Ore mining at Woodlawn is set to commence in the next few weeks, and with the process plant upgrade 70% complete, DVP remains on track to deliver first concentrate in the 4QFY25. A potential sell down of up to 20% of Woodlawn at the asset level remains a possibility, with discussions ongoing. Mining Services revenue in the 2QFY25 of A$57.9m was 15% higher than we expected due to increased development rates at Bellevue. DVP is well funded with cash at the end of December of A$112m, and we believe there is scope for Woodlawn to commence production ahead of schedule. We reiterate our BUY rating on DVP and A$4.50 price target
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