Havilah Resources (HAV) H2 2025 earnings summary

Executive summary

• Reported a net loss after tax of $3.28 million for FY2025, compared to a $5.57 million profit in FY2024, driven by fair value losses on equity investments and increased share-based payments expense.

• Significant exploration and drilling progress at key copper, gold, cobalt, uranium, and iron ore projects, with resource upgrades and new discoveries at Mutooroo, Croziers, Johnson Dam, and Mingary Mine.

• Monetised non-core uranium assets through agreements with Heavy Rare Earths Limited (HRE) and Koba Resources Limited, resulting in equity stakes and options in HRE.

• Raised $4.07 million via a non-renounceable entitlement offer to fund ongoing exploration and project development.

Financial highlights

• Revenue and other income totaled $3.54 million, primarily from Mutooroo study program funding and gain on disposal of uranium earn-in rights.

• Net loss after tax of $3.28 million, including $3.66 million in fair value losses on financial assets and $911,382 in share-based payments expense.

• Cash and cash equivalents at year-end were $541,332, down from $1.16 million in FY2024.

• Net cash outflows from operating and investing activities totaled $4.59 million.

• Contributed equity increased by $4.0 million due to the entitlement offer.

Outlook and guidance

• Ongoing negotiations for divestment or partnership on the Kalkaroo and Mutooroo projects, with management optimistic about securing favorable terms.

• Exploration focus remains on expanding resources and advancing pre-feasibility studies, particularly at Mutooroo and regional prospects.

• Additional capital raising of $2 million via share placement post year-end to support exploration and development.