Develop Global : 30 June Cashflow Report

Appendix 5B Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report

Rule 5.5

Appendix 5B - 4th Quarter 2021/2022

Mining Exploration Entity Quarterly Report

Name of Entity:

Develop Global Limited (ASX Code: DVP)

	ABN:					Quarter Ended ('Current Quarter')
	28 122 180 205			30 June 2022
						Current Quarter			Year to Date
Consolidated Statement of Cash Flows				(12 months)
	$A'000
								$A'000
1.	Cash Flows from Operating Activities
1.1	Receipts from customers 1		2,327		2,327
1.2	Payments for:
		(a)	exploration and evaluation		(75)		(440)
		(b)	development		-		-
		(c)	production		-		-
		(d)	staff costs		(439)		(1,673)
		(e)	administration and corporate		(1,053)		(2,511)
1.3	Dividends received (see note 3)		-		-
1.4	Interest received		19		42
1.5	Interest and other costs of finance paid		(5)		(14)
1.6	Income taxes paid		-		-
1.7	Government grants and tax incentives		-		-
1.8	Other (Woodland C&M/Dev Mining Services)(2)(3)		(3,345)		(3,345)
1.9	Net Cash from (used in) Operating Activities		(2,571)		(5,614)
2.	Cash Flows from Investing Activities
2.1	Payments to acquire or for:
		(a)	entities (3)		(7,000)		(15,500)
		(b)	tenements		-		-
		(c)	property, plant and equipment		(3,828)		(4,048)
		(d)	exploration & evaluation		(371)		(8,746)
		(e)	investments		-		-
		(f)	other non-current assets		-		-
2.2	Proceeds from the disposal of:
		(a)	entities		-		-
		(b)	tenements		-		-
		(c)	property, plant and equipment		-		-
		(d)	investments		-		-
		(f)	other non-current assets		-		-
2.3	Cash flows from loans to other entities		-		-
2.4	Dividends received (see note 3)		-		-
2.5	Other		-		-
2.6	Net cash from / (used in) Investing Activities		(11,199)		(28,294)

1. Includes revenue and expenditure for Dev Mining Services Pty Ltd from date of incorporation 09.03.2022.
2. Includes expenditure for Woodlawn for care and maintenance from date of acquisition 19.05.2022.
3. At 30 June 2022 Develop Global Limited has paid $15.5m for the purchase of Heron Resources Limited.

ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.	Page 1 of 5

Appendix 5B Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report

			Current Quarter			Year to Date
					(12 months)
			$A'000
					$A'000
3.	Cash Flows from Financing Activities
3.1	Proceeds from issues of equity securities	-		54,923
	(excluding convertible debt securities)
3.2	Proceeds from issue of convertible debt	-		-
	securities
3.3	Proceeds from exercise of options	151		4,971
3.4	Transaction costs related to issues of equity	(56)		(1,985)
	securities or convertible debt securities
3.5	Proceeds from borrowings	2,695		2,695
3.6	Repayment of borrowings	(162)		(320)
3.7	Transaction costs related to loans and	-		-
	borrowings
3.8	Dividends paid	-		-
3.9	Other	-		-
3.10	Net cash from (used in) Financing Activities	2,628		60,284
4.	Net Increase / (Decrease) in cash and cash
	equivalents for the period
4.1	Cash and cash equivalents at beginning of	54,349		16,831
	period
4.2	Net cash from / (used in) operating activities	(2,571)		(5,614)
	(item 1.9 above)
4.3	Net cash from / (used in) investing activities	(11,199)		(28,294)
	(item 2.6 above)
4.4	Net cash from / (used in) financing activities	2,628		60,284
	(item 3.10 above)
4.5	Effect of movement in exchange rates on cash	-		-
	held
4.6	Cash and Cash Equivalents at end of period	43,207		43,207
(4)

5. Reconciliation of cash and cash equivalents

	at the end of the quarter (as shown in the	Current Quarter		Previous Quarter
	consolidated statement of cash flows) to the	$A'000		$A'000
	related items in the account.
5.1	Bank balances	2,027	490
5.2	Call deposits	41,180	53,859
5.3	Bank overdrafts	-	-
5.4	Other (provide details)	-	-
5.5	Cash and cash equivalents at End of	43,207	54,349
	Quarter (should equal item 4.6 above) (4)

(4)At 30 June 2022 Develop Global Limited had $3.6 m utilised to cash back guarantees that do not appear in the cash flow.

ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.	Page 2 of 5

Appendix 5B Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report

6. Payments to related parties of the entity and their associates

1. Aggregate amount of payments to related parties and their associates included in item 1
2. Aggregate amount of payments to related parties and their associates included in item 2

Current Quarter

$A'000

146

-

Note: Item 6.1 includes aggregate salaries, directors' fees, corporate advisory & consulting fees at normal commercial rates

7. Financing Facilities

Note: the term "facility" includes all forms of financing arrangements available to the entity.

Add notes as necessary for an understanding of the sources of finance available to the entity.

1. Loan facilities
2. Credit standby arrangements
3. Other (please specify)
4. Total financing facilities

	Total facility			Amount drawn at
	amount at quarter
			quarter end
	end
			$A'000
	$A'000
-		-
-		-
-		-
-		-

7.5	Unused financing facilities available at	-
	quarter end

7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.

ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.	Page 3 of 5

Appendix 5B Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report

8.	Estimated Cash Available for Future Operating Activities
		$A'000
8.1	Net cash from / (used in) operating activities (Item 1.9)	(2,571)
8.2	Payments for exploration and evaluation classified as investing	(371)
	activities (Item 2.1(d))
8.3	Total relevant outgoings (Item 8.1 + Item 8.2)	(2,942)
8.4	Cash and cash equivalents at quarter end (Item 4.6)	43,207
8.5	Unused finance facilities available at quarter end (Item 7.5)	-
8.6	Total available funding (Item 8.4 + Item 8.5)	43,207
8.7	Estimated quarters of funding available (Item 8.6 divided by Item
14.68
	8.3)

Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item

1. as "N/A". Otherwise, a figure for the estimated quarters of funding available must be included in item
   8.8 If Item 8.7 is less than 2 quarters, please provide answers to the following questions:
   8.8.1. Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?

N/A

8.8.2. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

N/A

8.8.3. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

N/A

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.	Page 4 of 5

Appendix 5B Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report

Compliance Statement

1. This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
2. This statement gives a true and fair view of the matters disclosed.

Date:	27 July 2022
Authorised by:	The Board
`	(Name of body or officer authorising release - see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee - eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance
   Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.	Page 5 of 5