Base metals miner Develop Global is on track to reach steady-state production early next year at its Woodlawn copper/zinc mine, in New South Wales, while an updated definitive feasibility study (DFS) for its Sulphur Springs project, in Western Australia, has forecast pretax free cashflow to double to A$1.5-billion.

Commissioning at Woodlawn is progressing according to plan, with the mine expected to reach its nameplate capacity of 850 000 t/y in the March 2026 quarter. The company shipped 7 962 t of concentrate during the September quarter, generating A$19.7-million in revenue.

Recoveries and ore production improved during the period, with 130 000 t of development and stope ore mined, up 22% on the previous quarter. Underground development also exceeded plan, with 1 540 m completed using a single jumbo.

At Sulphur Springs, the updated DFS has increased the project’s pre-tax net present value, using an 8% discount, to A$921-million, up 76% from the 2023 study. The redesigned 1.5-million-tonne-a-year processing plant, all major approvals, and completed boxcut and twin portals have positioned the project for a final investment decision and construction start.

Develop said Sulphur Springs was highly leveraged to copper and zinc and would progress offtake, financing, and predevelopment activities during the December quarter.

In its mining services division, Develop extended its Bellevue Gold contract by seven months, adding A$130-million in value. External revenue for the quarter reached A$54-million, with internal revenue at A$17-million.

MD Bill Beament said the company had “created substantial value on all fronts” during the quarter. “At Woodlawn, we have increased metal recoveries ahead of schedule. This outstanding result means we are on track to ramp up mine production to the forecast steady-state rates in the March quarter of next year,” Beament said.

“Our exceptional growth outlook has also been illustrated by the findings of the updated DFS on Sulphur Springs, which forecasts outstanding financial returns with an exceptionally strong internal rate of return and A$1.5-billion of pre-tax free cashflow,” he added.

Develop ended the September quarter with A$203.8-million in cash and said discussions with third parties on potential opportunities were ongoing.