Havilah Resources (HAV) H2 2026 earnings summary

Executive summary

• Monetised a majority-earn-in right for Kalkaroo and a farm-in right for Coburn, retaining 20% project interests and exposure to partner shares.

• FY26 profit was driven largely by Kalkaroo transaction income and fair-value gains; exploration and regional drilling remain central priorities.

Financial highlights

• FY26 profit was $77.20m versus a $3.28m loss in FY25; results included $94.96m Kalkaroo Stage 1 income and $3.35m net fair-value gains.

• Other income totalled $97.30m; tax expense was $18.17m, including $11.40m current and $6.77m deferred tax.

• Operating cash outflow was $15.06m; investing cash inflow was $52.94m and financing cash inflow was $2.46m.

Outlook and guidance

• Sandfire plans to invest ~US$70m in a new Kalkaroo PFS, expected during Sandfire H2 FY28, predominantly aligning with FY28 ending 31 July 2028.

• Sandfire committed at least 20,000m of Kalkaroo drilling and $30m over 24 months for regional exploration; the first $15m instalment was funded.

• Kantra Copper plans up to $10m over up to 24 months for Coburn studies, including 5,000m of resource drilling; full PFS work depends on Phase 1 viability.

• Targeted drilling across priority Curnamona prospects is planned, supported by Kalkaroo proceeds and partner-funded programs.