DVP has announced a major operational milestone, with concentrate production now underway and the company set to begin generating cashflow in the June 2025 quarter. The announcement details a robust business update that highlights a dual business model combining direct mine ownership with an expanding underground mining services unit. The firm is positioning itself at the heart of the energy transition through its clean metals production, aiming to produce approximately 50,000–60,000 copper equivalent tonnes annually while also developing world‐class underground capabilities that support both its own assets and third-party projects. At the core of this update is the Woodlawn Copper/Zinc Mine, now fully funded for a restart. The project, bolstered by recent capital investment, exhibited notable operational improvements with a 55% increase in the underground resource and a 94% increase in the reserve base. With a 10‐year mine life expected to yield around 22,000 tonnes per annum of copper equivalent, early production is forecast to deliver nearly A$450 million in free cashflow over the first three years. The processing plant is already demonstrating performance beyond design parameters, with first shipments of high-grade copper concentrate successfully delivered and payments received from established trading partners. The broader development plan encompasses additional high-value projects such as the Sulphur Springs Zinc/Copper Project and the Pioneer Dome Lithium Project. The Sulphur Springs asset is expected to generate project revenues of A$2.9 billion, with an 8‐year mine life producing approximately 30,000 tonnes per annum of copper equivalent metal. Meanwhile, the Pioneer Dome Project offers significant long-term potential with planned lithium spodumene production projected to reach 200,000 tonnes per annum and an estimated mine life of 7 years. Complementing these projects, the underground mining services unit has already reported FY24 revenues of A$147 million, with further growth anticipated in FY25. From a technical perspective, the announcement provides several positive indicators: the processing plant has achieved nameplate throughput rates of up to 850,000 tonnes per annum during commissioning, and metal recoveries are tracking well against targets. Underground development is also progressing ahead of schedule, with monthly development rates significantly surpassing initial plans. The company has completed critical infrastructure installations and commissioned key systems required for ramping up production, thereby de-risking early production phases. Bullish sentiment arises from DVP’s diversified revenue streams, strong technical execution, and the operational readiness of flagship projects. The significant free cashflow potential, combined with robust pre-tax NPVs across projects (for example, A$728 million for Woodlawn and A$523 million for Sulphur Springs), supports a narrative of value creation. Furthermore, strong ESG credentials and a deep reservoir of underground mining expertise—emphasized by a workforce rapidly expanding to 600 personnel from a network exceeding 10,000 experts—underscore the company’s competitive advantage in the evolving mining sector. Conversely, bearish views might focus on the considerable upfront capital and ongoing capex requirements, as well as the inherent risks associated with transitioning to complex underground mining operations. Execution challenges and potential delays in ramping up production, despite the current robust progress, may also be noted as factors that could temper near-term performance expectations. Overall, DVP’s comprehensive strategy, solid project fundamentals, and early production achievements position it as a key player in the supply of clean metals essential for the energy transition.