DEVELOP GLOBAL LIMITED (DVP)
Share Price Analysis and Chart

10/04/2026

1

Buy

$6.50

20.37%

Develop Global has had steady progress at Woodlawn, with Bell Potter updating commodity price assumptions. March quarter commodity prices exceeded expectations, with copper, zinc and silver all rising strongly.

Woodlawn achieved steady-state production above nameplate capacity, with mined tonnes up 46% q/q and stoping tonnes up 53% q/q. Processed tonnes rose 25% q/q and metal concentrate volumes rose 50% q/q.

The analyst expects lower zinc treatment/refining charges and negative copper treatment charges to boost net smelter returns and revenue generation.

Forecast changes reflect updated pricing and operational performance, with forecast EPS lowered -11% for FY26, and tweaked 1% higher for FY27.

Target rises to $6.50 from $6.40 and Buy rating retained.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 17.90 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 39.00 cents.

05/02/2026

1

Upgrade to Speculative Buy from Hold

$5.70

5.56%

Commissioning at Woodlawn continues, with Develop Global reiterating it is on track to reach nameplate capacity of 850ktpa this quarter. Dec Q Revenue of $55.5m was in line with Canaccord Genuity and steady quarter on quarter.

During the quarter, Develop Global was awarded a five-year, $200m underground development contract to establish the Waihi North Gold Project owned by OceanaGold. 

Management highlighted it was assessing and progressing a substantial volume of tenders, reflecting favourable market conditions. Target rises to $5.70 from $5.05, upgrade to Speculative Buy from Hold.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 17.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 66.00 cents.