Highlights

  • Develop Global shares rose 4.36% to AUD 5.51 on 9 April 2026 following a production update.
  • Woodlawn copper mine achieves steady-state production.
  • Production exceeds nameplate capacity of 850,000 tonnes per annum.
  • March quarter delivers strong growth across mining, processing and concentrate output
  • Metal concentrate tonnage up 50%, with value rising 66% quarter-on-quarter

Develop Global Ltd (ASX:DVP) shares climbed 4.36% to AUD 5.51 on 9 April 2026, following the release of an operational update highlighting the achievement of steady-state production at its Woodlawn copper mine in New South Wales. The stock has delivered a strong longer-term performance, rising 167.48% over the past year, with the latest update providing further visibility on operational progress and production scale.

Woodlawn Reaches Steady-State Production
Develop Global confirmed that its Woodlawn copper mine has reached steady-state production, marking a key milestone in the project’s development. The achievement follows a ramp-up phase that has progressed in line with the company’s planned timetable.

Production at Woodlawn has now exceeded the project’s nameplate capacity rate of 850,000 tonnes per annum, indicating that the operation has transitioned into a more stable and consistent production phase. This milestone reflects the culmination of several years of planning, investment and development work aimed at de-risking the asset before commencing full-scale operations.

The company noted that the March quarter played a central role in reaching this stage, with operational performance strengthening across multiple key metrics.

About Develop Global
Develop Global Ltd is an Australian mining company focused on the exploration, development and operation of mineral resource projects. The company’s portfolio includes the Woodlawn copper-zinc project in New South Wales, which has become a central asset as it transitions into production.

Develop has adopted a strategy centred on investing in exploration and early-stage development to reduce operational risks before scaling production. This approach is reflected in the extensive groundwork undertaken at Woodlawn, including drilling, mine development and process optimisation.

The company’s leadership has emphasised disciplined execution and operational readiness as key components of its growth strategy, particularly as it moves into a phase focused on production and cash flow generation.

Strong March Quarter Drives Operational Gains
The March quarter delivered significant increases across all major operational indicators at Woodlawn. Total ore mined during the quarter reached 181,973 tonnes, representing a 46.4% increase compared to the December quarter. Within this, stoping tonnes rose 52.7%, indicating improved mining productivity.

Processing throughput also increased, with 176,550 tonnes processed during the quarter, up 25.2% from the previous period. These gains highlight the strengthening efficiency of the processing operations as the plant ramps up toward full capacity.

Metal concentrate production saw particularly strong growth, with tonnages rising 50% to 14,219 tonnes. In parallel, the value of metal concentrate increased by 66%, reflecting both higher output and the composition of the material processed.

For the month of March alone, mined ore totalled 80,510 tonnes, while processed tonnes reached 77,741, reinforcing the consistent performance achieved toward the end of the quarter.

Operational Strategy Underpins Production Success
Develop attributed the successful ramp-up to a structured and methodical development strategy implemented over several years. The company undertook extensive infill drilling to enhance grade control and improve its understanding of the ore body prior to production.

During the early stages of ramp-up, lower-grade ore was utilised to optimise concentrate recovery processes without depleting higher-grade material. This approach enabled the company to fine-tune operations while preserving value within the resource.

Additionally, a bottom-up development strategy was employed, resulting in the mine being developed ahead of the production schedule. This has provided operational flexibility and supports consistent output as the mine transitions into steady-state production.

Cost Structure and Energy Profile
Develop highlighted that Woodlawn’s cost structure benefits from limited exposure to diesel, with diesel accounting for only 1.3% of costs during the financial year to 28 February 2026.

The operation sources 100% of its electricity from the east coast grid, which differentiates it from many mining operations that rely more heavily on diesel-powered equipment. As a result, the mine is not currently impacted by diesel supply issues, providing an additional layer of operational stability.

This cost profile is expected to support efficiency as the company moves forward, particularly in the context of maintaining consistent production levels.

Positioning for Cash Flow Generation
With steady-state production achieved, Develop indicated that Woodlawn is now positioned to generate significant free cash flow. The transition from ramp-up to stable operations marks a shift in the project’s lifecycle, with production consistency enabling improved financial outcomes.

The company’s approach of investing in upfront development and de-risking the project appears to have contributed to a smoother transition into this phase. The ability to sustain production above nameplate capacity further reinforces the operational readiness of the asset.

As the mine continues to operate at steady-state levels, future updates are expected to provide additional detail on production performance and financial metrics.

Upcoming Quarterly Results and Investor Engagement
Develop Global has scheduled the release of its quarterly results for the period ended 31 March 2026 on 23 April 2026. The company’s Managing Director will host a conference call to discuss the results and provide further insights into operational performance.

This upcoming update is expected to offer a more comprehensive overview of the March quarter, including detailed financial and production data, building on the operational highlights outlined in the current announcement.

Market Reaction and Investor Perspective
Develop Global’s share price increased 4.36% to AUD 5.51 on 9 April 2026, coinciding with the release of the update confirming steady-state production at Woodlawn. The milestone represents a significant step in the company’s transition into a production-focused phase.

Over the past year, the stock has gained 167.48%, reflecting broader investor interest as the company advances its flagship project. The latest update provides additional clarity on operational performance and production capacity, which are key considerations for market participants.

The combination of increased production, operational consistency and the potential for cash flow generation appears to be central to the current narrative surrounding the company.

What This Means for Investors?
The achievement of steady-state production at Woodlawn marks a key milestone in Develop Global’s operational journey. The strong performance across mining, processing and concentrate production during the March quarter highlights the effectiveness of the company’s development strategy.

With production exceeding nameplate capacity and cost efficiencies supported by low diesel exposure, the project is positioned to deliver consistent output. The transition into a cash-generating phase introduces a new stage for the company, with future updates likely to focus on sustaining performance and financial outcomes.

As Develop prepares to release its quarterly results, investors are expected to monitor how the operational gains translate into broader performance metrics.