Havilah Resources (HAV) Q3 2026 TU earnings summary

Executive summary

• Executed definitive agreements with Sandfire Resources to advance the Kalkaroo copper-gold project, including a strategic alliance for regional exploration and a planned US$70 million pre-feasibility study by H2 FY28.

• Advanced negotiations and signed a binding farm-in agreement with Hillgrove Resources for the Mutooroo copper project, with a staged earn-in structure and upfront consideration of $5 million in shares and options.

• Regional exploration focused on access and permitting for drilling at Eurinilla Dome and Brooks Dam, with delays due to heavy rains but drilling expected to commence in June 2026.

• Koba Resources delivered the thickest and highest uranium grades to date at the Everest prospect, and Heavy Rare Earths Limited prepared for drilling at the South Ridge tin project.

Financial highlights

• Cash and cash equivalents at 30 April 2026 were $56.4 million, including $16.5 million restricted to Sandfire exploration tenements.

• Received $42 million in Sandfire Stage 1 cash consideration and $16.5 million in strategic alliance funding during the quarter.

• Total cash outflow for exploration and evaluation activities was $924,005 for the quarter.

• Held equity investments in Sandfire, Koba, Heavy Rare Earths, and FireFly Metals with a combined fair market value of $77.8 million at quarter end.

Outlook and guidance

• Kalkaroo pre-feasibility study targeted for completion in Sandfire's H2 FY28, with ongoing onboarding and infrastructure preparation.

• Sandfire to commit a minimum of $30 million over two years for regional exploration, with $15 million already deposited.

• Mutooroo project to proceed with pre-feasibility study and resource drilling, with Hillgrove investing up to $10 million over 24 months.

• Regional drilling programs expected to commence in Q4 FY26.