DEVELOP GLOBAL LIMITED (DVP)
Share Price Analysis and Chart

12/01/2026

1

Buy

$5.80

11.97%

Bell Potter highlights rising copper, zinc and silver prices as supportive for Develop Global, lifting its commodity price deck and flagging improving revenue and margin potential at Woodlawn.

The broker points to tailwinds from elevated silver prices accelerating stream liability repayment and lower aggregate treatment charges and refining charges, alongside several near-term operational and corporate catalysts.

The analysts' earnings forecasts rise on higher commodity assumptions, with Develop Global viewed as an undervalued small-cap copper-zinc exposure as Woodlawn de-risks.

Bell Potter retains a Buy rating and raises its target to $5.80 from $5.20.

This report was published on January 9.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 19.40 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 38.80 cents.

12/01/2026

3

Hold

$5.05

-2.51%

Canaccord Genuity notes base metals have continued to perform strongly, supported by global growth, with copper a standout due to tight supply, surging demand and zero TCRCs highlighting concentrate scarcity. TCRC stands for Treatment and Refining Charges.

The broker revised its base metals outlook, lifting near-term prices across all metals (except lead) and raising long-term assumptions for copper, aluminium, cobalt and tin. Copper’s long-term price forecast increased by 22% to US$5.50/lb to reflect a structural market shift.

At Develop Global's December quarterly, the broker expects production and cash flow at Woodlawn to lift as ramp-up continues toward nameplate by the March 2026 quarter. Cash is expected to decline to $190m amid elevated costs and ongoing development at Sulphur Springs.

Hold maintained. Target rises to $5.05 from $4.50 on higher zinc and copper price forecasts.