DEVELOP GLOBAL LIMITED (DVP)
Share Price Analysis and Chart

29/10/2025

1

Buy

$5.00

35.14%

Develop Global's 1Q26 update shows steady growth in Mining Services and improving performance at Woodlawn, highlights Bell Potter.

External mining services revenue was $54m, roughly in line with expectations, with a seven-month extension of the Bellevue Gold ((BGL)) mine contract valued at around $130m.

Woodlawn revenue rose to $19.7m, with metal recoveries improving and commercial production targeted for the March 2026 quarter, note the analysts.

The broker highlights a strong balance sheet with $204m in cash and $46m net cash.

Bell Potter maintains a Buy rating and lowers its target price to $5.00 from $5.40.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 18.20 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 35.50 cents.

10/10/2025

3

Hold

$4.50

21.62%

Canaccord Genuity notes the Federal Reserve’s September rate cut and outlook, and a weaker US dollar boosted commodity prices, especially precious and industrial metals.

While precious metals benefited as inflation hedges, base metals gained from infrastructure, electrification, and data centre demand, aided by cheaper borrowing.

Aluminium (up 10%), zinc (up 7%), and tin (up 6%) were standout performers. The broker lifted 2026 price forecast for copper by 3.8%, aluminium by 4%, zinc by 4%, tin by 13.7% but cut cobalt by -3.2%.

For Develop Global, the broker's September quarter production forecast are 61% higher for zinc and 68% higher for copper vs the June quarter. EBITDA forecast trimmed by -15% for FY26 but increased by 6% for FY27.

Hold. Target rises to $4.50 from $4.40, mainly on revised zinc and copper price forecasts.