Develop Global LimitedD
Develop Global Limited (ASX: DVP) is a West Leederville (Perth), Western Australia-headquartered base-metals producer and developer, formerly named Venturex Resources Limited until a rename effective 7 Oct 2021. The company's current producing asset is Woodlawn, an underground zinc-copper-lead-silver-gold mine near Goulburn, NSW: originally mined 1978-1998 (13.8Mt processed from open pit, underground and satellite deposits), rebuilt by prior owner Heron Resources Limited from 2017 (~A$340M invested) before Heron shut the mine down in Mar 2021 and entered voluntary administration in Jul 2021. Develop Global acquired Woodlawn and its associated tenement package in May 2022 for A$30 million upfront plus success-driven milestone payments. Develop's own restart -- reusing the existing, already-permitted mining lease and Heron-era processing plant rather than a full new-build -- proceeded through a Final Investment Decision in Dec 2024 (alongside an initial A$100 million Trafigura loan facility and five-year offtake agreement), underground mining recommencing Mar 2025, first copper concentrate produced Apr 2025 (ahead of the company's own original Jun-2025-quarter target), and commercial/steady-state production reached in the Mar 2026 quarter, exceeding nameplate capacity of 850,000 tonnes per annum. The Jun 2026 quarter was a record: A$147 million revenue (up 108% quarter-on-quarter) on 4,625 tonnes of copper-equivalent production (up 47% QoQ), with metallurgical recoveries of 80% copper, 75% zinc, 80% lead, 71% silver and 48% gold -- a genuinely polymetallic operation, not a copper-only mine despite the current copper-led market narrative. On 10 Jun 2026, Develop's board took Final Investment Decision on its two next growth projects, both in the Pilbara region of Western Australia: Sulphur Springs (branded 'Yitirrti'), a copper-silver-zinc VMS deposit committed to A$450 million of capital expenditure targeting first saleable concentrate in the Jun 2028 quarter, and Pioneer Dome, a capital-light direct-shipping-ore (DSO) lithium operation committed to A$40 million of pre-production capex targeting first DSO sales in the Dec 2026 quarter (a minimum 750,000-tonne Trafigura offtake). Both growth projects are backed by a US$350 million loan facility plus US$50 million warrant package from global commodities trader Trafigura (a combined package reported as ~A$570 million, which also refinanced Woodlawn's existing debt facility), alongside binding offtake agreements covering Sulphur Springs' copper/zinc concentrates and Pioneer Dome's DSO. As at 30 Jun 2026 the company held A$122.6 million cash (A$112.6M bank balances + A$10M call deposits), reported A$30.6 million of net operating cash inflow for the quarter, and had access to a further A$456.5 million of unutilised financing facilities.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Woodlawn's mining lease was renewed for a further 15 years under Heron-era approvals, and major project approvals allow mining operations at the site until 31 Dec 2034 (goulburnpost.com.au) -- Develop Global's 2024-2025 restart reused this pre-existing, already-permitted lease rather than obtaining a distinct new permit specifically for the restart. No single dated 'permit granted/renewed' event specific to Develop's own restart was found in this pass's available coverage; left undated rather than inventing a precision the sources don't support. Same reused-pre-existing-lease treatment as HGO/Kantra Copper's Kanmantoo restart, Task #624. Row exists to satisfy the stage=PRODUCTION lifecycle-gate check (src/lib/lifecycle-gates.ts). · Source
- Dec 2024 · Develop Global's board reached a Final Investment Decision to restart Woodlawn, announced alongside the finalisation of an initial A$100 million Trafigura loan facility and five-year offtake agreement (documentation completed, published 11 Dec 2024). Month precision only -- an earlier company guidance statement (mid-2024) had targeted 'this quarter' (Q3 CY2024) for FID, but no primary source confirming that earlier date as the actual decision date was found this pass; the Dec 2024 loan-finalisation coverage is the clearest dated confirmation available. · Source
- Mar 2025 · Underground mining from Woodlawn recommenced in the March 2025 quarter, per the company's own FID-era guidance and subsequent quarterly reporting cadence. Month/quarter precision only. · Source
- Apr 2025 · Develop Global produced first copper concentrate at Woodlawn in Apr 2025, ahead of the company's own original Jun-2025-quarter target (TipRanks' own coverage headline: 'Develop Global Achieves Milestone with First Copper Concentrate at Woodlawn', with first shipment scheduled for May 2025). Month precision only. · Source
- Mar 2026 · Woodlawn reached steady-state/commercial production in the March 2026 quarter, exceeding nameplate processing capacity of 850,000 tonnes per annum (a 28 Jan 2026 update had guided this as on-schedule for the quarter). Month/quarter precision only. · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
Managing Director and Chief Executive Officer of Develop Global Limited, appointed CEO July 2021; mining engineer with 30 years of experience in the resources sector and founder of Northern Star Resources.
Interim Chief Financial Officer of Develop Global Limited; 25 years' experience as a senior finance executive in the resources industry.
Non-Executive Chairman of Develop Global Limited.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
MULTI-PROJECT STAGE CALL: Miner.stage is PRODUCTION on the strength of Woodlawn alone (the company's most-advanced project, per this schema's own multi-project convention -- see this script's header comment) -- Sulphur Springs and Pioneer Dome are both still pre-production despite their own Jun 2026 FID, and neither is used as the basis for any construction-milestone row below. dcfNpvUsd ($658M, pre-tax; currency not explicitly stated in the secondary coverage found this pass but read as AUD, consistent with this being an ASX company's own project-economics disclosure -- flag for confirmation against the primary ASX release if this figure becomes load-bearing) and mineLifeYears (10 years) and initialCapexUsd ($42M, read the same way) are all Woodlawn-specific, from Develop's own Apr 2024 Production Restart Study update (a 37% NPV increase from a Sep 2023 prior estimate), at Cu US$8,769/t and Zn US$2,688/t price assumptions for the first 18 months of production -- technicalReportPriceAssumptionUsd is deliberately left null rather than force-fit into a single-commodity field, since this is a genuinely dual-commodity (Cu+Zn) price-assumption pair, not a single number. irrPct and dcfNpvDiscountRatePct are genuine gaps for this 2024 study (see markManualResearchChecked below) -- a 32% IRR / 8% real discount rate figure exists but belongs to Heron Resources' unrelated, pre-shutdown 2016 Feasibility Study and is NOT reused here (see header comment). debtUsd is a genuine, documented gap (not a silent omission) -- the only figures found this pass pre-date the 10 Jun 2026 Trafigura refinancing that explicitly refinanced Woodlawn's prior debt facility, making them actively misleading rather than merely stale; see header comment and the markManualResearchChecked note below. Lead/silver/gold byproduct materiality (Woodlawn recovers all three alongside Cu/Zn) was not resolved this pass for lack of a revenue-share or contained-metal breakdown -- recorded as a genuine gap, not guessed.