Havilah Resources (HAV) Q1 2025 TU earnings summary

Executive summary

• Entered exclusivity agreement with JX Advanced Metals for a $3M study on the Mutooroo copper-cobalt project, with significant drilling progress and promising mineralisation results outside the current resource envelope.

• Advanced discussions with potential buyers for the Kalkaroo copper-gold-cobalt project, with Deutsche Bank engaged to facilitate a transaction.

• Signed agreements with Heavy Rare Earths Limited and Koba Resources Limited, monetising uranium assets and retaining project upside.

• Raised $4.07M via a 1-for-14 entitlement offer to fund exploration, increasing cash reserves to $4.05M at quarter end.

• Gold prices reached record highs, supporting positive market sentiment for precious metals.

Financial highlights

• Cash and cash equivalents at 31 October 2024 were $4,049,116.

• Raised $4,071,075 (before costs) through an entitlement offer at $0.18 per share.

• Quarterly cash outflow for exploration and evaluation was $1,301,226.

• Net cash from operating activities was $163,118; net cash used in investing activities was $(1,291,050); net cash from financing activities was $4,015,095.

• Held equity investments in Koba Resources ($2.38M) and FireFly Metals ($0.42M) at quarter end.

Outlook and guidance

• Board remains optimistic about attracting a purchaser for Kalkaroo, citing strong market interest in undeveloped copper-gold projects.

• Planned to continue resource upgrade and extension drilling at Mutooroo, with JXAM funding ongoing studies.

• Iron ore project work deprioritised due to market uncertainty; focus shifted to copper, gold, and uranium exploration.

• Estimated 3.6 quarters of funding available based on current cash and outgoings.