Name of the Project
Sulphur Springs copper/zinc project.

Location
Pilbara, in Western Australia.

Project Owner/s
Australian base metal developer Develop Global, through its wholly owned subsidiary Venturex Sulphur Springs.

Project Description
As at October 9, 2025, Sulphur Springs had an ore reserve of 8.8-million tonnes grading at 1.1% copper and 5.4% zinc.

An updated definitive feasibility study (DFS) has shown that Sulphur Springs will be technically and economically robust, with the new proposed bottom-up mining approach resulting in the project’s developing as an underground mine from the outset. This will allow for substantial flexibility in the mine plan and scheduling sequence.

Based on a 1.5-million-tonne-a-year underground mine, the DFS indicates that Sulphur Springs will produce average yearly recovered metal for years three to seven of 79 000 t/y of zinc and 11 500 t/y of copper. Recovered metal is reported at 490 000 t of zinc and 75 000 t of copper over an 8.8-year life-of-mine.

Infrastructure proposed includes a power station; communications systems; a processing plant and ancillaries; plant buildings; an upgrade to the site access road; an accommodation village; a raw and potable water supply and mine water treatment; fuel storage; a tailings storage facility, evaporation and run-off ponds; mobile equipment; concentrate transport and mining offices.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a net present value, at an 8% discount rate, of A$921-million and an internal rate of return 59%, with a payback of about three years.

Capital Expenditure
Preproduction capital is estimated at A$329-million – A$289-million for the processing plant and other site infrastructure, and A$40-million for mining preproduction, tailings dam construction, site access and accommodation facilities.

Planned Start/End Date
Not confirmed.

Latest Developments
Develop has reported that it will progress offtake, financing and predevelopment activities during the December quarter.

Key Contracts, Suppliers and Consultants
GR Engineering Services and Karijini Civil & Mining (process plant infrastructure and nonprocess infrastructure); Develop, ALS Metallurgy and Auralia Metallurgy (metallurgical test work); Develop and Entech (geology and resources and geotechnical, mining, mine design and ore reserves and financial modelling); and CMW Geoscience, Knight Piésold (tailings management facility and geotechnical studies).

Contact Details for Project Information
Develop Global, tel +61 8 6389 7400 or email hello@develop.com.au.