How Record Q2 2026 Revenue and Project Spend At Develop Global (ASX:DVP) Has Changed Its Investment Story

• Develop Global’s Q2 2026 earnings call on January 28 reported record revenue growth, with very large concentrate revenue gains and solid operating cash inflows, while heavy spending on mine properties and equipment underscored a capital-intensive phase.
• The company highlighted progress at its Woodlawn and Sulphur Springs projects, alongside a new mining services contract with OceanaGold, as it works toward its five-year business plan and a mid-2026 investment decision on Sulphur Springs.
• We’ll now look at how this record quarterly revenue growth, including very large concentrate revenue gains, shapes Develop Global’s investment narrative.

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What Is Develop Global’s Investment Narrative?

To own Develop Global, you have to back its transition from a miner with strong recent revenue and profit to a more complex blend of producing assets and growth projects. The latest Q2 2026 update, with record revenue and a 98.5% jump in concentrate revenue, reinforces that the operating engine is working, but also that the company is firmly in a capital‑intensive phase as it pours cash into mine properties and equipment. In the near term, the key swing factors remain execution at Woodlawn, the timing and terms of the mid‑2026 Sulphur Springs investment decision, and how smoothly the new OceanaGold mining services contract ramps up. The record quarter is positive for confidence in those catalysts, but it also sharpens the main risk: continued heavy spend and potential further funding needs if project timelines or cash flows disappoint.

However, one risk around funding and project timing could catch new shareholders off guard.

Develop Global’s shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be.

Exploring Other Perspectives

Eight fair value estimates from the Simply Wall St Community stretch from A$1.96 to A$43.15, underlining just how far apart views on Develop Global sit. Set against that, the recent record quarter and heavy project spend keep the focus firmly on execution risk at Woodlawn and Sulphur Springs, which may ultimately determine which end of that range looks more realistic.

Explore 8 other fair value estimates on Develop Global – why the stock might be worth over 7x more than the current price!

Build Your Own Develop Global Narrative

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This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
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Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
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