What DEVELOP does

DEVELOP (ASX:DVP), formally Develop Global Limited and formerly Venturex Resources, is an Australian mining company operating a twin-pronged business model that combines ownership and development of mineral projects with the provision of underground contract mining services to third parties. The company owns and operates three core mineral assets: the Woodlawn zinc-copper-lead-gold-silver underground mine in New South Wales (declared commercial production in April 2026); the Sulphur Springs copper-zinc VMS project in Western Australia's Pilbara region (1.5 Mt/y processing plant under construction, EPC contractor GR Engineering on a ~A$295M contract); and the Pioneer Dome lithium project in WA's Eastern Goldfields (11.2 Mt @ 1.2% Li2O resource, advanced to FID in June 2026 alongside a US$400M Trafigura funding facility). The product portfolio targets copper, zinc, and lithium concentrates — commodities directly exposed to the global energy transition and battery storage demand, where the company cites forecasted lithium supply deficits and 17-fold growth in stationary battery storage capacity to 2050.

The company's second business line is Develop Mining Services, which provides underground mine development, production, portal establishment, longhole drilling, geotechnical drilling, and technical consulting to external mining operators. Active or recently active contracts include Bellevue Gold (workforce ~350), Oceana Gold (Waihi North), Core Lithium (A$274M BP33 contract), and Mineral Resources (Mt Marion, completed December 2024). Reported mining services contract pipeline stands at AUD 2.5 billion.

The revenue model is hybrid. Concentrate sales generate one-time revenue per parcel (copper and zinc concentrates from Woodlawn; future copper-silver and zinc concentrates from Sulphur Springs; future lithium concentrate from Pioneer Dome under the Trafigura offtake). Mining services generate professional-services revenue on multi-year contracts. Most recent disclosed quarterly revenue (Q3 FY2025) was AUD 69.3M, split AUD 50M from services and AUD 19.3M from concentrate sales, with management projecting FY2026 revenue of USD 323.72M and FY2027 of USD 445.85M as new projects ramp. Headquartered in West Leederville, Perth, the company is led by Managing Director Bill Beament (former Executive Chair of Northern Star Resources) and was founded circa 2018, with mining heritage dating to the 2006 Venturex Resources era.

Name

DEVELOP

Legal name

Develop Global Limited

Website

https://develop.com.au

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

101–250 employees

Short description

DEVELOP (ASX:DVP) is an Australian mining company that owns and operates copper, zinc, and lithium projects in Western Australia and New South Wales while providing underground contract mining services to third-party mining operators. It targets clean metals for the energy transition.

Ownership category

akta.pro rank

Product category

Base Metals Mining and Underground Mining Services

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Support Activities for Metal Mining (213114)

SIC

Metal Mining (1000)

akta.pro primary industry

Copper Ore Mining (Open-Pit & Underground) (IMAKADAB)

akta.pro secondary industries

Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Copper Exploration & Resource Development (IMAKADAA)

Keywords

• Underground mining services
• Base metals production
• Zinc copper mining
• Lithium extraction projects
• Mineral exploration and development

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Supply Chain, Others

Revenue model

1. Concentrate Sales: Revenue from selling copper, zinc, lead, gold, and silver concentrates produced from owned mining operations including Woodlawn and Sulphur Springs projects
2. Mining Services: Contract underground mining services provided to other mining companies including Bellevue Gold and Oceana Gold. The company has a growing pipeline of mining services contracts worth AUD 2.5 billion.
3. Lithium Production: Revenue anticipated from lithium concentrate production at Pioneer Dome Lithium Project, supported by US$400 million Trafigura financing package

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

DEVELOP produces clean metals (copper, zinc, lithium, lead, gold, silver) for sustainable energy generation and storage from base-metal mining projects. The company owns and operates three mineral projects in Australia (Woodlawn Zinc-Copper, Sulphur Springs Copper-Zinc, Pioneer Dome Lithium) and, through its Develop Mining Services division, provides underground contract mining services to other mining operators including high-speed mine development, drilling, and underground support.

Product overview

DEVELOP (ASX:DVP) is an Australian mining company with a twin-pronged strategy combining ownership and operation of mineral projects with provision of underground mining services. The company owns and operates three core mineral projects: Woodlawn (zinc-copper-lead-gold-silver underground mine in NSW), Sulphur Springs (copper-zinc project in WA's Pilbara), and Pioneer Dome (lithium project in WA's Eastern Goldfields). Through its Develop Mining Services division, the company provides underground contract mining services to external clients including Bellevue Gold and Oceana Gold, while also operating its own projects. The portfolio also includes various joint venture interests in gold and base metal exploration projects.

Differentiator

Problem solved

Functional benefit

Brands

• Develop Mining Services: Underground contract mining services division providing world-class underground mining services to mine owners including infrastructure construction, drilling, and operational expertise.

Products and services

• Woodlawn Zinc-Copper Project High-grade zinc-copper-lead-gold-silver underground mine located in the Lachlan Fold belt in NSW, 250km south-west of Sydney. Produces separate copper and zinc concentrates with by-product lead, gold, and silver. Owned and operated by DEVELOP following acquisition in May 2022 for A$30 million upfront plus success-driven milestone payments.
• Sulphur Springs Copper-Zinc Project VMS (Volcanogenic Massive Sulphide) copper-zinc deposit located 144km southeast of Port Hedland in WA's Pilbara region. Features a 1.5 Mt/y processing plant producing separate copper-silver and zinc concentrates. GR Engineering Services appointed as preferred EPC contractor with contract valued at approximately A$295 million (US$207 million). Total capital expenditure estimated at A$450 million combined with Pioneer Dome Lithium project.
• Pioneer Dome Lithium Project Multi-commodity project located approximately 130km south of Kalgoorlie in WA's Eastern Goldfields. Targets spodumene lithium production from pegmatite mineralisation across 389km² area with current JORC Resource of 11.2Mt at 1.2% Li2O (containing approximately 129,000 tonnes Li2O). Discovered in June 2019.
• Develop Mining Services Underground contract mining services division providing world-class underground infrastructure construction, geological and geotechnical drilling, underground support, and technical consulting for external clients in the mining sector. Offers development and production activities including portal establishment, decline development, and longhole drilling. Active contracts include Bellevue Gold Project, Oceana Gold Waihi North Gold Project, and Core Lithium BP33 underground project.
• Joint Venture Exploration Portfolio Portfolio of joint venture interests in gold and base metal exploration projects across Western Australia, including Whim Creek copper-zinc project, Kangan Gold Project, Balagundi Gold Project, Larkinville Gold Project, and Wattle Dam Nickel Project. DEVELOP retains minority free-carried interests in each JV through to decision to mine.

Quantifiable outcome

• Q3 2025 ore tons mined up 46% and concentrate production up 50% year-on-year
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• GR Engineering Services LimitedcoreImplementation/ SI/ Consulting Partner · 10 June 2026Appointed as preferred contractor for engineering, procurement, and construction of the 1.5 Mt/y Sulphur Springs copper-silver-zinc project in Western Australia. EPC contract valued at approximately A$295 million (US$207 million).
• Core LithiumcoreChannel Partner/ Reseller/ DistributorDevelop Global awarded a $274 million contract to develop underground mining operations at Core Lithium's BP33 underground project, extending the Finniss project's mine life to 10 years. Contractor Develop Global mobilized to site with underground decline development officially commenced.
• Bellevue GoldcoreChannel Partner/ Reseller/ DistributorInitial 4-year contract with Bellevue Gold (ASX: BGL) and subsequent contract extension to provide underground mining services at their Bellevue Project in Western Australia. Workforce of approximately 350 people.
• Oceana GoldcoreChannel Partner/ Reseller/ DistributorAgreement to provide underground mining services at Oceana Gold's (TSX: OGC) Waihi North Gold Project.
• Anax Metals LimitedminorStrategic or Co-development PartnerUnincorporated Joint Venture with Anax Metals Limited (ASX:ANX) for Whim Creek Project - Anax acquiring 80% interest via staged cash payments and earn-in expenditure. DEVELOP retains 20% interest free-carried through to decision to mine.
• Novo Resources Corp and Sumitomo CorporationminorStrategic or Co-development PartnerFarmin & JV agreement for Kangan Gold Project with Novo Resources Corp (TSXV:NVO) and Sumitomo Corporation. Parties jointly fund gold exploration until decision to mine; Develop retains 30% interest free-carried to decision to mine. Novo managing the JV.
• Black Cat Syndicate LimitedminorStrategic or Co-development PartnerFarm-in & Joint Venture agreement for Balagundi Gold Project. Black Cat (ASX:BC8) earning 75% interest with Develop retaining 25% carried-free interest up to completion of bankable feasibility study.
• Maximus Resources LtdminorStrategic or Co-development PartnerJoint venture for Larkinville Gold Project - Maximus Resources (ASX:MXR) holding 70% interest and managing the JV, Develop holds 25% interest free-carried to decision to mine. Also JV partner for Wattle Dam Nickel Project.

Scale indicators10 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Mineral Resources: ASX-listed mining services and lithium/iron ore producer. Develop previously provided underground services to Mineral Resources at Mt Marion, mirroring MinRes's model of combining contract mining with own-asset production.
• Perenti (formerly Barminco): ASX-listed underground hard-rock mining contractor (Barminco, Ausdrill). The leading underground mining services peer to Develop Mining Services with overlapping customer profiles in gold and base metals.
• NRW Holdings: ASX-listed diversified contract mining and civil contractor providing open-cut and underground mining services. Directly comparable to Develop Mining Services in business model and end customers.
• Aeris Resources: ASX-listed mid-tier copper-gold producer (Cracow, Mt Colin, Tritton). Comparable in scale and commodity mix to Develop's copper-zinc operations, particularly around VMS-style base-metals exposure.
• Pilbara Minerals: ASX-listed hard-rock lithium concentrate producer operating in WA. Develop's Pioneer Dome is a spodumene project in WA's Eastern Goldfields with a comparable resource profile, making Pilbara Minerals the most direct listed lithium peer.
• Sandfire Resources: ASX-listed copper-zinc producer whose flagship DeGrussa mine was a VMS deposit analogous to Develop's Sulphur Springs and Woodlawn VMS-style projects, making it the closest direct analogue in the Australian base-metals mid-tier.

Broad incumbents

• IGO Limited: ASX-listed nickel and lithium producer (Greenbushes JV, Nova). A larger incumbent in the WA battery-metals space with broader commodity exposure than Develop but overlapping lithium end-markets.

Emerging players

• Core Lithium: ASX-listed lithium producer (Finniss). Develop Mining Services is a contracted underground miner at Core Lithium's BP33 project, making it both a customer and a closely comparable emerging lithium peer.
• Capricorn Metals: ASX-listed gold producer (Karlawinda, Mt Gibson). Comparable to Develop in market cap tier and Australian mid-tier mining focus, though in gold rather than base/battery metals.
• Bellevue Gold: ASX-listed high-grade gold developer whose Bellevue Gold Project is a Develop Mining Services contract. Comparable as an emerging gold peer and an existing customer of Develop.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/develop-global-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DEVELOP