.

Like I say, we've done 8,000+ meters of grade control drilling. The orebody is probably thicker in parts than we expected.

We did hit a third lens that we didn't know was there in our drilling. Most importantly, it's very visual when you're drilling lithium, and we're seeing no impurities.

This is a really clean orebody, and we're getting intersections up to 40 meters thick. It's not like some of these narrow vein stuff you've seen in industry.

We've got a big, big orebody that's got geometry and that means we don't get dilution in the orebody. Very clean product.

Samples have already been to China, we've got recoveries back from offtakers and debt funders, it was shaping up extremely well. We've done budget pricing, guys, on open pit, crushing, port, and shiploading, we know the economics around that.

We are going to full-form tenders, the documents will be finished this week. We've got NDAs signed by open pit contractors, and we'll put out documents next week.

I've already bought a camp. That's part of our capex that we bought.

I've got a 40-person camp that I just purchased, sitting in storage, ready to go for the mining contractor there. We just appointed a manager of mining, you can probably see that we are quickly progressing this to a mine.

It's fully permitted, shovel-ready. Obviously, we got another couple of months of grade control drilling.

We're doing the final drawings and final bloody engineering from a mining engineering perspective at the moment. If I could dig this thing up today or yesterday, I'd be doing it.

The only thing that slows us up here is basically the mobilization of the open pit contractor. We are rapidly progressing that.

I think with what people can see of the spodumene price, and when you start seeing the C3 price of that, and it's pretty extraordinary margin that we can make out of that, very excited about kicking that off. Last, but not least, our mining services, I couldn't say it would be any more buoyant than what it is in that arena at the moment.

Obviously, that's getting driven by record-high gold prices and everyone wanting to crowd underground in that space, plus a lot of other products are going underground as we speak. Ben can talk to the revenue numbers, but obviously for us, the key thing is a renewal of the Bellevue contract.

All that's been submitted and qualifications have been done, and really there should be a decision in the June quarter on that. We're very keen to stay here.

We've built the new home. We'd love to live in it for a few more years.

We're very keen to keep that and I think we've got a great workforce here and Bellevue had a great quarter last quarter, which was recognized in 19% share price growth in the day they announced that compared to market. That's an extraordinary thing.

It's a really good project and they're making really, really, really good inroads here and great cash flow, we want to help them continue. We are mobilizing our second contract.

We'll start the first cut in the boxcut at the end of this month in New Zealand with OceanaGold. That's been a really good mobilization.

All the equipment's there, people have been no dramas, and a lot of people wanted to relocate back homes in New Zealand, and we've been able to supplement that talent with some other people. That's been really easy to staff up that, and Oceana have been an amazing client to deal with.

As I said in the quarterly, we're currently tendering or negotiating this quarter on about $2.5 billion worth of pipeline of tenders, which obviously includes Bellevue. A very favorable time, we're getting to the pointy end on one or two of them now, and so we're very excited about the landscape there and basically after this quarter, I think our mining services tender book can get closed and jobs done, and we've got the amount of projects we want, and the clients and the locations that we desire to work in.

With that, I'll hand over to Ben to go through the financials.

Thank you, Bill. The revenue for the quarter, the external revenue for the quarter was $69.3 million.

$50 million of that was our our mining services division, and and the remainder being our concentrate sales from the Woodlawn site. The cash balance at at the end of March was $30 million.

There has been a larger than than previous quarters draw on the cash this year. It's a story in two parts.

One is sort of the the growth capex we have with with with a number of the projects, and then timing issues in relation to the the concentrate sales. With that growth capex, we're obviously building our our second mine at Sulphur Springs.

We're we're continuing to do the the decline and the site clearing work at at that at that site. That's around $12 million.

We raised money last year for expansion of the Woodlawn site, getting that second jumbo into the into the decline. There's been $12 million spent at at Woodlawn in that growth capex.

As Bill mentioned, we're now we've now buying and setting up the camp for for the Pioneer Dome. That that spend has occurred this month, and we've that camp's, in storage, ready to go.

Then the Waihi project as well, $9 million has been spent on the new equipment for that Waihi project and getting that ready to go. That equipment is in country now and they should be starting that work relatively soon.

Then the other the other major element of that of the timing issue is to do with the concentrate sales. We had a large copper shipment and a large zinc shipment due to go at the end of April at the end of March.

That just fell into April with sort of ship availability delayed due to some of the Middle East issues. That that those two shipments have left and the money has been received.

If you kind of add that back, we're actually positive from a cash flow operations point of view. Really, it's that growth capex and and just some some timing issues with the with the concentrate sales.

I guess just moving on to the the other the other main part of the the finance section is the is the funding process for both Pioneer Dome and and Sulphur Springs. That process, which we started back in December, is going extremely well.

We've had a huge number of parties interested in the process, particularly the Pioneer Dome one. We've up to 11 proposals on on the Pioneer Dome debt piece and and and offtake piece as well.

We're certainly looking to have that still on target to have that all wrapped up in in the June quarter and go to the board with a fully funded decision for both Sulphur Springs and Pioneer Dome to allow FID to happen happen in the in the in the June quarter. The other thing that's just worth noting as well and and we've certainly seen it with this this copper shipment and this zinc shipment that left in early April is that impact of the TC/RCs that you're seeing in the base metals space.

It's a it's a material change. We we moved off fixed-price TC/RCs for calendar year '25 onto a spot index in calendar year '26 and and going forward for the remaining offtake at at Woodlawn.

To give you an idea, we're talking we're looking at close to -$100 realized TC/RCs on the copper and mid-teens on the zinc TC/RC. Now if you go back 18 months, 2 years ago, zinc TC/RCs were close to $250.

It is a significant reduction. It's a great time for miners to be bringing new product to market, and and we firmly believe, having done a lot of work and looked at the smelting industry, we firmly believe these TC/RCs are going to be lower for longer.

The smelting industry is making very good money through by-product credits and and their sulfuric acid price, and they're able to to those elements will keep the TC/RCs lower for longer. We certainly think it's a great time to to be bringing our our Woodlawn concentrate to the market, and it's an even better time to be negotiating an offtake for a new Sulphur Springs project.

That's all all on the on the on the corporate. I'll pass back to Bill for closing remarks.

Thanks Ben. I'll hand over to Travis to open up for questions.

G'day gents. Congrats on the quarterly update and achieving steady-state production at Woodlawn.

Just a few questions from me. Firstly, it's good to see that the processing rates in March were roughly 10% above nameplate capacity.

What's the sustainability of those processing rates? Do you think this can be maintained going forward?

I can also see that you're making some investments in the flotation circuit at Woodlawn, just wondering if that's going to potentially allow you to creep up production over time. Thanks.

Thanks, Joseph. Look, obviously, March we knocked it out of the park, and it was a good ability to stress-test the mill.

I think we've said before, we do know the mill can get up to probably closer to that 1 million tonne per annum without any extra capex. Obviously, the key thing is the underground to be able to feed it.

I'll stick with my 850 run rate, because we've still got to, I guess, walk before we run. It's, as we open up the stopes and get more flexibility in the mine plan, it's pretty easy to maintain that 850, and we're demonstrating that in the exit run rate in March, very confident in how that's looking.

I think please go and have a look at the diagrams and in particular diagram number 1, figure number 1 in the quarterly, we've got so much spatial separation happening in this mine because we've been able to push the capital so deep, quick. We're down now, cuz obviously it's the quarterly, we're now at the end of March oh sorry, end of April, we're down now 600 vertical meters below surface, and we're literally mining G lens 100 meters below surface, Kate lens 250, and I and D we're starting to stope.

Literally, we just dropped the stope 48 hours ago in there as we speak. We're getting that real separation and giving us facts.

That's going to continue to give us more flexibility in the next 3 or 4 months as we keep bringing more and more of these I and D and N and M lens online.

Understood. Just trying to get a sense of the opex at Woodlawn, would you say that the cost profile is similar to say the 2024 restart feasibility study, adjusted for inflation obviously, and just wondering as well if there's any operational efficiencies that you've realized to date that might maybe be a benefit compared to those previous forecasts?

Look Joseph, obviously we've just declared commercial production, I'd expect from next quarter onwards, we'll give really good visibility on the cost structure, that'll be an ongoing thing in our quarterlies obviously. Probably to know is obviously we're completely volume-driven like any mine.

The more physicals we can get out from the underground through the mill, the lower the costs. We're actually probably tracking, and Ben can confirm this, but our cost structure is actually tracking a bit lower than what we actually have budgeted, and probably what even is in that feasibility.

You can adjust a little bit for inflation, but we're actually tracking lower than what we expected. That's probably due to the productivities of the underground crew, and also the dirt going through the mill has been softer.

We're not using as much reagent, things like that, obviously not as much power draw. We did get I think a change in our power contract, Ben, from what we put in this.

We are on lower grid rates than what we budgeted. All those combinations, the team on site has done an amazing job to keep that cost structure lower, and we are tracking ahead of budget on that.

All of that's absolutely correct. The key delta here is the productivity that we're getting is much better than we'd budgeted, and that's driving the mining costs lower than that restart plan.

That's the big delta.

Understood. Thank you.

Just maybe a question for you, Ben. Just around the silver stream liability, I can see that there's an increase in contained silver quarter-on-quarter.

Maybe that's not yet flowing through into the sales and the payments for this silver stream yet, but is there any update you can provide on that and just how quickly you think you can pay that down given the current silver price outlook?

Absolutely. Just to remind everyone, we have a $27 million Australian dollar capped silver stream.

When we initially modeled this out, we were using a silver price of $25 or $26, and it was estimated that it was going to take us round about 4 years to extinguish that silver stream. Clearly, the silver price is at a much higher point than that.

Our latest modeling is kind of sort of around 18 months we'll have it paid out. Once that gets through, we will get the full benefit of that cash flow coming in from the silver.

It was a very good part of the deal we did. Previously, that was an uncapped silver stream, but what was negotiated as a part of the purchase was to cap it at $27 million, which will end up being a great outcome for the business.

We're getting through it very quickly. We made a big payment in April off the back of the big copper shipment that went out.

We're getting through it at a rapid rate, Joe.

Fantastic. Lastly, just considering your relationship with Trafigura and traders, just keen to get your thoughts on the near-term market fundamentals for copper, zinc, and spodumene DSO.

What are you hearing and seeing? That'll be greatly appreciated.

I'll grab that one, Ben. Look it's like Ben articulated, I think there's two elements here to our business and the financials is, like he said, the smelters, in particular zinc smelters, cuz they get more of their by-product credit revenue from silver, and they get gallium and things like that out of people's products, and obviously sulfuric acid is at record prices, and whether you're a copper or zinc smelter, you're predominantly a sulfide, sulfuric acid business.

Their by-product credit revenues have gone through the roof with gold and silver, and they clip the ticket on the metals as well, obviously metal prices have gone up, they're having wins all round, and obviously sulfuric acid. Hence, they've been able to give, you've never seen zinc TCs be in the negatives ever.

You're seeing that at the moment. Lead, Ben forgot to mention lead, but that's negative I think $170 or $150 a US a ton.

Those are coming through to the bottom line. Payabilities are probably going up a little bit as well moving forward.

Industry doesn't know exactly what the benchmark got set with Teck and Korea Zinc the other day, but they did make comment they got better silver payability in the zinc con, there's a few of these little things coming through. It's very tight for new supply.

Zinc's much tighter than copper on supply, there's no room for error in the zinc industry, whereas copper's probably got 1 million tons of stockpile sitting between COMEX, LME, and Shanghai. Obviously we're still probably in a disturbed market with Iran, but I think post-Iran, we're heading to a metals boom in those.

Then throw in lithium, which I think's extraordinary how much people have been caught out in that space. I know internally we were talking about battery storage and now everyone's talking about it, and that's real and that technology is changing really quickly.

We've just quoted up a power station in Sulphur Springs and we're putting a whopper big battery with solar in there. It's just a no-brainer.

Anyone looking at new electrical infrastructure is 100% looking at solar and big batteries. That's only going to escalate and whether that's domestic or industrial scale, no one's going backwards in that area and obviously this fuel shock's just escalating electric vehicles and battery storage.

Very positive, and I think by the level of activity Ben was seeing with 11 proposals, and there's no funky backyard operators in those 11 proposals, I should mention to him. These are some of the world's biggest end users and biggest commodity traders in this space banging our door down, and I think in the next 4 to 6 weeks, when we put out a few optics on the financials of Pioneer Dome, I think there's going to be a lot of very happy shareholders.

I was just going to say, I think the interest we've seen both in the Sulphur Springs funding and offtake process and the Pioneer Dome process is a really good indication of where the metals market is. It's very tight at the moment.

If you are bringing new product into the market, it is highly sought-after, and you can get at very competitive rates and payabilities. We're very bullish on the metal space.

Understood. Okay.

Great. That's great colour.

Thank you, and congrats again.

Morning, chaps. Bill, just a couple of things on Sulphur Springs and the DSO.

How are you looking at scheduling development of that? Sulphur Springs looks like it's already underway and you're about to press the button, but how do you work in the timing on what you're doing at Pioneer Dome?

Or is it just a smaller-scale op so it's not taking that many people?

Look, that's exactly right, Hayden, is Pioneer Dome is I think the bottom of the J-curve, we've worked out is about $30 Australian. We're very close to finalizing all the offtake and debt on that.

Or we could do it off the existing balance sheet if we want, but it's only a small open pit, it's very similar to what Core just announced. It's a 5-to-1 strip ratio, there's 800,000 ton in the starter pit, and so it's a pretty simple execution, and all we're doing is out-crops.

It's just a bloody small operation for an open-pit contractor, and crush, screen, and put on road trains and send to port, it's a very simple project to execute from a mining perspective, obviously not building a processing plant and all that complexities. We don't see that as a huge drain on I guess talent or capability.

Obviously Sulphur Springs is, we de-risking it with the development at the moment and obviously we've got GR Engineering there locked and loaded to push the button and start constructing that mid-year hopefully, subject to FID.

How much coverage do you want on the DSO? Are you looking for floor pricing, or what are you thinking about that?

Look, a lot of the proposals have actually had floor pricing in it, and the ability to hedge as well. I think Ben, we can probably even hedge three or 3 to 6 months out with product.

Pricing, there's real flexibility in that market. It's definitely open.

Look, we don't know how long it'll open for, but we're getting very good indications of how buoyant the market is, and I think the first shipment basically pays off the whole bloody capex of the project, it's pretty extraordinary. The C3 pricing that we're getting offered, it's very attractive for miners, let's just put it that way.

Okay. Just on mining services, the revenue was obviously lower ex internal stuff, so that was I presume just a mix of stoping versus development at Bellevue.

When does Waihi start reporting revenue?

Look, yep, exactly right on the mining services, but we expect that to pick back up at Bellevue. Waihi will come in this quarter, mate, we only just mobilized in effectively this month, we'll be lodging obviously the first sort of mobilization invoices this quarter.

The first cut in the boxcut will be the back end of this month. Look, there's a bit of weather that went through New Zealand.

I didn't know a cyclone could go that far south of the Southern Hemisphere, but Auckland and the North Island did get hit a couple of weeks ago by a cyclone, the boxcut there got delayed a couple of weeks, otherwise we would have taken our first cut by now. As I said, all the equipment's there, people are there, and we're roaring to get into it and start this 5-year development contract.

Brilliant. Thanks, chaps.

Sorry guys, I just broke up then. Thank you everyone for joining Develop's call today.

As I said at the start, we're fast closing the first quarter of this business out. Take time and read the quarterly.

There is a lot of activity. We're basically building three mines in 3 years.

This business is looking radically different month by month, and we're very excited about bringing the next two mines on and hopefully winning some more mining services. We've got 4 to 6 weeks left in the first quarter, but we're super excited about the second quarter of what our business looks like.

Thanks for joining us today.