Havilah Resources (HAV) Q4 2025 TU earnings summary

Executive summary

• Advanced strategic funding discussions for the Kalkaroo copper-gold-cobalt project amid strong market interest in copper assets.

• Progressed negotiations with JX Advanced Metals for Mutooroo project funding and potential equity sale.

• Completed significant drilling at Johnson Dam and Mingary Mine prospects, with high-grade gold and wide gold-copper intersections reported at Mingary.

• Entered a binding term sheet with Heavy Rare Earths Limited for exploration and mining rights at Prospect Hill post-quarter.

• Secured $2 million via a non-underwritten share placement after quarter end.

Financial highlights

• Cash and cash equivalents at 31 July 2025 were $541,331.

• Fair value of equity share investments in Koba Resources, Heavy Rare Earths, and FireFly Metals totaled $2,758,489.

• Total cash outflow for exploration and evaluation activities during the quarter was $1,200,851.

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

Outlook and guidance

• Key 2025 objectives include monetising Kalkaroo, completing the Mutooroo study with JXAM, and advancing regional exploration.

• Ongoing need for adequate funding; focus on finding project partners or asset monetisation.

• Positive long-term outlook for copper, supported by electrification and technology trends.