DVP reported Mining Services revenue of A$142m for FY24, 7% higher than we had forecast. Mining Services revenue guidance for FY25 has been increased to A$200-220m. We have upgraded our mining services revenue and earnings outlook after incorporating the higher mining rates and increased sustaining capex spend by Bellevue Gold (BGL AU, HOLD, A$1.40 price target in its five-year outlook. Our Mining Services revenue rises 6% in FY25 and FY26 and +20% for FY27-FY30. Securing debt financing that will enable the formal approval of the Woodlawn re-start presents a key near-term catalyst for DVP. We reiterate our SPEC BUY rating and A$4.20 price target.
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