We believe DVP is likely to make a final investment decision on Woodlawn in the next few months. Timing of FID is key to our base case, which assumes first production occurs in 1QFY26. Woodlawn is expected to produce ~10ktpa of copper in concentrate, at an AISC of <A$3.00/lb, which is supported by a strong +30ktpa zinc in concentrate by-product credit. Copper prices have outperformed our expectations as the supply issues in Chile and Panama have had a greater impact on the market than we anticipated. Accordingly, we have upgraded our near-term copper price forecasts by 15-25% to reflect the stronger market fundamentals. We have upgraded our medium-term earnings for DVP reflecting the first two years of operation at Woodlawn. The final investment decision that confirms the development timeline presents a key near-term catalyst for DVP and we reiterate our SPEC BUY rating and A$4.00 price target.
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