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Develop Global Ltd ASX:DVP

Mining Services Copper Mining Base Metals Critical Minerals

0 opened or increased3 held2 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 7 managers in total.

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20252026

16 Nov 2025 to today

Commentary Showing 2 of 12

DateManagerActionSummary

31 Jul 2026Ophir Asset ManagementHeldOphir Asset Management continues to hold Develop Global because it maintains confidence in the mining services company's long-term growth profile despite the shares falling 24.3% during the month following a broker price target reduction. Ophir notes the company reported record quarterly revenue of $147 million for the June 2026 quarter, up 108% on the prior quarter, which it views as strong evidence supporting the growth thesis. The manager frames the share price weakness as a sentiment-driven reaction to analyst commentary rather than a reflection of underlying operating performance, pointing to the substantial revenue growth as validation of its continued conviction in the position despite it being one of the largest detractors from monthly performance.

Mining ServicesMonthly Report, price recorded $4.84

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30 Jun 2026Paradice Investment ManagementHeldParadice continues to hold Develop Global because the stock rallied 51.8% during the quarter as the company delivered on key milestones underpinning the investment case, including Woodlawn being declared in commercial production after exceeding its 850ktpa steady-state run-rate and board approval of the Sulphur Springs copper-zinc project, with the ~A$295m EPC contract awarded to GR Engineering. Paradice notes updated project economics point to a material uplift in forecast free cash flow, and the combination of production growth, commodity leverage to electrification, and a proven owner-operator management team drove the strong re-rating.

Copper MiningQuarterly Report, price recorded $6.39

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Price at first mentionThe share price recorded when each of 7 managers first commented on DVP.

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Articles

31 Jul 2026Develop Global Delivered Record Revenue, Then a Broker Downgrade Hit

About Develop Global Ltd

Materials, Metals and Mining

Develop Global (ASX:DVP), Bill Beament's base metals producer and mining services company, has delivered strong gains for some fund managers. In June 2026, Paradice reported Develop rallied 52% in the quarter as it delivered key milestones, with its Woodlawn zinc-copper mine declared in commercial production. First Samuel described Develop as a successful investment with a strong record of delivery, and Endeavor noted strength supported by higher copper prices. Ophir reported Develop was one of its largest detractors in July after a share price fall. Develop Global operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 12 comments from 7 fund managers, including Paradice, Ophir, Milford, Endeavor and First Samuel. Founded in 2006 and headquartered in Leederville, Perth, Develop operates the Woodlawn mine in New South Wales, is developing the Sulphur Springs copper-zinc project in Western Australia and provides underground mining services.

Market cap: $1.3b
Price to earnings: 51.6x
Return on equity: 14.8%
Dividend yield: 0.0%
Price to book: 2.98x
Net margin: 24.8%
52-week range: $3.12 to $7.68

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Develop Global Ltd (ASX:DVP)?

Fund managers including Wilson Asset Management, Endeavor Asset Management, Milford Asset Management, Paradice Investment Management, Ophir Asset Management, First Samuel and Blue Boat Capital have invested in Develop Global Ltd (ASX:DVP).

What opportunities or catalysts do fund managers highlight for Develop Global Ltd?

Managers highlight Woodlawn reaching commercial production, leverage to copper and zinc prices and a management team led by Bill Beament with a strong delivery record, according to Paradice, First Samuel and Endeavor.

What are the key risks to the Develop Global Ltd investment thesis, according to fund managers?

Ophir notes Develop was one of its largest detractors in July after a sharp share price fall, showing volatility as production ramps up.

What does Develop Global Ltd (ASX:DVP) do?

Develop Global Ltd. is an Australian mining company headquartered in Leederville, founded in 2006. The company focuses on the exploration and production of base and precious metal resources. Its key assets include the Sulphur Springs Project, the Whim Creek Joint Venture, and the Woodlawn Project. Develop Global Ltd. operates through three core segments: Mining Services, Mining and Exploration, and Other. The company provides integrated mining solutions and resource development, serving as a significant operator in the mineral exploration and production sector.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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