Acquisition:
2022 / 08 / 15
Agreement:
Stream
Terms:
80% Ag @ $0/oz capped at A$27M
A$1M per 1.0 Mt tailings ore processed capped at A$10M
Development Highlights
The Woodlawn Zinc-Copper Project is a high-grade, volcanogenic massive-sulphide (VMS) deposit, comprised of 12 known sulphide lenses that form three mineralized horizons locally disrupted by faulting. The zinc, copper, and lead mineralization occurs as massive and stringer sulphide lenses, interpreted to have formed both on the sea floor and in coeval mudstones and volcanic breccia flows.
A positive Feasibility Study was completed in mid-2016 and in April 2024, a Production Restart Study was announced that was based on a 0.85 Mt per annum underground mine producing an average 12,000 tonnes of copper and 36,000 tonnes of zinc per annum with a 10-year mine life.
Develop has entered into an agreement with Trafigura PTE to provide US$65 million in prepayment/loan facility to bring the mine into production. Trafigura will buy all of Woodlawn’s production under an approximate five-year term offtake arrangement.
In December 2024, Develop’s Board of Directors made a Final Investment Decision supporting the re-start of the Woodlawn mine and in January 2025, Develop announced that refurbishment of the processing plant was 70% complete. The Woodlawn re-start plan is on time and on budget, with ore production from underground scheduled to commence in March and first concentrate production and cashflows in June 2025.
Royalty Ounces
Attributable to Sandstorm
| P&P | M&I1 | Inferred | |
|---|---|---|---|
| Woodlawn GEOs | 8 koz | – | – |
1. Measured and Indicated Mineral Resources are Exclusive of Mineral Reserves.
For notes to Royalty Ounces see page 109 to page 112 of our Asset Handbook.
Reserves and Resources
On a 100% Basis
| Tonnage | Grade | Contained | ||
|---|---|---|---|---|
| Proven & Probable |  | 6.0 Mt | 29.0 g/t | 5,586 koz |
| Measured & Indicated1 | | 8.1 Mt | 36.6 g/t | 9,579 koz |
| Inferred | | 3.1 Mt | 70.0 g/t | 7,055 koz |
1. Measured and Indicated Mineral Resources are Inclusive of Mineral Reserves.
For notes to Mineral Reserves and Mineral Resources see page 118 of our Asset Handbook.
