DEVELOP GLOBAL LIMITED (DVP)
Share Price Analysis and Chart

30/09/2026

1

Buy

$5.80

34.88%

Underlying EBITDA at Develop Global in FY26 was up 71% at $43.6m, outperforming Bell Potter's expectations. FY27 guidance signals confidence in Woodlawn and the ramping up of Pioneer Dome.

Woodlawn production is expected in the range of 775,000-875,000 tonnes of ore at average grade of 2.7% copper equivalent. Pioneer Dome is expected in the range of 650,000-750,000 tonnes of ore at average grade of 1.2% lithium oxide.

Bell Potter reduces EPS estimates for FY27 by -23% and FY28 by -27% to reflect downgraded mining services revenue, lower Pioneer Dome spodumene DSO recovery and modestly higher Woodlawn operating costs as well as higher interest rates.

Buy rating retained. Target is reduced to $5.80 from $6.50.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 25.10 cents.
Bell Potter forecasts a full year FY28 EPS of 18.40 cents.

01/08/2026

1

Buy

$6.80

58.14%

Canaccord Genuity maintains a Speculative Buy rating for Develop Global with its target price reduced to $6.80 from $7.10 following a June quarter operational update highlighting a 47% sequential increase in copper equivalent production to 4.6kt at Woodlawn.

Higher head grades and improved mineral recoveries across zinc, lead, silver, and gold drove the production uplift, generating $84m in quarterly revenue from the operation against underlying site costs of $39m.

Underground portal establishment and development commenced across new contract mining sites at BP33 and Waihi, while external mining services revenue expanded 25% sequentially to $63m.

Closing cash reserves reached $123m against $112m in drawn debt facilities, with first direct-shipping ore sales from Pioneer Dome expected in the December quarter of 2026.

Increasing life-of-mine operating cost estimates at Woodlawn by 15% leads to reduced earnings forecasts, though the analyst considers the diversified production and mining services portfolio well positioned for near-term cash flow growth.

FORECAST
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 82.00 cents.