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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$114.8M2024-12-31: 112,896,829 A$2025-06-30: 54,626,000 A$2025-12-31: 180,391,164 A$2026-06-30: 114,812,000 A$ Construction Funded
Debt A$116.7M2025-12-31: 129,827,668 A$2026-06-30: 116,670,000 A$ Net cash A$-1.9M
Basic shares 329.9M 2026-09-07
Runway Construction Funded Issuer funded status relies on the shared US$350m secured facility, cash and operating receipts. US$50m of warrant exercise proceeds is contingent and excluded from available funding.

Liquidity

Financial position

Audited 30 June cash A$114.812m and borrowing carrying value A$116.670m. Nominal claims restore the warrant accounting discount; leases are separate. Cutoff cash and debt are frozen analyst bridges, not reported balances. Capital and service commitments are included once in relevant forecast budgets.

Inventory composition2

Consumables A$17.618m, ROM ore A$3.410m and site concentrates A$12.113m total A$33.141m. Concentrate product tonnes differ from contained metal. Working capital remains embedded in project values; inventory is not added twice.

Woodlawn ROM ore on hand
A$3.4M carrying · 34,074 t dryore
Unsold Woodlawn copper, zinc and lead concentrates on site
A$12.1M carrying · 9,937 t concentrateproduct

Capital structure

Ownership and dilution

Ordinary shares
329.9M
Fully diluted
349.2M

Later 7 September ordinary distribution total 329,919,225, versus 329,985,475 at June including trust shares. Latest rights10,627,135 and835,000 employee options plus7,833,792 warrants retained separately. The maximum fully diluted register is not the unconditional scenario denominator. Various employee strikes and June/September option split remain a small source uncertainty.

Security classes4
ClassTypeQuantityStrikeExpiry
Quoted ordinary shares at 7 September 2026Ordinary Share329.9M——
Disclosed performance rights; model assumes full vestingPerformance Right10.6MA$0—
835,000 employee options; strike proxy bounded because latest aggregate and June class split differOption835K——
7,833,792 Trafigura warrants; A$9.105 strike and22 June2031 expiryOption7.8MA$9.1052031-06-22

KPI history

Operating metrics · Woodlawn copper-zinc mine

Contained metal in concentrates: Cu shown
04599191,3781,838September 2025: 725 tSeptember 2025December 2025: 853 tDecember 2025March 2026: 1,641 tMarch 2026June 2026: 1,579 tJune 2026
MetricUnitTrendSeptember 2025December 2025March 2026June 2026
Contained metal in concentrates: CutSeptember 2025: 725 tDecember 2025: 853 tMarch 2026: 1,641 tJune 2026: 1,579 t7258531,6411,579
Contained metal in concentrates: ZntSeptember 2025: 1,546 tDecember 2025: 2,062 tMarch 2026: 2,946 tJune 2026: 5,455 t1,5462,0622,9465,455
Contained metal in concentrates: CuEq (FY26 deck)tSeptember 2025: 1,456 tDecember 2025: 1,674 tMarch 2026: 3,147 tJune 2026: 4,625 t1,4561,6743,1474,625
Dry ore processedtSeptember 2025: 144,600 tDecember 2025: 141,009 tMarch 2026: 176,550 tJune 2026: 172,283 t144,600141,009176,550172,283
Operating metric source table22
MetricProjectPeriodPeriod typeValueStatus
Contained metal in concentrates: CuWoodlawnSeptember 2025 quarterQuarter725 tReported
Contained metal in concentrates: ZnWoodlawnSeptember 2025 quarterQuarter1,546 tReported
Contained metal in concentrates: CuEq (FY26 deck)WoodlawnSeptember 2025 quarterQuarter1,456 tReported
Dry ore processedWoodlawnSeptember 2025 quarterQuarter144,600 tReported
Contained metal in concentrates: CuWoodlawnDecember 2025 quarterQuarter853 tReported
Contained metal in concentrates: ZnWoodlawnDecember 2025 quarterQuarter2,062 tReported
Contained metal in concentrates: CuEq (FY26 deck)WoodlawnDecember 2025 quarterQuarter1,674 tReported
Dry ore processedWoodlawnDecember 2025 quarterQuarter141,009 tReported
Contained metal in concentrates: CuWoodlawnMarch 2026 quarterQuarter1,641 tReported
Contained metal in concentrates: ZnWoodlawnMarch 2026 quarterQuarter2,946 tReported
Contained metal in concentrates: CuEq (FY26 deck)WoodlawnMarch 2026 quarterQuarter3,147 tReported
Dry ore processedWoodlawnMarch 2026 quarterQuarter176,550 tReported
Contained metal in concentrates: CuWoodlawnJune 2026 quarterQuarter1,579 tReported
Contained metal in concentrates: ZnWoodlawnJune 2026 quarterQuarter5,455 tReported
Contained metal in concentrates: CuEq (FY26 deck)WoodlawnJune 2026 quarterQuarter4,625 tReported
Dry ore processedWoodlawnJune 2026 quarterQuarter172,283 tReported
Reported cash balance; audited or half-year reviewedCompanyBalance as at 2024-12-31Point In Time112,896,829 AUDReported
Reported cash balance; audited or half-year reviewedCompanyBalance as at 2025-06-30Point In Time54,626,000 AUDReported
Reported cash balance; audited or half-year reviewedCompanyBalance as at 2025-12-31Point In Time180,391,164 AUDReported
Reported cash balance; audited or half-year reviewedCompanyBalance as at 2026-06-30Point In Time114,812,000 AUDReported
Reported borrowing carrying valueCompanyBalance as at 2025-12-31Point In Time129,827,668 AUDReported
Reported borrowing carrying valueCompanyBalance as at 2026-06-30Point In Time116,670,000 AUDReported
Company guidance3
MetricProjectPeriodLowHighStatus
Ore Processed At2.7%Cueq, Before RecoverywoodlawnFY27775,000875,000 t oreCurrent
Dso Ore Mined At1.2%Li2O; Not Elemental Lithium Metalpioneer-domeFY27650,000750,000 t DSOoreCurrent
External Contract Mining RevenuedmsFY27100,000,000110,000,000 AUDCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-22Ann. 2026-06-10DebtUS$350M——Ongoing—
2025-07-02Ann. 2025-06-25RaisingA$180M40M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

Latest annual, June FID appendices and quarterly tenement notes were reconciled. Detailed Toho allocation, DSO formula and floor, stream-counterparty succession, regional full contracts and the interest capitalisation conflict remain unresolved.

US$350m senior secured facility at SOFR plus 3.5%. Repayment starts 18 months after the 22 June 2026 refinancing: US$10m initially, then quarterly 1/14 of the outstanding balance. DSCR1.2x applies from December2028; project-life cover1.5x and debt/equity1.75x from18months. Six versus eighteen months of interest capitalisation remains unresolved.

Other · Active
Counterparties
Trafigura Pte Ltd
Applies to
Woodlawn copper-zinc mine · Yitirrti (formerly Sulphur Springs) · Pioneer Dome Stage I DSO
Economic direction
Mixed
Period
Dates not stated
Key terms
Facility commitment: 350,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

100% of Woodlawn concentrates, with 187,500DMT added to the original650,000DMT commitment. Market-standard treatment, refining, payability and deductions;90% provisional payment within five business days of shipping documents. Ends when delivery quantity is fulfilled.

Offtake · Active
Counterparties
Trafigura Pte Ltd · Trafigura Asia Trading Pte Ltd
Applies to
Woodlawn copper-zinc mine
Economic direction
Mixed
Period
Dates not stated
Key terms
Material commercial terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Copper and zinc concentrates excluding the separate Toho allocation. Trafigura minimum delivery1,250,000DMT, approximately seven forecast years, CIFChina;90% provisional payment within five business days.

Offtake · Active
Counterparties
Trafigura Pte Ltd · Trafigura Asia Trading Pte Ltd
Applies to
Yitirrti (formerly Sulphur Springs)
Economic direction
Mixed
Period
Dates not stated
Key terms
Material commercial terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Separate Toho agreement expressly excluded from Trafigura volumes. The2019 origin is identified, but current allocation and payability terms are not reconciled from current filings. No termination is assumed.

Offtake · Active
Counterparties
Toho Zinc Co. Ltd
Applies to
Yitirrti (formerly Sulphur Springs)
Economic direction
Mixed
Period
Dates not stated
Key terms
Material commercial terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

All Pioneer DSO except up to30kt auction sales. Initial obligation ends at the earlier of750kt delivered and30September2027, followed by a12month last right of refusal. Price uses carbonate, product grade and recovery. Floor only for the first two months/max150kt; numerical floor unavailable.

Offtake · Active
Counterparties
Trafigura Pte Ltd · Trafigura Asia Trading Pte Ltd
Applies to
Pioneer Dome Stage I DSO
Economic direction
Mixed
Period
Through 2028-09-30; start date not stated
Key terms
Material commercial terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

A$27m capped burden; A$19.9m remaining expected FY27 at30 June. Frozen cutoff estimate A$16m remains after assumed A$3.9m interim delivery. Paid once as a dated equity-bridge claim; group tax deduction carried at payment.

Stream · Active
Counterparties
Sandstorm Gold Ltd (issuer named counterparty)
Applies to
Woodlawn copper-zinc mine
Economic direction
Burden
Period
Dates not stated
Key terms
Material commercial terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

A$1m per1Mt of Woodlawn tailings treated, capped atA$10m. Current LOM excludes tailings treatment; no base charge or invented tailings production.

Stream · Active
Counterparties
Sandstorm Gold Ltd (issuer named counterparty)
Applies to
Woodlawn copper-zinc mine
Economic direction
Burden
Period
Dates not stated
Key terms
Material commercial terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

A$275m plant EPC awarded to GR Engineering inAugust2026 within the totalA$450m Yitirrti construction budget. No extra double deduction.

Other · Active
Counterparties
GR Engineering Services Limited
Applies to
Yitirrti (formerly Sulphur Springs)
Economic direction
Burden
Period
Dates not stated
Key terms
Material commercial terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Approximately A$70m twelve-month Pioneer Dome mining/crushing contract. Expense as work is performed inFY27; not wholly additional upfront capex.

Other · Active
Counterparties
MLG Oz Limited
Applies to
Pioneer Dome Stage I DSO
Economic direction
Burden
Period
Dates not stated
Key terms
Material commercial terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

A$274m three-year underground services contract with Core Lithium, plus a two-year extension option. Client owns BP33 ore and production; contract amount is revenue opportunity rather than profit.

Other · Active
Counterparties
Core Lithium Limited
Applies to
Develop Mining Services
Economic direction
Mixed
Period
Dates not stated
Key terms
Material commercial terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Approximately A$200m five-year portal and tunnelling services at OceanaGold Waihi North. Work startedMay2026; client retains gold resources and output.

Other · Active
Counterparties
OceanaGold Corporation
Applies to
Develop Mining Services
Economic direction
Mixed
Period
Dates not stated
Key terms
Material commercial terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Binding cooperation on potential acquisition, funding and offtake opportunities. No completed new asset or quantifiable dealflow value admitted.

Strategic Partnership · Active
Counterparties
Trafigura Pte Ltd
Applies to
Woodlawn copper-zinc mine · Yitirrti (formerly Sulphur Springs) · Pioneer Dome Stage I DSO
Economic direction
Mixed
Period
Dates not stated
Key terms
Material commercial terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Anax80%,DVP20%,free carried to a decision to mine. Partner continues seeking a funding solution.

Joint Venture · Active
Counterparties
Anax Metals Limited
Applies to
Whim Creek JV
Economic direction
Mixed
Period
Dates not stated
Key terms
Material commercial terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Retained beneficial JV or mineral-right interest as disclosed in the June2026 tenement schedule. No current economic study or funding anchor supports positive base value.

Joint Venture · Active
Counterparties
Counterparty as disclosed in June2026 tenement notes
Applies to
Alchemy regional JV
Economic direction
Mixed
Period
Dates not stated
Key terms
Material commercial terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Retained beneficial JV or mineral-right interest as disclosed in the June2026 tenement schedule. No current economic study or funding anchor supports positive base value.

Joint Venture · Active
Counterparties
Counterparty as disclosed in June2026 tenement notes
Applies to
Sky Metals regional JV
Economic direction
Mixed
Period
Dates not stated
Key terms
Material commercial terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Retained beneficial JV or mineral-right interest as disclosed in the June2026 tenement schedule. No current economic study or funding anchor supports positive base value.

Joint Venture · Active
Counterparties
Counterparty as disclosed in June2026 tenement notes
Applies to
Golden Ridge mineral rights
Economic direction
Mixed
Period
Dates not stated
Key terms
Material commercial terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Retained beneficial JV or mineral-right interest as disclosed in the June2026 tenement schedule. No current economic study or funding anchor supports positive base value.

Joint Venture · Active
Counterparties
Counterparty as disclosed in June2026 tenement notes
Applies to
Balagundi farm-out
Economic direction
Mixed
Period
Dates not stated
Key terms
Material commercial terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Retained beneficial JV or mineral-right interest as disclosed in the June2026 tenement schedule. No current economic study or funding anchor supports positive base value.

Joint Venture · Active
Counterparties
Counterparty as disclosed in June2026 tenement notes
Applies to
Kangan gold and precious metals JV
Economic direction
Mixed
Period
Dates not stated
Key terms
Material commercial terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Retained beneficial JV or mineral-right interest as disclosed in the June2026 tenement schedule. No current economic study or funding anchor supports positive base value.

Joint Venture · Active
Counterparties
Counterparty as disclosed in June2026 tenement notes
Applies to
Maggie Hays Hill JV
Economic direction
Mixed
Period
Dates not stated
Key terms
Material commercial terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Retained beneficial JV or mineral-right interest as disclosed in the June2026 tenement schedule. No current economic study or funding anchor supports positive base value.

Joint Venture · Active
Counterparties
Counterparty as disclosed in June2026 tenement notes
Applies to
Wattle Dam nickel rights
Economic direction
Mixed
Period
Dates not stated
Key terms
Material commercial terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Retained beneficial JV or mineral-right interest as disclosed in the June2026 tenement schedule. No current economic study or funding anchor supports positive base value.

Joint Venture · Active
Counterparties
Counterparty as disclosed in June2026 tenement notes
Applies to
Larkinville West JV
Economic direction
Mixed
Period
Dates not stated
Key terms
Material commercial terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Remaining A$40m vendor milestones per annual note19. Modeled as dated nominal cash claims, separately from operating project cash flows.

Other · Active
Counterparties
Orion
Applies to
Woodlawn copper-zinc mine
Economic direction
Burden
Period
Dates not stated
Key terms
Remaining continuous commercial production milestones: 40,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Consolidated50% owned services subsidiary. Minority share is a separate after-tax distribution claim calibrated at0.892m/226.9m consolidated external revenue.

Joint Venture · Active
Counterparties
Tjiwarl Develop Pty Ltd minority owners
Applies to
Develop Mining Services
Economic direction
Mixed
Period
Dates not stated
Key terms
Economic subsidiary ownership: 50 %
How it affects our valuation

No valuation treatment is available for this arrangement.