Hartshead Resources (HHR) Q1 2026 TU earnings summary

Executive summary

• Entered a Well Carry Agreement for Phase C Well Work Obligation, with JV partner RockRose funding 100% of Hartshead's share of costs, reducing Hartshead's JV interest from 40% to 35%.

• Joint application submitted for a two-year extension to Phase C of UKCS Licence No. P2607 due to permitting and supply chain delays.

Financial highlights

• Exploration and evaluation expenditure for the quarter was A$0.5 million post JV contributions.

• Payments to related parties during the quarter totaled A$396,212, covering salaries, superannuation, and directors' fees.

• Net cash used in operating activities was A$462,000 for the quarter.

• Net cash from investing activities was A$507,000, including A$1,498,000 proceeds from disposal of investments.

• Cash and cash equivalents at quarter end were A$15.77 million.

Outlook and guidance

• The Well Carry Agreement provides a non-dilutive funding pathway for Phase C Well Works, preserving capital and equity position.

• Estimated quarters of funding available is 33, indicating strong liquidity.