Develop Global's Milestone Wins Meet a Broker Downgrade Speed Bump

A Northern Star founder's track record and delivered project milestones drove a strong rally, before a target price cut overshadowed record revenue.

31 Jul 2026 · 3 min read

Develop Global has been one of 2026's standout small-cap growth stories, led by Northern Star Resources founder Bill Beament, rallying from around $3.30 to a peak near $6.39 as it delivered on major project milestones, before a broker target price cut sent the stock down 24 percent in July despite record quarterly revenue.

Bought on weakness, backed by a proven operator

Endeavor Asset Management initiated a position in November 2025 following a minor miss to production targets that it believed sent the share price down more aggressively than warranted, describing Develop Global as a zinc-copper producer and mining services business managed by Bill Beament, who previously founded and successfully sold Northern Star Resources after growing it into a $15 billion company. First Samuel, an early backer from late 2024, called it both a successful investment and a company with a strong track record of delivering on its growth and investment plans, attracted by a business model that leverages an internal workforce of underground mining specialists, with cash flow from its Mining Services division helping offset the capital intensity of project development.

DVP is a zinc-copper producer and mining services business managed by Bill Beament, who previously founded and successfully sold Northern Star Resources after growing it to a $15 billion business.

— Endeavor Asset Management, Monthly Report, November 2025

A valuation snap-back, then a wave of milestone deliveries

Endeavor Asset Management said the stock continued performing well in December as sentiment improved and valuation recovered, describing the move as a valuation snap-back rather than a single catalyst, having entered the position in early November between $3.30 and $3.35 a share for a 40 percent return by year end. By January, Endeavor exited the position after it reached its valuation target, locking in a 52 percent gain, supported by a 7 percent lift in copper prices, while Milford Asset Management lightened its own position into the broader precious metals and commodity rally, expecting to be a buyer again on any weakness.

Delivering on the big milestones

Paradice Investment Management said the stock rallied 51.8 percent over the June quarter as the company delivered on key milestones underpinning its investment case: the Woodlawn mine was declared in commercial production after achieving and exceeding its steady-state run rate of 850,000 tonnes per annum, and the board approved the Sulphur Springs copper-zinc project, awarding an approximately $295 million engineering, procurement and construction contract to GR Engineering, with the underground decline tracking ahead of schedule.

Woodlawn was declared in commercial production after achieving and exceeding its steady-state run-rate of 850ktpa, and the board approved the Sulphur Springs copper-zinc project.

— Paradice Investment Management, Quarterly Report, June 2026

A broker downgrade overshadows record revenue

Ophir Asset Management said Develop Global was one of its largest detractors in July, with the stock ending the month down 24.3 percent despite reporting record quarterly revenue of $147 million for the June 2026 quarter, up 108 percent on the March quarter, after the fall was triggered by a broker report cutting its target price. Ophir said it maintains confidence in the company's long-term growth profile.

What fund managers say they are watching next is continued ramp-up at Woodlawn beyond its steady-state run rate, construction progress on the Sulphur Springs copper-zinc project, whether the 108 percent quarterly revenue growth continues converting into a re-rating despite the broker downgrade, and whether Beament's Northern Star-honed execution track record keeps playing out.