DEVELOP GLOBAL LIMITED (DVP)
Share Price Analysis and Chart

29/07/2026

1

Buy

$6.50

24.05%

The fourth quarter update from Develop Global revealed improving recoveries and processed ore grades along with higher-than-expected operating costs at Woodlawn.

Bell Potter was disappointed by the latter but notes the business has strong leverage to copper, zinc and lithium prices. M&A activity is considered a potential short-term catalyst.

Quarterly revenue of $63m was ahead of estimates and included a strong final quarter at the Bellevue mine. Buy rating. Target is reduced to $6.50 from $7.20.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.30 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 32.30 cents.

01/08/2026

1

Buy

$6.80

29.77%

Canaccord Genuity maintains a Speculative Buy rating for Develop Global with its target price reduced to $6.80 from $7.10 following a June quarter operational update highlighting a 47% sequential increase in copper equivalent production to 4.6kt at Woodlawn.

Higher head grades and improved mineral recoveries across zinc, lead, silver, and gold drove the production uplift, generating $84m in quarterly revenue from the operation against underlying site costs of $39m.

Underground portal establishment and development commenced across new contract mining sites at BP33 and Waihi, while external mining services revenue expanded 25% sequentially to $63m.

Closing cash reserves reached $123m against $112m in drawn debt facilities, with first direct-shipping ore sales from Pioneer Dome expected in the December quarter of 2026.

Increasing life-of-mine operating cost estimates at Woodlawn by 15% leads to reduced earnings forecasts, though the analyst considers the diversified production and mining services portfolio well positioned for near-term cash flow growth.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 7.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 82.00 cents.