Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to €2.76, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 10x in the Metals and Mining industry in Europe. Total returns to shareholders of 43% over the past three years. Aankondiging • Jul 13
Develop Global Limited to Report Q4, 2026 Results on Jul 28, 2026 Develop Global Limited announced that they will report Q4, 2026 results on Jul 28, 2026 Aankondiging • Jun 16
Develop Global Limited Announces CFO Changes Develop Global Limited advised that highly experienced resources executive, Ms Felicity Hughes had been appointed Interim Chief Financial Officer. Ms Hughes had 25 years’ experience as a senior finance executive in the resources industry. Most recently she held senior positions with global miner Newmont Corporation as Director & Regional Chief Financial Officer. She has also served with the Chamber of Minerals and Energy of Western Australia as Vice President, Executive Committee and Advisory Board. Ms Hughes’ appointment followed the resignation of Chief Financial Officer Ben MacKinnon, effective July 1, 2026. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €4.50, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 12x in the Metals and Mining industry in Europe. Total returns to shareholders of 103% over the past three years. Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €3.16, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 11x in the Metals and Mining industry in Europe. Total returns to shareholders of 51% over the past three years. Aankondiging • Apr 10
Develop Global Limited to Report Q3, 2026 Results on Apr 23, 2026 Develop Global Limited announced that they will report Q3, 2026 results on Apr 23, 2026 Aankondiging • Oct 30
Develop Global Limited Announces Board Appointments Develop Global Limited announced three key appointments which will support its accelerated growth strategy. The Company has appointed highly experienced resources executive Duncan Bradford as a Nonexecutive Director to the Board of the Company. Mr. Bradford's appointment commences as at October 29, 2025. Mr. Bradford has recently finished his role as the Executive Vice President of the Base Metals and New Minerals Business Unit of Saudi Arabia's Ma'aden. He was also the Chairman of the Board of the Ma'aden Barrick Copper Company. Prior to joining Ma'aden, Mr. Bradford worked with Nevada Gold Mines (operated by Barrick) as a General Manager across the Cortez and Carlin mining districts. He has previously worked in Saudi Arabia at the Jabal Sayid Copper Mine for Ma'aden and was also the Managing Director for Byrnecut Offshore Underground Mining Contractors. Duncan has more than 30 years of operational mining experience, having worked in Africa, Australia, Asia, the Middle East and North America. Duncan holds a Bachelor's Degree in Mining Engineering from the University of Queensland and a Master's in Business Administration from the University of Melbourne. Develop also advises that it has appointed Nathan Stoitis as General Manager of Processing and Metallurgy. Mr. Stoitis is a highly regarded metallurgist with 30 years of experience in mineral processing and international sales and marketing. He holds a Bachelor of Minerals Engineering from the WA School of Mines and is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). He has been the Director and Principal Metallurgist for consultancy Extreme Metallurgy, providing specialist consulting services across a range of commodities including gold, copper, lead, and zinc. His work spans both Australian and international operations. Mr. Stoitis has extensive experience in plant design, commissioning, project due diligence and operational optimisation, supporting mining projects at all stages of development. His insights have helped drive improved performance and efficiency across numerous mineral processing operations globally. He has been an integral member of the independent due diligence teams for many mine acquisitions and company takeovers/mergers for companies including Northern Star Resources and Develop. He also serves as a Non-Executive Director of Rox Resources, contributing technical and strategic expertise at the board level. Develop also advises that it has appointed Fraser Perry as General Manager of Business Development. Mr. Perry is a qualified mining engineer and investment professional with experience across operational, technical and financial roles in the mining sector. He holds a Bachelor of Engineering (Mining with Honours), a Bachelor of Science (Earth Science) from UNSW Sydney and a Master of Applied Finance from Kaplan Business School. Mr. Perry began his career with Macmahon as an Underground Miner before progressing through engineering roles with Evolution Mining and Glencore. Recently Mr. Fraser finished with Resource Capital Funds as an Investment Manager for 5 years across both the Perth and Denver offices. During his time with RCF, he worked on a wide range of transactions investing in various commodities and jurisdictions across the entire capital structure and reviewing a large number of opportunities. Aankondiging • Aug 29
Develop Global Limited, Annual General Meeting, Nov 10, 2025 Develop Global Limited, Annual General Meeting, Nov 10, 2025. Location: at the office of bdo on level 9, mia yellagonga tower 2, 5 spring street, perth Australia Aankondiging • Jun 25
Develop Global Limited has completed a Follow-on Equity Offering in the amount of AUD 180 million. Develop Global Limited has completed a Follow-on Equity Offering in the amount of AUD 180 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 40,000,000
Price\Range: AUD 4.5
Discount Per Security: AUD 0.13275
Transaction Features: Subsequent Direct Listing Breakeven Date Change • Oct 29
Forecast breakeven date pushed back to 2026 The 2 analysts covering Develop Global previously expected the company to break even in 2025. New consensus forecast suggests losses will reduce by 67% to 2025. The company is expected to make a profit of AU$77.7m in 2026. Average annual earnings growth of 95% is required to achieve expected profit on schedule. Breakeven Date Change • Oct 01
Forecast breakeven date pushed back to 2026 The 2 analysts covering Develop Global previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of AU$83.7m in 2026. Average annual earnings growth of 87% is required to achieve expected profit on schedule. Aankondiging • Sep 30
Develop Global Limited has completed a Follow-on Equity Offering in the amount of AUD 10 million. Develop Global Limited has completed a Follow-on Equity Offering in the amount of AUD 10 million.
Security Name: Ordianry Shares
Security Type: Common Stock
Securities Offered: 5,000,000
Price\Range: AUD 2
Discount Per Security: AUD 0.05
Transaction Features: Subsequent Direct Listing Reported Earnings • Sep 27
Full year 2024 earnings released: AU$0.053 loss per share (vs AU$0.11 loss in FY 2023) Full year 2024 results: AU$0.053 loss per share (improved from AU$0.11 loss in FY 2023). Revenue: AU$147.2m (up 117% from FY 2023). Net loss: AU$12.0m (loss narrowed 33% from FY 2023). Revenue is forecast to grow 54% p.a. on average during the next 2 years, compared to a 1.8% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Sep 22
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$45m). Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Share price has been volatile over the past 3 months (8.0% average weekly change). Shareholders have been diluted in the past year (30% increase in shares outstanding). Aankondiging • Aug 28
Develop Global Limited, Annual General Meeting, Nov 08, 2024 Develop Global Limited, Annual General Meeting, Nov 08, 2024. Location: at the office of bdo level 9, mia yellagonga tower 2, 5 spring street, perth wa., perth Australia Breakeven Date Change • Jun 30
Forecast breakeven date pushed back to 2025 The 2 analysts covering Develop Global previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of AU$14.9m in 2025. Average annual earnings growth of 127% is required to achieve expected profit on schedule. Breakeven Date Change • May 07
Forecast to breakeven in 2024 The 2 analysts covering Develop Global expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$650.0k in 2024. Earnings growth of 127% is required to achieve expected profit on schedule. New Risk • Jan 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$29m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-AU$29m free cash flow). Minor Risks Shareholders have been diluted in the past year (47% increase in shares outstanding). Shareholders have been diluted in the past year (47% increase in shares outstanding). Breakeven Date Change • Oct 26
Forecast breakeven date moved forward to 2024 The analyst covering Develop Global previously expected the company to break even in 2025. New forecast suggests the company will make a profit of AU$1.00m in 2024. Earnings growth of 112% is required to achieve expected profit on schedule. Aankondiging • Oct 13
Develop Global Limited, Annual General Meeting, Nov 16, 2023 Develop Global Limited, Annual General Meeting, Nov 16, 2023, at 14:00 W. Australia Standard Time. Location: BDO, Level 9, Mia Yellagonga Tower 2, 5 Spring Street Perth Western Australia Australia Agenda: To receive and consider the financial report of the Company for the year ended 30 June 2023, together with the Directors' Report and the Auditor's Report as set out in the Annual Report; to consider and election of Ms Justine Magee as a Director; to consider and re-election of Mr Michael Blakiston as a Director; to consider and ratification of issue of Placement Shares to sophisticated and institutional investors; to consider and Grant of Sign-on Options to Ms Justine Magee; and to consider other matter also. New Risk • Sep 25
New major risk - Revenue and earnings growth Earnings have declined by 49% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 49% per year over the past 5 years. Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$40m). Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Share price has been volatile over the past 3 months (6.8% average weekly change). Shareholders have been diluted in the past year (23% increase in shares outstanding). Aankondiging • Sep 18
Develop Global Limited(ASX:DVP) dropped from S&P/ASX Emerging Companies Index Develop Global Limited(ASX:DVP) dropped from S&P/ASX Emerging Companies Index New Risk • Aug 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-AU$40m free cash flow). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (22% increase in shares outstanding). New Risk • Jul 04
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$40m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-AU$40m free cash flow). Minor Risk Shareholders have been diluted in the past year (12% increase in shares outstanding). Board Change • Jun 02
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Chairman Michael Blakiston is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Aankondiging • May 18
Develop Appoints Elle Farris as General Counsel and Company Secretary, Effective 26 June 2023 Develop announced that it has appointed Elle Farris as General Counsel and Company Secretary, effective 26 June 2023. Ms. Farris is a highly experienced legal practitioner who has advised major resources companies in a range of areas. She is currently Senior Corporate Counsel and External Relations for Newmont. In this role, Ms. Farris has advised on global strategies for the electrification and automation of both surface and underground mining ecosystems as well as major M&A transactions. Ms. Farris was named the Minerals Council of Australia Exceptional Young Woman in Australian Resources and the Chamber of Minerals and Energy of Western Australia Young Outstanding Women in Resources in 2022. Aankondiging • May 09
Develop Global Limited Appoints Justine Magee as Non-Executive Director Develop Global Limited announced that it has appointed highly experienced resources executive and chartered accountant Justine Magee as a Non-executive Director, effective 9 May 2023. Ms. Magee has more than 30 years' experience in the mining sector. She currently is the Chief Executive of RTGMining and previously Chief Financial Officer and Director of AGR Ltd. Before holding these positions, Ms. Magee was the Chief Financial Officer and GM Corporate at gold miner Resolute Mining. Ms. Magee is a Chartered Accountant who worked for Arthur Anderson in corporate finance. She has significant experience in Board engagement and considerable exposure to merger and acquisition activity, debt and equity financing, permitting and regulatory reporting and offtake agreements. Reported Earnings • Feb 26
First half 2023 earnings released: AU$0.039 loss per share (vs AU$0.048 loss in 1H 2022) First half 2023 results: AU$0.039 loss per share (improved from AU$0.048 loss in 1H 2022). Revenue: AU$23.8m (up AU$23.8m from 1H 2022). Net loss: AU$6.40m (loss narrowed 3.5% from 1H 2022). Revenue is forecast to grow 41% p.a. on average during the next 2 years, compared to a 1.4% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 93% per year, which means it is well ahead of earnings. Aankondiging • Feb 10
Develop Global Limited Announces Resignation of Mick McMullen as a Non-Executive Director Develop advised Mick McMullen has resigned as a Non-executive Director, effective February 10, 2023. Mr. McMullen is Chief Executive of Metals Acquisition Corp. (MAC), which is a New York Stock Exchange-listed Company in the process of buying the CSA Copper mine from Glencore in Western NSW. Develop Managing Director Bill Beament has resigned as an advisor to MAC, effective February 10, 2023. Aankondiging • Jan 31
Develop Global Limited Announces the Resignation of Michelle Woolhouse as Non-executive Director Develop Global Limited announced that further to its announcement of October 18, 2022, Michelle Woolhouse has resigned as a Non-executive Director, effective January 31, 2023. Ms. Woolhouse advised the Board that she was resuming her executive career in the banking sector. Board Change • Nov 16
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Mick McMullen is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Breakeven Date Change • Oct 01
Forecast breakeven date pushed back to 2024 The analyst covering Develop Global previously expected the company to break even in 2023. New forecast suggests losses will reduce by 79% to 2023. The company is expected to make a profit of AU$6.50m in 2024. Average annual earnings growth of 134% is required to achieve expected profit on schedule. Reported Earnings • Oct 01
Full year 2022 earnings released: AU$0.064 loss per share (vs AU$1.13 loss in FY 2021) Full year 2022 results: AU$0.064 loss per share (improved from AU$1.13 loss in FY 2021). Net loss: AU$9.22m (loss narrowed 90% from FY 2021). Revenue is forecast to grow 115% p.a. on average during the next 2 years, compared to a 3.3% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 114 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Mick McMullen is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 13
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: AU$0.048 loss per share (down from AU$0.037 loss in 1H 2021). Net loss: AU$6.63m (loss widened 138% from 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 154 percentage points per year, which is a significant difference in performance. Board Change • Jan 02
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Mick McMullen is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Oct 21
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Mick McMullen is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 30
Full year 2021 earnings released: AU$0.23 loss per share (vs AU$0.014 loss in FY 2020) Full year 2021 results: Net loss: AU$89.9m (loss widened AU$86.0m from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 157 percentage points per year, which is a significant difference in performance. Executive Departure • Aug 03
Interim CEO & Executive Director Anthony Reilly has left the company On the 23rd of July, Anthony Reilly's tenure as Interim CEO & Executive Director ended after 6.1 years in the role. As of March 2021, Anthony still personally held 4.82m shares (€214k worth at the time). A total of 4 executives have left over the last 12 months. Executive Departure • Jun 11
Non-Executive Director Craig McGown has left the company On the 9th of June, Craig McGown's tenure as Non-Executive Director ended after less than a year in the role. We don't have any record of a personal shareholding under Craig's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 1.58 years, which is considered inexperienced in the Simply Wall St Risk Model. Recent Insider Transactions • Apr 24
Insider recently sold €363k worth of stock On the 19th of April, James Mellon sold around 1m shares on-market at roughly €0.30 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €327k more than they bought in the last 12 months. Executive Departure • Apr 03
Independent Non-Executive Chairman Anthony Kiernan has left the company On the 31st of March, Anthony Kiernan's tenure as Independent Non-Executive Chairman ended after 10.7 years in the role. As of December 2020, Anthony personally held 4.08m shares (€314k worth at the time). A total of 2 executives have left over the last 12 months. Reported Earnings • Mar 19
First half 2021 earnings released: AU$0.007 loss per share (vs AU$0.01 loss in 1H 2020) First half 2021 results: Net loss: AU$2.79m (flat on 1H 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 25
New 90-day high: €0.21 The company is up 121% from its price of €0.097 on 27 November 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 59% over the same period. Executive Departure • Feb 25
Non-Executive Director has left the company On the 24th of February, Darren Stralow's tenure as Non-Executive Director ended after 5.7 years in the role. As of December 2020, Darren personally held 1.56m shares (€120k worth at the time). Darren is the only executive to leave the company over the last 12 months. 
