Highfield Resources (HFR) Q2 2026 TU earnings summary

Executive summary

• Spanish Supreme Court admitted the appeal on the Goyo mining concession, enabling a full judicial review and advancing legal certainty for the Muga Project.

• Superior Court of Justice of Madrid dismissed the legal challenge against the Fronterizo concession, confirming compliance with Spanish law.

• Decision made not to pursue further development of the Sierra del Perdón tenement, focusing resources on Muga.

• No significant exploration works; priority remains on Muga mine development.

Financial highlights

• Cash at bank was A$1.46 million as of 30 June 2026.

• Fourth tranche of A$700,000 received under the Convertible Note Facility in July 2026 after quarter end.

• 24% reduction in monthly payroll compared to the previous quarter; workforce reduced by 30%.

• Net cash used in operating activities for the quarter was A$1.74 million.

• Net cash used in investing activities was A$92,000; net cash from financing activities was A$700,000.

Outlook and guidance

• Further cost reduction actions planned for the next quarter to reduce monthly cash burn.

• Remaining A$4.14 million from the A$10 million convertible note facility expected to be available for drawdown in September 2026, subject to conditions.

• Management expects sufficient resources to meet obligations and continue as a going concern, supported by secured funding and ongoing cost controls.