ASX Alpha: Buy Develop Global (DVP)

Company Overview

DVP (DEVELOP Global Limited) is an Australian mining company focused on owning and operating underground mines for copper, zinc, and lithium, as well as providing mining services to other resource companies. Its key assets include the Woodlawn Copper-Zinc Mine, Sulphur Springs Zinc-Copper Project, and the Pioneer Dome Lithium Project, all of which contribute to the supply of critical energy transition metals. DVP also operates a Mining Services division, generating additional revenue and de-risking its business by undertaking contracts for third parties in the mining sector.

Upside Catalysts

DVP currently sits on the development and early production side of the Lassonde Curve, with its Woodlawn mine ramping up commissioning and production and its Sulphur Springs and Pioneer Dome projects moving through advanced feasibility and early mine development. This phase is characterised by company progress from construction, commissioning, and first revenues, which typically attracts increasing market interest and valuation as projects achieve operating status. DVP is therefore moving through the “producer re-rate” stage, where steady-state production and cash flow can lead to significant value creation for shareholders.

Three near-term catalysts that could help increase DVP:ASX’s share price are: successful ramp-up to steady-state ore production at the Woodlawn mine, with target throughput of 850kt per annum in the March 2026 quarter; delivery of the updated Definitive Feasibility Study for the Sulphur Springs Zinc-Copper Project in December 2025, which could demonstrate improved economics; and progress on the Pioneer Dome Lithium Project, where recent approvals and a potential mine gate sale or toll treatment scenario could significantly lower upfront capital outlay and enhance project returns. These milestones are likely to attract further market attention and strengthen DVP’s investment case.

Bill Beament has previously developed and taken to production major mines including the Paulsens Gold Mine, the Kanowna Belle Gold Mine, and the Jundee Gold Mine during his time leading Northern Star Resources. Under Beament’s management, Northern Star transformed from a junior explorer to one of Australia’s biggest gold producers, acquiring and building operational success at these flagship sites. More recently, Beament has spearheaded the development and restart of the Woodlawn Copper-Zinc Mine with Develop Global, and is advancing Sulphur Springs towards production.

Risks

Key risks to the DVP share price include operational risks such as delays or issues ramping up production at the Woodlawn mine, which could affect projected cash flow and investor confidence. Commodity price volatility for copper, zinc, and lithium could impact profitability, as project economics are highly sensitive to these market fluctuations. Funding, development, and regulatory risks for new projects—such as Sulphur Springs and Pioneer Dome—could also threaten timelines and increase costs.

Trading Plan

At today’s levels, GGP looks like one of the most asymmetric gold plays on the ASX: cash flow now, transformational upside ahead. Build a position on pullbacks, add into index inclusion, and hold for the Havieron feasibility milestone in late 2025.