Develop Global (DVP) Q4 2026 earnings summary

Executive summary

• Achieved record group quarterly revenue of AUD 147 million, up 108% from the March quarter, driven by strong production at Woodlawn and growth in mining services.

• Final investment decisions made on Pioneer Dome (lithium) and Yitirrti (copper-silver-zinc), both fully funded by a new US$400 million debt facility with Trafigura.

• Mining services division delivered record external revenue, secured major new contracts, and supported diversified cashflow.

• Secured a US$400 million debt facility and warrant package with Trafigura, refinancing Woodlawn and funding new projects.

Financial highlights

• Woodlawn mine generated record revenue of AUD 84 million from 4,547t CuEq sold, up 244% from the previous quarter.

• Group operating free cash flow was AUD 31 million; cash balance at quarter end was AUD 123 million.

• Mining services external revenue reached a record AUD 63 million for the quarter.

• Concentrate sales totaled 29,109 tonnes, with closing unsold stockpiles valued at approximately AUD 25 million.

• Growth capital expenditure totaled AUD 27 million during the quarter.

Outlook and guidance

• Pioneer Dome on track for first direct ship ore sales in the December quarter, with robust margins anticipated.

• Yitirrti targeting first concentrate in June quarter 2028, with construction well advanced.

• Expect continued improvement in recoveries and grades at Woodlawn and Pioneer Dome.

• Production and cost guidance for FY27 to be released with annual accounts in September quarter.

• Resource and grade control model update for Pioneer Dome expected in September quarter.