The Develop Global Ltd (ASX: DVP) share price is in focus after the company delivered record revenue of A$147 million and a 47% jump in copper-equivalent production at its Woodlawn operation during the June 2026 quarter.
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What did Develop Global report?
- Group revenue reached a record A$147 million, up 108% on the March quarter
- Woodlawn copper-equivalent (CuEq) production of 4,625 tonnes, up 47% quarter on quarter
- Woodlawn quarterly revenue hit A$84 million, up 244% from March
- Record mining services revenue of A$63 million from external contracts
- Cash balance of A$123 million as of 30 June 2026; A$388 million of undrawn facilities
- Final investment decisions made for Yitirrti and Pioneer Dome projects
What else do investors need to know?
Develop Global made significant progress on key projects, finalising a A$570 million debt and warrant package with Trafigura to fund both the Yitirrti (Sulphur Springs) copper-silver-zinc and Pioneer Dome lithium projects, and to refinance its existing Woodlawn debt facility.
First direct shipping ore (DSO) sales from Pioneer Dome are expected in the December quarter, after infill drilling delivered better-than-expected results, signalling an increase in the resource grade. The company is also expanding mining services, having commenced a new contract at Core Lithium's BP33 mine and started operations at OceanaGold's Waihi gold mine in New Zealand.
Recent investments and contract wins, along with improvements in mineral recoveries and a growing project pipeline, position Develop for ongoing strong cashflow generation. The company's partnership with Trafigura is also expected to open up further growth opportunities.
What did Develop Global management say?
Develop Global's managing director, Bill Beament, said:
We are building momentum right across our portfolio, with production and cashflow generation ramping up at the same time as we invest in the assets which will drive longer term growth. Woodlawn is really starting to fire, with recoveries increasing significantly and revenue hitting a record A$84 million for the quarter.
There is clearly scope to continue increasing recoveries as we refine the processing plant and mine larger and higher-grade ore tonnages from underground. Our cashflow is set to get another big boost with the impending start of DSO lithium production at Pioneer Dome in the December quarter.
What's next for Develop Global?
Looking ahead, Develop will focus on ramping up production and cashflow from its three producing projects, with the start of lithium sales at Pioneer Dome expected to drive further growth. Construction at Yitirrti is ahead of schedule, with first concentrate targeted for June quarter 2028.
The company is also exploring Stage 2 underground expansion at Pioneer Dome, set for a final investment decision in the September quarter. Ongoing drilling and resource definition at Woodlawn and Pioneer Dome may pave the way for further upgrades and mine life extensions, while the mining services division continues to pursue new contract opportunities across Australia and New Zealand.
Develop Global share price snapshot
It has been a strong 12 months for the Develop Global share price. During this time, it has risen 26%, which compares favourably to a modest gain from the S&P/ASX 200 Index (ASX: XJO).
