DEVELOP GLOBAL LIMITED (DVP)
Share Price Analysis and Chart

04/05/2026

1

Buy

$6.60

23.36%

Bell Potter views a direct shipping ore spodumene operation at Pioneer Dome as the best, low-capital pathway to accelerate market entry, with production expected to be highly responsive to lithium price cycles for Develop Global.

The broker highlights the project's simple mine, crush and haul design, enabling rapid ramp-up and suspension depending on pricing and offtake conditions.

Pioneer Dome is not valued on a discounted cash flow basis given sub-economic returns under long-term price assumptions, instead it is framed as a short-term cash flow generator.

Assuming a 2-year direct shipping ore operation at US$250/t, the analyst forecasts the project could deliver earnings (EBITDA) of $164m and free cash flow of $91m, with initial production likely hedged to secure capex payback.

No change to Buy rating and $6.60 target. Earnings forecasts unchanged.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 10.60 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 38.60 cents.

30/04/2026

1

Speculative Buy

$7.00

30.84%

Develop Global had a strong March quarter, according to Canaccord Genuity, with Woodlawn achieving commercial production after exceeding steady-state run rates.

Operational momentum improved, the analyst highlights, with higher mined and processed tonnes, rising grades and strong copper and zinc production. It's also noted reported revenue understated performance due to shipment timing.

The broker expects a materially stronger June quarter, supported by improved recoveries and revenue catch-up, while forecasting solid free cash flow (FCF) generation.

Canaccord also points to upside from mine life extension drilling, imminent final investment decision (FID) at Sulphur Springs and near-term lithium exposure via Pioneer Dome.

Canaccord maintains a Speculative Buy rating and raises its target by $1.00 to $7.00.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents.