Develop Global Limited has announced that substantial earthworks have commenced at its Sulphur Springs zinc-copper project, located in Western Australia’s Pilbara. The company is actively preparing for an updated definitive feasibility study set for completion in the December 2025 quarter. Current activities include the construction of a boxcut for the underground decline and the clearance of the surface site for the processing plant and associated infrastructure. This early work is designed to de-risk the project by advancing underground capital development ahead of production, a strategy that mirrors the successful model implemented at its Woodlawn operations in New South Wales. The updated plan is expected to enhance project productivity and financing options, as underground infrastructure such as twin portals, decline works, and ventilation drives are scheduled to be executed prior to mining production. With anticipated improvements in production tonnages of around 20%, the revised study will incorporate higher consensus commodity prices and lower treatment and refining costs. Technical details from earlier work indicated a pre-tax Net Present Value of A$523 million, forecasting annual production of approximately 30,000 tonnes of copper-equivalent material, and a life-of-mine revenue nearing A$2.9 billion with free cash flow of about A$745 million. The company’s advance in completing surface access, geotechnical assessments, and commencement of mobilisation activities represents a significant operational milestone. By establishing underground infrastructure early, Develop Global Limited not only reduces execution risks but also unlocks potential for additional resource and reserve growth through further underground drilling from newly accessible platforms. The cumulative impact of these measures is expected to lower costs, increase mining efficiency, and potentially extend the mine life beyond the current eight-year projection. Sentiment surrounding the news appears generally positive. Bullish investors may appreciate the proactive de-risking strategy and the potential for enhanced economic returns as commodity prices have risen while processing costs have fallen. The technical indicators support the view of a high-grade asset poised for strong free cash flow generation. Conversely, bearish sentiment could point to challenges related to the initial capital requirement of A$296 million and inherent risks associated with transitioning from development to full-scale production. The project's success remains subject to execution and market dynamics, factors that investors will continue to monitor closely.