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 polymetallic operation, not a copper-only mine. 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 · Source
- Dec 2024 · Source
- Mar 2025 · Source
- Apr 2025 · Source
- Mar 2026 · 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.
Combined view across 2 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 10 yrsWoodlawn Mine
Jurisdiction (40%)9/10
New South Wales: Fraser PPI 2025 is 73.26 of 100 (rank 37 of 68), which maps to 9 on this site's scale. All of Develop's projects are in Australia: the Woodlawn mine near Goulburn, New South Wales, a fully permitted brownfield site with approvals valid to 31 Dec 2034, and Sulphur Springs and Pioneer Dome in Western Australia's Pilbara. Both are long-established mining jurisdictions with deep existing infrastructure.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Woodlawn Mine.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Challenger (Adelong) (Great Divide Mining Limited), 139 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
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 in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:2/10
Nearest producing mine: Challenger (Adelong) (Great Divide Mining Limited), 139 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:8/10
Primary commodity: Copper
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
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
Develop Global restarted the underground Woodlawn zinc-copper-lead-silver-gold mine near Goulburn, New South Wales, which it bought in May 2022; first copper concentrate was produced in April 2025, and steady-state production above the 850,000 t a year nameplate rate was reached in the March 2026 quarter. Woodlawn's August 2024 restart study update shows a pre-tax NPV7% of US$488M (AUD 728M) over a 10-year mine life. The June 2026 quarter was a record, with group revenue of A$147M and copper-equivalent production of 4,625 t at Woodlawn. On 10 June 2026 Develop took final investment decisions on two Pilbara projects in Western Australia: the Yitirrti (formerly Sulphur Springs) copper-silver-zinc project, with A$450M of capital and first concentrate targeted for the June 2028 quarter, and the Pioneer Dome direct-shipping lithium operation, with A$40M of pre-production capital and first sales targeted for the December 2026 quarter. Both are backed by a US$400M debt-and-warrant package from Trafigura that also refinanced Woodlawn's existing facility.