PERTH, Australia — Shares of Develop Global Ltd. fell $0.54, or 10.06%, to $4.83, marking a sharp single-day pullback for the multi-commodity resources developer even as the company continues progressing toward several major project milestones expected within the current September quarter.

Friday’s decline comes amid a broader difficult week for Australian equities, with the ASX 200 having posted several consecutive sessions of losses driven by surging oil prices and a sharp global bond market selloff tied to escalating tensions in the Middle East. Smaller, more speculative resources stocks like Develop Global have historically shown heightened sensitivity to that kind of broad risk-off market sentiment, given their reliance on continued investor confidence and access to capital markets to fund ongoing project development.

Develop Global, headquartered in West Leederville, Perth, has built a diversified resources portfolio spanning copper, zinc and lithium projects across Western Australia and New South Wales, while also operating an underground mining services division that provides contracting work to other resource companies. The company’s flagship operating asset, the Woodlawn copper-zinc-lead-silver-gold mine in New South Wales, was acquired out of administration from Heron Resources in 2022 and has since progressed into steady-state commercial production ahead of the schedule management had originally set.

Despite Friday’s sharp drop, Develop Global shares remain up substantially for the year, having gained 37.4% year to date as of a recent update from Simply Wall St, with the stock climbing 27% in a single recent month amid strong operational momentum. The stock’s 52-week range spans from a low of $3.12 to a high of $7.68, according to Halo Technologies, illustrating the significant volatility that has characterized trading in the stock throughout the year as the company has worked through a series of major final investment decisions and financing milestones.

Much of that volatility has been tied to the company’s rapid, simultaneous development of multiple major projects. Develop Global reported record group quarterly revenue of $147 million Australian dollars for its fourth quarter of fiscal 2026, up 108% from the prior quarter, driven by strong production at Woodlawn and growth within the company’s mining services division, according to a summary compiled by Quartr. During that same quarter, the company made final investment decisions on both its Pioneer Dome lithium project and its Yitirrti copper-silver-zinc project, with both developments fully funded through a new $400 million U.S. dollar debt facility secured with global commodities trader Trafigura.

Develop Global managing director Bill Beament described the scale of the company’s current development pipeline during the company’s most recent earnings call, according to a transcript published by Investing.com.

“We’re basically building three mines in three years,” Beament said, while also noting that copper and zinc prices currently sit at some of their highest levels since the business began, positioning the company favorably to benefit from strong underlying commodity market conditions even as individual project execution risks remain.

Beament also highlighted particularly strong underground drilling results at Pioneer Dome, describing the potential financial impact of higher-than-expected ore grades.

“The potential impact on this, on the project’s cash flow, is very substantial. The higher the grade, the more money we get per tonne,” Beament said, noting average underground drilling intersections around 1.45% lithium, with underground grades exceeding 1.5% in some areas.

The Pioneer Dome project specifically is approaching several significant near-term catalysts. The company is targeting board approval on a Stage Two underground development decision for Pioneer Dome during the current September quarter, alongside an updated Mineral Resource Estimate for the project, according to Kalkine Media. First direct shipping ore sales from the project’s initial open-pit stage remain targeted for the December 2026 quarter, following a final investment decision made earlier this year and a binding offtake agreement with Trafigura covering at least 750,000 tonnes of direct shipping ore lithium.

At the company’s separate Sulphur Springs copper-zinc project, investors continue monitoring construction progress ahead of a targeted first concentrate production date in June 2028, representing a longer-term development opportunity within the company’s broader portfolio compared with the more near-term Pioneer Dome timeline.

Analyst sentiment toward Develop Global has remained generally constructive despite the stock’s volatility. The most recent analyst rating on the stock stood at a Buy recommendation with a $7.10 price target, according to TipRanks, a figure that implies significant potential upside from Friday’s trading level, though that target predates the stock’s more recent price movements and may not fully reflect current market conditions.

Develop Global’s financial performance has shown substantial underlying growth even amid the stock’s price volatility. According to Simply Wall St, the company has grown earnings at an average annual rate of 67.3%, compared with 15.2% average annual growth across the broader metals and mining industry, with revenue growing at an average rate of 63.9% per year. The company’s current market capitalization stands at approximately $1.8 billion Australian dollars, according to Simply Wall St’s most recent assessment.

With Friday’s decline occurring against the backdrop of both broader market weakness across the ASX and the company’s approaching Pioneer Dome Stage Two decision and updated resource estimate, investors are likely to continue watching closely for further project-specific updates in the coming weeks. Given Develop Global’s history of significant single-session price swings tied to both company-specific news and broader market sentiment, Friday’s pullback may reflect a combination of profit-taking following the stock’s strong year-to-date gains and the kind of elevated volatility that has periodically characterized trading in the stock throughout its rapid, multi-project development phase across copper, zinc and lithium assets in Western Australia and New South Wales.

Some fast-food chains offer a free birthday meal or snack – Burger King members can claim a free Whopper or Plant-Based Whopper, while Chopstix offers a free small noodle box.

However, most restaurant birthday offers are buy-one-get-one-free deals rather than completely free meals.

At Harvester and Zizzi’s it’s a free main when buying another full-price main. At Frankie & Benny’s you get a free main when purchasing two or more main meals.

Byron offers a free burger with a £5 minimum spend, while Wagamama offers free gyoza when you have earned at least one stamp on your loyalty card in the last six months.

Some chains give money off instead. Turtle Bay offers members a £20 birthday credit with no minimum spend, while Bella Italia gives you £15 off your total bill when you spend a minimum of £30. Las Iguanas offers a free main when two other meals are purchased or a 20% off voucher.

Pizza Express birthday rewards depend on your loyalty level. Bronze members may get a free dessert with a £10 spend, while higher tiers can get a free pizza or drinks with a £15 minimum spend.

At Prezzo, members receive drinks or desserts when they spend at least £25, while Bill’s offers a bottle of prosecco or pancakes when qualifying meals are ordered and the booking is made in advance.

This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

The US may be the bigger trading partner, but Canada shouldn’t be counted out quite yet in the escalating trade war between the two countries.

It is the top customer for 26 US states, including Maine, Michigan, and Wisconsin, as well as being in the top three for 45 of the 50 American states – suggesting Prime Minister Mark Carney has room to manoeuvre in a trade fight.

BBC’s Jessica Murphy explains how Canada has more leverage than it may seem in the spiralling dispute.

Read the latest on the escalating tariff fight here.

Video by Eloise Alanna.

The US-Iran war and resulting higher global oil and gas prices are stoking the inflation fears. Shipments through the Strait of Hormuz waterway, one of the world’s busiest oil and gas routes, have been restricted due to the war and a barrel of Brent crude is now around $105 (£78), approaching levels last seen at the outbreak of the conflict.

Along with directly driving up costs for homes and businesses, higher energy prices can also make transporting goods more expensive and those extra costs can be passed down to consumers through steeper prices for the likes of food and other staples.

Central banks try to limit price rises with higher interest rates. By pushing up the cost of borrowing for things such as mortgages and credit cards, they seek to slow consumer spending and inflation. Higher rates also can give people incentives to save instead of spend.

But its a balancing act, as higher rates can also encourage businesses to hold off on investing and hiring.

When the Bank of England meets later next week, it is expected to try to look both at current price pressures and the wider economic picture.

Millions of UK households are set to see energy bills rise to the highest level for three years heading into the winter and gas prices have risen above 200p per therm for the first time since the end of 2022.

Inflation in the UK is at 2.9%, and it is expected to jump in coming months.

But despite those predictions, there appears to be broad agreement that the Bank will leave rates at 3.75%.

That’s because there is “no sign” of the so-called second-round effects of the price shock feeding through the economy, such as workers requesting wage rises or businesses hiking prices, according to Oxford Economics.

This gives the Bank “some breathing space,” added economist Alexander Harvey.

Yael Selfin, chief economist at KPMG, said that outside of the US, in places such as the UK, the economic environment has been “much weaker” than where it was in 2022, when the last inflation shock hit the world. UK inflation reached a record high of 11.1% in October that year.

Interest rates are already higher than four years ago, she added, and consumers, somewhat scarred by previous price hikes, have changed how they spend.

Also, four years ago “businesses were hiring aggressively, vacancies were at record highs, and more people were moving jobs than normal”, Harvey said, as the economy rebooted following Covid.

“The conditions were in place for employees to push for significant pay rises in response to a significant inflation shock,” he said. “That’s in stark contrast to the current labour market.”

Now, hiring is much weaker than average and there is less pressure to recruit – giving employees less leverage to demand higher pay.

Guild says these conversations are easier before a baby arrives than when parents are sleep-deprived and adjusting to life with a newborn.

Molly and Taylor now have two children, aged two and five, and say they were much more prepared the second time around and stopped thinking about household costs as something that always needed to be divided exactly in half.

The couple, who each earn around £60,000, have their own bank accounts alongside a joint account for bills, but are flexible with the amount each contributes when their circumstances change.

During Molly’s maternity leave, for example, they adjusted the split and she’s found it helpful to “view finances as a household”.

The couple say they are teaching their children about money from an early age.

They set pensions up for both kids when they were born and have been paying into them through a monthly direct debit.

Molly explains: “It’s like a gift for the future as they can’t touch that money until they’re in their 60s and we won’t be there to see that.”

They also use Junior ISAs, although Molly points out that once the children are old enough, the money becomes theirs to spend “and if they want to, they can take that money and blow it in Ibiza”.

Taylor says their five-year-old is given small jobs to earn a couple of pounds, rather than simply being bought everything she asks for.

They are also beginning to introduce the idea of saving by telling her that she can spend a pound now or hold on to it and potentially have more later.

Guild says couples should check what support they can receive, including funded childcare hours, external and Tax-Free Childcare, external.

She adds that conversations about money should not stop once parental leave begins and when the baby arrives she advises couples should:

Mumbai: The Securities and Exchange Board of India(Sebi) chief Tuhin Kanta Pandey on Thursday said the closing auction session (CAS) is ‘here to stay’, while acknowledging that liquidity could remain a concern in the initial stages of its implementation.

Speaking on the sidelines of the Global Fintech Fest (GFF), Pandey said several global jurisdictions, including the US, Japan and Hong Kong, had experienced lower liquidity when CAS was first introduced, with liquidity improving over time.

“CAS is here to stay…the only question is of liquidity. Many market participants have told us about the rollout in other jurisdictions including the US, Japan, Hong Kong, and they have told that initially everywhere when CAS was brought, the liquidity was always an issue and it builds over time,” Pandey said.

Read more: Karan Adani settles PMC Projects case with Sebi by paying Rs 13.65 lakh

“The issue is can we just keep on waiting or we can have some temporary solutions to the issue,” he added.

Pandey said Sebi would soon issue a consultation paper proposing changes to the CAS framework. The regulator introduced CAS on August 3, following which concerns were raised by market participants over the impact of the new mechanism on liquidity and settlement prices. However, the Sebi chairman said several market participants had also praised the implementation of CAS, particularly during events such as MSCI rebalancing.
“We have had several participants who have absolutely praised that implementation of CAS-that MSCI rebalancing and all have gone off very well. Technically the whole thing went off well,” he said.

“Now, there is a certain segment of the market that gets impacted because of the way we kept the settlement price as completely dependent,” Pandey said.

Neither LeydenJar nor Powall are trying to build an entire battery, and both have commercial relationships with customers in Asia.

But Christian Rood of LeydenJar says companies like his can fortify Europe’s position in what has become a global contest.

“The easy comparison is with semiconductors, where there’s really a race for the best chip technology.

“[Dutch tech giant] ASML is not producing chips; it focuses on a critical step in the production of chips, and in that way, has a seat at the table when it comes to the whole semiconductor battle.

“This is our ambition as well – to have a position where our battery anode is so unique that we have an important position in the supply chain.”

So, how do these ambitions play into Europe’s goals in the battery industry?

Alexander Brown is a senior analyst at the Berlin-based independent think-tank the Mercator Institute for China Studies (Merics).

“I think having one part of the supply chain based in Europe is great and if that can be a very advanced technological part, which offers the opportunity for high margins, that’s fantastic,” Brown tells me.

But he cautions that while “there can be collaboration as well as competition at the same time”, China in particular will continue to work to reduce its dependence on other regions.

“China is working very hard to develop local alternatives for technologies, including these niche technologies.

“It’s no secret that China would love to replace ASML – they’re working very hard to do that, and it’s not unforeseeable that they will achieve that goal eventually.

“So, I think Europe has traditional strengths in developing very exquisite high-quality products, which can find markets all over the world.

“But I also think it’s important for that not to be the only strategy [from the continent’s policy makers].”

The challenges of working in such a specialised field are not only technological.

LeydenJar has already reached commercial scale, but Rood says that raising funds within Europe is not always easy.

“There is sufficient financing in Europe, but the risk attitude is quite different than in Asia and in the US,” says Rood.

“That means for a company like us that you have to work with different sources of funding at the same time,” Rood explains.

He lists government grants, debt financing, help from the European Investment Bank and investors willing to buy a share of the business.

“They set a lot of challenging conditions, and they all want to do their own due diligence. It’s hard work,” Rood says.

Powall’s Colen says Europe, and the Netherlands in particular, is an “innovation powerhouse”, and battery technology offers a chance for the continent to make an impact, if the appetite for the risk is there.

“It’s a relatively young industry where factories are being built left, right and centre. They’re searching for the right tech. So that’s where you can play a big role, because the volumes are huge.”

Perhaps Europe’s place in that business lies not in building huge battery gigafactories, but at the other end of the scale altogether.

As Colen puts it, “small changes make big differences.”