Woodlawn is a high-grade zinc-copper-lead-gold-silver project located in the world-class Lachlan Fold belt in NSW, 250km south-west of Sydney and 40km south of Goulburn.

The Woodlawn mine operated from 1978 to 1998 and processed 13.8Mt of ore from the Woodlawn open pit, underground and minor satellite deposits. Following its closure, the project was acquired by ASX-listed Heron Resources. Heron developed the underground mine and processing plant, investing ~A$340 million in the project before it was put on care and maintenance in 2020. Heron was placed in administration in July 2021.

Develop completed its acquisition of Woodlawn and the extensive tenement package in May, 2022 for A$30m upfront and success driven milestone payments. The acquisition included the underground mine and the new processing plant and site infrastructure.

In August 2022, an independent assessment confirmed that Woodlawn hosts a large high-grade underground JORC-compliant Resource of 7.3 million tonnes grading 13.2% zinc-equivalent. This figure is in line with the stated Resource at the time Develop acquired the project. However, the new estimate contains Measured and Indicated Resources of 4.8 million tonnes, which is higher than in the previous estimate. The Resource was independently calculated by leading mining and geological consultants, Entech.

In addition to the Resource, the assessment identified 5.1Mt of mineralisation next to the historical underground workings, which had mined grades of ~9.1% zinc and ~1.6% copper. This mineralisation could lead to a substantial Resource increase and Develop is assessing this potential.

Develop believes that the project has significant growth potential, having historically been under-explored and untested at depth. In particular, the Company believes that Woodlawn has strong potential for extensions of existing lenses which are open at depth and along strike and for the discovery of additional lenses, with logical structural positions untested.

The Company is currently focused on upgrading Inferred Resources to Indicated and extending the mineralised lenses at depth. Drilling will also test highly prospective EM conductors and new exploration targets.