Hartshead Resources (HHR) Q3 2025 TU earnings summary

Executive summary

• Submitted revised Concept Select Report Addendum (CSRA) for Phase I gas development, selecting a new gas export route via the Saturn Banks pipeline to the Bacton Terminal.

• Project economics improved with reduced CAPEX and potential for accelerated production and earlier first gas.

• Platform re-use and infrastructure funding discussions are progressing for the Somerville development.

• CSRA submitted under sole risk provisions as JV partners did not vote in favor, but they may still join the development.

Financial highlights

• Maintained a strong balance sheet with over A$15 million in cash and more than A$4 million in financial investments as of 31 March 2025.

• Net cash used in operating activities for the quarter was A$1.23 million; net cash used in investing activities was A$893,000.

• Cash and cash equivalents at quarter end totaled A$16.13 million.

• Payments to related parties during the quarter were A$370,272, mainly for salaries and directors' fees.

Outlook and guidance

• Advanced discussions for 100% funding of pipeline extension to the Anning & Somerville area.

• Platform re-use and funding options under review to further optimize project economics.

• Estimated 8.4 quarters of funding available at current expenditure rates.