OREMAVEN
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2026-11-06
◂ Monitor DVP ASX

DEVELOP GLOBAL LIMITED

Producer · Copper · Zinc · Lithium · Silver · Gold · Lead · Australia · New Zealand Rating locked: sign in to view v8 · dvp-20261024t212049-full
Last 2026-11-06
A$3.55
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$1.2B
EV
A$1.3B
Cash
A$114.8M
Debt
A$116.7M
5 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

13 assets

Core asset

Woodlawn copper-zinc mine

Australia

Producer100% ownedCopperZincLeadSilverGold

100% owned through Tarago Operations and Heron. Commercial production achieved in March 2026; proposed DM15 mine life extension is not yet a 15-year reserve-supported plan.

Producer · Producer
Production annualised (attributable)
6.3k td
Production (last FY, 100%)
4.8k t
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
NM
Reserve life
18.8 yrsd
Head grade
1.2%
Published study economicsIssuer or study metrics
NPVA$728M7% discount
Initial capexA$78MPublished capital estimate

Reportedpre-taxstudy. Woodlawn historicalNPVcontextonly;YitirrtiFID811mreplacesOctober2025921m;PioneerStageIpre-taxFCF201misnotNPV.

Resources & reserves7
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured1.3M t2.1%Cu;5.2%ZnCopper · Zinc · Lead · Silver · Gold2026-06-30
Mineral ResourceIndicated6.8M t1.8%Cu;4.7%ZnCopper · Zinc · Lead · Silver · Gold2026-06-30
Mineral ResourceInferred3.1M t1.6%Cu;8.5%ZnCopper · Zinc · Lead · Silver · Gold2026-06-30
Mineral ResourceTotal11.3M t1.8%Cu;5.8%Zn;2.1%Pb;46g/tAg;0.5g/tAuCopper · Zinc · Lead · Silver · Gold2026-06-30
Ore ReserveProved1.2M t1.7%Cu;4.5%ZnCopper · Zinc · Lead · Silver · Gold2026-06-30
Ore ReserveProbable4.8M t1.4%Cu;3.4%ZnCopper · Zinc · Lead · Silver · Gold2026-06-30
Ore ReserveTotal6M t1.5%Cu;3.6%ZnCopper · Zinc · Lead · Silver · Gold2026-06-30
Tenements1
woodlawn-leaseGranted— None · 2029-11-16
Economic studies1
StudyStageStatusDateSummary
Woodlawn revisedrestartstudyAugust2024Operating PlanReaffirmed2024-08-02Sourcepre-taxfinancials;assumptionskeptdistinctfromanalystvaluation. No currentaftertaxscheduleprovided.

Core asset

Yitirrti (formerly Sulphur Springs)

Australia

Construction100% ownedCopperZincSilver

Yitirrti is the renamed Sulphur Springs project. FID in June 2026, A$450m construction budget including A$275m plant EPC. Kangaroo Caves is regional resource inventory without a separate base mine-plan value.

Developer · Construction
Study
June2026 FID based on October2025 UpdatedDFS with May2026 FEED costs
Post-tax NPV (study prices, attributable)
—
NPV restated at our deck (attributable)
Locked
IRR
37%s
Initial capex (100%)
A$450.0ms
Capital intensity
A$49,315/(t/yr)d
LoM AISC
—
Mine life
8.0 yrss
Published study economicsIssuer or study metrics
NPVA$811M8% discount
IRR37%Published return
Initial capexA$450MPublished capital estimate

Reportedpre-taxstudy. Woodlawn historicalNPVcontextonly;YitirrtiFID811mreplacesOctober2025921m;PioneerStageIpre-taxFCF201misnotNPV.

Resources & reserves8
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceSulphurSprings Indicated12.4M t1.2%Cu;5.6%ZnCopper · Zinc · Silver2026-06-30
Mineral ResourceSulphurSprings Inferred1.4M t0.2%Cu;6.4%ZnCopper · Zinc · Silver2026-06-30
Mineral ResourceSulphurSprings Total13.8M t1.1%Cu;5.7%ZnCopper · Zinc · Silver2026-06-30
Mineral ResourceKangarooCaves Indicated2.3M t0.9%Cu;5.7%ZnCopper · Zinc · Silver2026-06-30
Mineral ResourceKangarooCaves Inferred1.3M t0.5%Cu;6.5%ZnCopper · Zinc · Silver2026-06-30
Mineral ResourceKangarooCaves Total3.6M t0.8%Cu;6.0%ZnCopper · Zinc · Silver2026-06-30
Ore ReserveProbable8.8M t1.1%Cu;5.4%ZnCopper · Zinc · Silver2026-06-30
Ore ReserveTotal8.8M t1.1%Cu;5.4%ZnCopper · Zinc · Silver2026-06-30
Tenements1
sulphur-springs-leaseGranted— None · No expiry supplied
Milestones2
  1. Final investment decision

    Achieved · High materiality

  2. First saleable concentrate

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
MajorenvironmentalandminingapprovalsWesternAustraliaGranted—No
Economic studies1
StudyStageStatusDateSummary
June2026FIDwithupdatedFEEDcostsFeedCurrent2026-06-10Sourcepre-taxfinancials;assumptionskeptdistinctfromanalystvaluation. No currentaftertaxscheduleprovided.

Core asset

Pioneer Dome Stage I DSO

Australia

Construction100% ownedLithium

Stage I approved850kt DSO target,94% Indicated and6% Inferred. Stage II is conditional. Its value is not established as zero: full project option quantified in upside limitation rather than unsupported operating schedule.

Developer · Construction
Study
StageI DSO Final Investment Decision
Post-tax NPV (study prices, attributable)
—
NPV restated at our deck (attributable)
Locked
IRR
55%s
Initial capex (100%)
A$40.0ms
Capital intensity
A$3,922/(t/yr)d
LoM AISC
—
Mine life
1.0 yrsd
Published study economicsIssuer or study metrics
IRR55%Published return
Initial capexA$40MPublished capital estimate

Reportedpre-taxstudy. Woodlawn historicalNPVcontextonly;YitirrtiFID811mreplacesOctober2025921m;PioneerStageIpre-taxFCF201misnotNPV.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated8.6M t1.23%Li2O;105,000tcontainedLi2OLithium2026-06-30
Mineral ResourceInferred2.6M t0.92%Li2O;24,000tcontainedLi2OLithium2026-06-30
Mineral ResourceTotal11.2M t1.2%Li2O;129,000tcontainedLi2OLithium2026-06-30
Tenements1
pioneer-dome-leaseGranted— None · No expiry supplied
Milestones2
  1. Stage I DSO final investment decision

    Achieved · High materiality

  2. First DSO production and sales

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
MajorenvironmentalandminingapprovalsWesternAustraliaGranted—No
Economic studies1
StudyStageStatusDateSummary
June2026StageIDSOFIDOperating PlanCurrent2026-06-10Sourcepre-taxfinancials;assumptionskeptdistinctfromanalystvaluation. No currentaftertaxscheduleprovided.

Core asset

Develop Mining Services

Australia · New Zealand

Producer100% ownedOthers

Continuing external underground services. Client metal is not owned by Develop. Internal work and profit eliminated. Contracts support an estimated131m mature external revenue base, with replacement fleet and working capital funded.

Operating business / services · Operating
Revenue
A$226.9m
EBITDA margin
13.6%d
Utilisation
—
Order book
—
Top customer share
95.3%d

Other

Whim Creek JV

Australia

DFS Unfunded Developer20% ownedCopperZinc

20% interest free carried to a decision to mine; partner Anax holds 80% and is pursuing funding.

Developer · DFS unfunded developer
Study
—
Post-tax NPV (study prices, attributable)
—
NPV restated at our deck (attributable)
Locked
IRR
—
Initial capex (100%)
—
Capital intensity
—
LoM AISC
—
Mine life
—
Tenements1
whim-creek-leaseGranted— None · No expiry supplied

Other

Alchemy regional JV

Australia

Early Explorer20% ownedCopperGold

Beneficial interest disclosed in the June 2026 tenement schedule. No current funded plan or reliable economic anchor supports positive value; the interest remains in the ledger.

Exploration · Early explorer
Ownership
20%
Commodity
Aur
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

Sky Metals regional JV

Australia

Early Explorer20% ownedCopperGold

Beneficial interest disclosed in the June 2026 tenement schedule. No current funded plan or reliable economic anchor supports positive value; the interest remains in the ledger.

Exploration · Early explorer
Ownership
20%
Commodity
Aur
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

Golden Ridge mineral rights

Australia

Early Explorer25% ownedNickel

Beneficial interest disclosed in the June 2026 tenement schedule. No current funded plan or reliable economic anchor supports positive value; the interest remains in the ledger.

Exploration · Early explorer
Ownership
25%
Commodity
Nir
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

Balagundi farm-out

Australia

Early Explorer25% ownedGold

Beneficial interest disclosed in the June 2026 tenement schedule. No current funded plan or reliable economic anchor supports positive value; the interest remains in the ledger.

Exploration · Early explorer
Ownership
25%
Commodity
Aur
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

Kangan gold and precious metals JV

Australia

Early Explorer30% ownedGold

Beneficial interest disclosed in the June 2026 tenement schedule. No current funded plan or reliable economic anchor supports positive value; the interest remains in the ledger.

Exploration · Early explorer
Ownership
30%
Commodity
Aur
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

Maggie Hays Hill JV

Australia

Early Explorer20% ownedNickel

Beneficial interest disclosed in the June 2026 tenement schedule. No current funded plan or reliable economic anchor supports positive value; the interest remains in the ledger.

Exploration · Early explorer
Ownership
20%
Commodity
Nir
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

Wattle Dam nickel rights

Australia

Early Explorer20% ownedNickel

Beneficial interest disclosed in the June 2026 tenement schedule. No current funded plan or reliable economic anchor supports positive value; the interest remains in the ledger.

Exploration · Early explorer
Ownership
20%
Commodity
Nir
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

Larkinville West JV

Australia

Early Explorer25% ownedGoldNickel

Beneficial interest disclosed in the June 2026 tenement schedule. No current funded plan or reliable economic anchor supports positive value; the interest remains in the ledger.

Exploration · Early explorer
Ownership
25%
Commodity
Aur
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
Kangaroo Caves (Yitirrti resource inventory) · Resource / scoping · Resource stage
Contained metal (attributable)
28.8k td
Resource grade
0.8%
% Measured + Indicated
71.9%d
Resource tonnes
3.60 Mt
Our value per attrib. contained unit
Locked
Mining method
—