Develop Global Limited (VTEXF) Q4 2026 Earnings Call Transcript

It's been an absolutely cracking quarter for Develop on every front. We now have a very well-established pipeline of production and cash flow growth, both in the immediate, medium and longer terms. Basically, we're now reaping the benefits of the investments we've made over the past 2 to 3 years and the hard work by all our teams. The production results at Woodlawn are excellent with recoveries continuing to increase, underpinning record production and record revenue. And the resource growth drilling at Woodlawn is delivering in spades. I'll talk a little bit more about that in a moment. At Pioneer Dome, we are in the countdown to first sales of direct shipped ore lithium in the December quarter. Again, the drilling results are a standout with the average grade of the infill drilling program exceeding the resource grade. The potential impact of this on the project's cash flow is very substantial. The higher the grade, the more money we get per tonne. And we're very close to a final investment decision on the underground development at Pioneer Dome. It has also been a highly successful quarter in our mining services division, with a major contract win and the starting of two major contracts. The Bellevue Gold contract finishes this month, and we have plenty of uses for the amazing and highly skilled people and equipment this will free up.