Company Overview

Develop Global (ASX: DVP) is an Australian company operating as both a mine owner and a specialised mining services provider. The company primarily focuses on the exploration, development, and production of base and base metals, particularly zinc and copper.

Business Segments and Activity

Develop Global utilises a dual-pronged business model that diversifies its operational focus and revenue streams across the resource sector. The organisation divides its core activities into two distinct segments: The first is Mining Contracting and Services, which focuses on specialised underground mining operations and workforce capability, primarily through the Develop Mining Services division.
The second is Mining and Exploration, which is focused on the exploration and production of base and precious metals and includes assets such as Sulphur Springs, Woodlawn, Pioneer Dome, and interests including Whim Creek.

Strategic initiatives

The clearest current strategic priority is Sulphur Springs, where management said it intends to accelerate development by building the underground decline and associated infrastructure early in the project. According to the company commentary, that approach is meant to de-risk the project and maximise the opportunity before production mining ramps up.

Corporate Restructuring and Capital

Develop Global's capital allocation strategy heavily prioritises upfront infrastructure investment over immediate resource extraction. By deploying capital into early underground development, the company ensures that its flagship projects are structurally and financially stable before bulk mining begins. Recent quarterly earnings reports into early 2026 indicate that this disciplined capital deployment approach and robust operational performance have been positively received by the broader market.

Develop Global (ASX: DVP) Hits New Highs: What is Behind the Recent Price Action?

Develop Global’s upward momentum is being fueled primarily by evidence that Woodlawn is now operating at steady state, along with a stronger medium-term growth pipeline at Sulphur Springs and in mining services.

In short, the market is seeing a company move from promise to delivery, while still retaining multiple near-term catalysts ahead.

1- Woodlawn Mine Production

The biggest immediate catalyst is Woodlawn reaching steady-state production, with the March 2026 quarter showing mining, processing, and concentrate tonnages rising strongly and processing running above the 850,000tpa nameplate rate.

That matters because it starts to validate Woodlawn as a cash-generating asset, and Bell Potter highlighted the next step as demonstrating earnings and free cash flow growth from the operation.

2- Sulphur Springs value

The second major catalyst is Sulphur Springs, where the updated DFS materially lifted project economics and put the asset closer to a final investment decision.

3- Favourable Commodity Price Environment

The production ramp-up coincides favourably with strong fundamentals in the copper, zinc, and silver markets. DVP points out that historically low zinc treatment charges and negative copper treatment charges are likely to boost Develop Global’s net smelter returns and revenue. With spot prices for copper, zinc, and silver currently running above FY26 forecasts, there is further upside potential for earnings.

4- OceanaGold Contract Win

In December 2025, Develop Global secured a five-year, A$200 million underground development contract at OceanaGold's Waihi North Project in New Zealand, starting in the first half of 2026. This contract is expected to generate approximately A$40 million per annum by FY27.

What comes next

Beyond current operations, the company identified several additional catalysts: continued Woodlawn earnings and free cash flow delivery, updates from Woodlawn exploration, Sulphur Springs FID and finalisation of financing, a third mining services contract, and progress on Pioneer Dome off-take and financing.

There is also a supportive commodity backdrop, with broker commentary highlighting favourable copper, zinc, and silver market fundamentals emerging as Woodlawn ramps up production. As a result, the stock’s strength is not driven by a single announcement but by solid operational execution, improved project economics, visible contract expansion, and multiple upcoming catalysts.

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Technical Analysis of Develop Global (ASX: DVP)

Source: TradingView

Price action

DVP is moving within a long-term rising parallel channel. The share price has recently climbed out of the lower portion of the channel and has now cleared the critical resistance band near 5.40–5.50, an area that previously served as a supply zone. The purple arrows on the chart outline two primary scenarios: a shallow pullback to retest nearby support before the uptrend resumes, or a deeper correction back toward the channel’s midline ahead of the next advance.

Key Price Levels

Support 1~5.80: This line acts as the immediate floor for any short-term pullbacks.

Support 2~5.30: Aligning closely with the channel's dashed midline, making it a critical structural support zone.

Take Profit ~6.90–7.10: This coincides with the upper channel resistance.

Stop Loss~5.15–5.25: This level lies below the breakout structure, beneath short-term moving price support, and under the recent higher low formation.

Volume Analysis

The volume profile reflects steady, consistent trading with a current reading of 2.19M. No large capitulation or climax volume spikes have appeared recently, indicating the current uptrend is orderly.

RSI~69

The daily RSI is currently sitting at 68.60. This indicates strong bullish momentum as it approaches the overbought threshold of 70, but it is not yet showing severe overextension; the market may experience short-term consolidation before another advance.

FAQs about Develop Global (ASX: DVP)

1- What is Develop Global's sustainability strategy?

The company aims to revolutionise underground mining to be safer, more sustainable, and more rewarding. Its "underground DNA" supports the production of essential metals needed to decarbonise the world, combining high-performance projects with environmental responsibility.

2- Does Develop Global have significant insider ownership?

Yes, CEO Bill Beament is the largest shareholder, with a 19.64% stake valued at approximately $361.7 million. This substantial insider ownership aligns management interests closely with those of shareholders.

3- Where exactly is the Sulphur Springs project located?

Sulphur Springs lies approximately 144 kilometres southeast of Port Hedland in Western Australia's Pilbara. It includes the Sulphur Springs and Kangaroo Caves deposits along a 27-kilometre Panorama Trend, which hosts multiple advanced copper-zinc targets.