DEVELOP GLOBAL LIMITED (DVP)
Share Price Analysis and Chart

10/06/2025

1

Buy

$5.00

4.82%

Bell Potter has brought forward its forecast for Develop Global to achieve the nameplate copper concentrate production rate at Woodlawn to the September quarter from the December quarter. The broker also noted underground mining ramp-up is on track to hit over 800ktpa by the December quarter.

For the Pioneer Dome project, the broker pushed back the first production expectation to the September 2028 quarter. The result is a 17% lift in EPS forecast for FY26, and a -6% cut to FY27 forecast.

Buy. Target rises to $5 from $4 on EPS revisions, valuation roll-forward and a lower cost of capital of 9.5% from 10.5%.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.40 cents.
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 46.90 cents.

04/06/2025

1

Speculative Buy

$5.05

5.87%

Canaccord Genuity points to substantial earthworks at Develop Global's Sulphur Springs zinc-copper project, including the building of boxcut excavation, which is expected to be completed in the Sept quarter 2025, with two underground portals and decline works in the Dec quarter 2025.

The broker notes this is in advance of the anticipated timeline compared to starting June quarter 2026. A ramp-up of Woodlawn could generate free cash flow of $93m in FY26, the analyst explains, which will fund the works at Sulphur Springs.

No change to Speculative Buy and $5.05 target price.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 61.00 cents.