Havilah Resources (HAV) Q4 2026 TU earnings summary

Executive summary

• Advanced work on the Kalkaroo copper-gold project with Sandfire, including new onsite infrastructure and commencement of a major drilling program to support a US$70 million pre-feasibility study.

• Entered a binding farm-in agreement with Kantra Copper for the Mutooroo copper project, receiving $5 million in Kantra shares and options and initiating pre-feasibility activities.

• Strategic regional exploration commenced at Brooks Dam, targeting the Kalkaroo mineralised horizon, with 13 drillholes completed and assays pending.

• Progressed legal and tax work for a planned distribution to shareholders from proceeds received, aiming for completion by end of 2026.

Financial highlights

• Cash and cash equivalents at 31 July 2026 were $40.9 million, including $13.8 million restricted for Sandfire Strategic Alliance exploration.

• Fair market value of listed equity investments at quarter end was $96.7 million, with significant holdings in Sandfire and Kantra.

• Total cash outflow for exploration and evaluation activities during the quarter was $1.2 million.

• Net cash outflow from operating activities for the quarter was $14.0 million, impacted by one-off payments including GST and advisory fees.

Outlook and guidance

• Kalkaroo pre-feasibility study scheduled for completion in Sandfire’s H2 FY28, with ongoing drilling and infrastructure development.

• Mutooroo pre-feasibility study Phase 1 expected to conclude during Kantra’s December 2026 quarter; full PFS contingent on positive early results.

• Planned shareholder distribution before end of 2026, subject to tax return preparation, ATO opinion, and shareholder approval.

• Company expects reduced net operational cash outflows next quarter as major one-off payments have been completed.