DVP reported Mining Services revenue of A$52.7m for 1QFY25, 3% higher than we had forecast. Mining Services revenue guidance for FY25 has been maintained at A$200-220m, with DVP stating revenues from Bellevue are on track to be above the original FY24 forecast. We have upgraded our mining services revenue and earnings outlook after incorporating the higher mining rates. Funding and offtake for the Woodlawn project has progressed and GR Engineering Services is advancing the upgrade and recommission of the Woodlawn processing plant; with first production and cashflows targeted for mid-CY25. We reiterate our SPEC BUY rating and A$4.50 price target.
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