Havilah Resources (HAV) H2 2024 earnings summary

Executive summary

• Achieved a profit after tax of $5.57 million for FY2024, up from $2.93 million in FY2023, driven by fair value gains on equity investments and income from asset sales and alliances.

• BHP did not exercise its option to acquire the Kalkaroo Project, but a study found no fatal flaws and identified enhancements, with the asset now being marketed to new buyers.

• Entered agreements with Koba Resources for uranium asset monetisation, receiving $3.61 million in equity and options, and retaining a 20% free-carried interest.

• Signed a memorandum of understanding with JX Advanced Metals for a $3 million study and exclusivity on the Mutooroo copper-cobalt-gold project.

Financial highlights

• Revenue for the year was $8,799, with other income of $6.41 million, including $2 million from BHP and $3.61 million from Koba Resources.

• Fair value gain on financial assets was $1.41 million, mainly from Koba and FireFly Metals investments.

• Net cash outflows from operating and investing activities totaled $2.46 million, with cash and cash equivalents at $1.16 million at year-end.

• Working capital decreased to $21.92 million from $24.24 million, mainly due to cash expenditure.

• No dividends were declared or paid.

Outlook and guidance

• Board remains optimistic about selling the Kalkaroo Project within 12 months, with the asset classified as held for sale at $22.08 million.

• Focus remains on monetising non-core assets and advancing core copper projects for near-term value uplift.

• Exploration and evaluation expenditure commitments of $600,000 for the next year.