Havilah Resources (HAV) Q4 2024 TU earnings summary

Executive summary

• Advanced discussions for divestment of Kalkaroo copper-gold-cobalt project and partnerships for Mutooroo and uranium assets; multiple due diligence site visits at Kalkaroo.

• RC drilling re-commenced at Mutooroo and was prepared for Croziers; heritage surveys and regulatory approvals obtained for future drilling.

• Koba Resources began a 110-hole maiden uranium drilling program at Oban; listed equity investments increased to $3.76 million.

• Board sees potential valuation uplift for Kalkaroo, referencing a $393 million takeover offer for a comparable copper project.

Financial highlights

• Cash and cash equivalents at 31 July 2024 were $1,161,953, down from $2,608,901 at the previous quarter end.

• Listed equity investments valued at $3,762,222, mainly in Koba Resources and FireFly Metals.

• Net cash outflow from operating activities was $534,482 for the quarter.

• Exploration and evaluation expenditure totaled $923,089 for the quarter.

• Estimated quarters of funding available is 0.84, with plans to raise further funds or monetize assets.

Outlook and guidance

• Focus remains on monetizing Kalkaroo, advancing Mutooroo with JX Advanced Metals, and divesting non-core uranium assets.

• Exploration to continue at high-potential copper-gold prospects in the Curnamona Province.

• Board optimistic about attracting a Kalkaroo purchaser, citing strong market interest in copper.

• Iron ore projects assigned lower priority due to market conditions; focus shifted to copper, gold, and uranium.

• Company expects to continue operations and meet objectives through asset sales, equity raises, or joint ventures.