Rio Tinto Ltd (ASX: RIO) shares are a popular way to gain exposure to copper.
However, with the mining giant’s shares hitting a record high this week, the upside from here could be limited.
But don’t worry, because Bell Potter has identified another way to get that copper exposure.
Which ASX copper share?
Bell Potter is recommending Develop Global Ltd (ASX: DVP) shares to clients this week following the release of its quarterly update.
Commenting on the quarterly update, the broker said:
Woodlawn delivered a material QoQ uplift in contained metal production: copper +92%; zinc +43%; lead +42%; and silver +118%. The increased metal production reflects higher processing rates and feed grade. Processed materials, grades and recovery rates are anticipated to lift further as Woodlawn delivers its first quarter of steady-state production and as stoping advances to the Kate lens core (see Figure 1 for a break-down of Kate lens grade by level).
Quarterly Woodlawn revenue is estimated to be ~$19.0m (December 2025 quarter: $39.1m) with sale slippage into early April due to impacted ship availability arising from the Middle East conflict. DVP noted that $33m of mine and port stockpiles had accumulated at quarter-end, with $28.9m shipped in April.
Looking ahead, Bell Potter highlights that two other projects are close to final investment decisions (FIDs), which bodes well for its cash flow generation in the coming years. It adds:
Both projects are expected to see major milestones announced this quarter for offtake, financing and FID. These milestones will pave the way for construction commencement of the Sulphur Springs processing plant in early FY27, and earlier realisation of cash flow generation at Pioner Dome under a DSO development pathway. The significant interest in DSO offtake observed suggests DVP has leverage in negotiating a favourable pricing framework.
Potential market-beating returns
According to the note, in response to the quarterly update, the broker has retained its buy rating on the ASX copper share with an improved price target of $6.60.
Based on its current share price of $5.76, this implies potential upside of almost 15% for investors over the next 12 months.
Commenting on its buy recommendation, Bell Potter said:
DVP is well positioned to deliver commodity price leverage in the current elevated copper, zinc and silver price environment. Expanding free cash flow generation will support near-term project financing for Sulphur Springs and Pioner Dome.
The post Forget Rio Tinto and buy this ASX copper share appeared first on The Motley Fool Australia.
Should you invest $1,000 in Develop Global right now?
Before you buy Develop Global shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Develop Global wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
* Returns as of 20 Feb 2026
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More reading
- Why Deep Yellow, Develop Global, Resolute Mining, and Santos shares are pushing higher today
- Rio Tinto shares soar to an all-time high: Buy, hold or sell?
- Why is everyone talking about Regis Resources, Lynas and Rio Tinto shares on Tuesday?
- Rio Tinto shares close in on record high following strong Q1 update
- Rio Tinto Q1 FY26: Production growth and steady guidance drive optimism
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.