We have upgraded our Mining Services revenue and earnings outlook for DVP after incorporating our expanded production scenario for Bellevue Gold (BGL AU, HOLD). We now expect DVP to deliver Mining Services revenue 4% and 10% above guidance for FY24 and FY25, respectively. Making the final investment decision to develop Woodlawn, which we expect will occur once debt financing is secured to cover the pre-production capex costs, presents a key near-term catalyst for DVP. The improved outlook for Mining Services has driven upgrades to our earnings outlook for the company. We have increased our price target 5% to A$4.20 as a result and reiterate our SPEC BUY rating.
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