Havilah Resources (HAV) Q3 2025 TU earnings summary

Executive summary

• Advanced funding discussions for Kalkaroo copper-gold-cobalt project amid strong market interest and rising gold prices.

• Mutooroo project completed study program with JX Advanced Metals; negotiations ongoing for pre-feasibility funding and equity option.

• Regional exploration focused on permitting and access for drilling at multiple prospects, with heritage surveys and approvals completed.

• Significant uranium and rare earths exploration progress through Koba Resources and Heavy Rare Earths Limited partnerships.

• Cash and cash equivalents at quarter end were $1.72 million, with strategic equity investments valued at $2.1 million.

Financial highlights

• Cash outflow for exploration and evaluation activities was $1.03 million for the quarter.

• No mining production or development activities occurred during the quarter.

• Net cash used in operating activities was $312,856; net cash used in investing activities was $913,881.

• Net cash from financing activities was negative $27,723 for the quarter.

• Cash and cash equivalents decreased from $2.98 million to $1.72 million over the quarter.

Outlook and guidance

• Ongoing efforts to monetize Kalkaroo via project equity sale, leveraging high gold and copper prices.

• Plan to finalize Mutooroo investment agreement and commence pre-feasibility study with JXAM by July 2025.

• Multiple drilling programs scheduled for 2025 at key regional prospects, subject to funding and regulatory approvals.

• Company expects operational cash outflows to reduce after current drilling programs.

• Funding options include asset sales, equity raising, or joint ventures to support ongoing operations.