Havilah Resources (HAV) Q1 2026 TU earnings summary

Executive summary

• Focus remains on exploration and replenishing the project pipeline, leveraging a large tenement holding and knowledge base.

• Strategic vision targets value growth through discoveries, transactions, and shareholder returns over the next two years.

• Key events include progress on the Kalkaroo and Mutooroo projects, high-grade uranium results at Johnson Dam, and resumed drilling at Birksgate.

Significant events and developments

• Binding term sheet executed with Sandfire Resources for Kalkaroo, allowing Sandfire to earn up to 80% via staged payments totaling $210 million and a new PFS.

• Negotiations with JX Advanced Metals for Mutooroo PFS funding and potential equity interest.

• High-grade uranium intercepts at Johnson Dam, confirming mineralisation over 400m of strike.

• Resumed drilling at Birksgate to test the untested K2 horizon, with assays pending.

• Term sheet with Heavy Rare Earths Limited for earn-in rights at Prospect Hill; site preparation at Pernatty Lagoon for future drilling.

Financial highlights

• $2 million raised via share placement at $0.18 per share for working capital and admin expenses.

• Cash and cash equivalents at 31 October 2025: $1,263,661.

• Equity investments in Koba Resources, Heavy Rare Earths, and FireFly Metals valued at $3,759,778.

• Exploration and evaluation cash outflow: $893,441 for the quarter.

• Net cash used in operating activities: $(515,170); net cash used in investing: $(733,665); net cash from financing: $1,971,164.