ASX-listed Develop Global has reported strong operational and financial performance in the December quarter, with successful commissioning and ramp-up at its Woodlawn copper/zinc mine in New South Wales placing the operation on track for steady-state production in the March quarter.

The company processed a record 59 000 t of ore in December and is targeting nameplate capacity of 850 000 t/y during the current quarter. Quarterly revenue rose 98.5% to A$39.1-million from 9 472 t of concentrate sales, while copper and zinc concentrate production increased by 36% and 43%, respectively, compared with the September quarter.

Develop said ongoing declines in treatment and refining charges were supporting Woodlawn’s financial outlook, with net smelter return revenue per tonne increasing by about 40% to A$470/t compared with the restart financials published in August 2024.

MD Bill Beament said the December quarter marked a turning point for the company. “It was a pivotal quarter for Develop which has set up the company for rapid growth in copper, zinc and silver/gold production.

“The impact of what will be a rapidly increasing production profile on our cashflow, particularly given the surge in commodity prices and the sharp falls in treatment costs, will be significant and more far-reaching than some in the market are expecting.

“Our five-year business plan targets annual production of 50 000 t of copper-equivalent metal. The strong ramp-up at Woodlawn and the progress at Sulphur Springs puts us tracking well to our schedule."

As well as zinc and copper, Sulphur Springs has a significant silver component. With the silver price at record highs, we look forward to advancing funding and offtake discussions ahead of a FID later this year," said Beament.

During the quarter, the Mining Services division secured a A$200-million contract from OceanaGold to establish its Waihi North project in New Zealand.

“This outstanding result is a testament to the skills of our people and the depth of our talent pool. I would like to congratulate them on winning this contract and thank OceanaGold for entrusting us to deliver their project.

“Since securing this contract, we have received many inquiries regarding our mining services, including from New Zealand projects.

Turning to lithium, Beament said that the quarter and subsequent to also saw a sharp increase in lithium prices, opening the door to a potentially significant opportunity at our Pioneer Dome lithium project in Western Australia.

“We are assessing all the options at Pioneer Dome, which include a low capital cost production scenario such as a DSO operation, toll treating ore and building our own processing facility”.

The company estimates first DSO production could be achieved within six months at a capital cost of A$35-million to A$40-million. Preliminary offtake discussions, financing and pre-development planning have been initiated.

Meanwhile, group external revenue reached a record A$94.6-million in the December quarter, while cash stood at A$179.9-million at the end of December 2025.