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2026-11-06
◂ Monitor HAV ASX

Havilah Resources Limited

Resource Stage · Copper · Gold · AU Rating locked: sign in to view v8.1 · hav-20261104t223120-full
Last 2026-11-06
A$0.71
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$251.3M
EV
A$196.1M
Cash
A$40.9M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-07-31
Cash A$40.9M Not Meaningful
Debt A$0 Net cash A$40.9M
Basic shares 354M 2026-07-31
Runway Not Meaningful Exploration company with no operating cash flow; runway is not a meaningful measure while partner funding and the Stage 1 proceeds dominate. Restricted cash ($13.8m) is matched by a liability and is spent only on Strategic Alliance tenements.

Liquidity

Financial position

Liquid: $40.9m cash at 31 July 2026 plus $14.5m Sandfire sale proceeds in August 2026 and a $1.4m Sandfire dividend; an $11.4m current tax liability is due for FY26. Corporate burn is small (about $1.5m a quarter excluding the advisor fee and GST pass-through).

Capital structure

Ownership and dilution

Ordinary shares
354M
Fully diluted
361.8M

Basic 339,256,296 at 31 July 2025 plus placements 11,111,112 and option exercises 1,550,000 and rights conversion 2,054,999 gives 353,972,407 at 31 July 2026 (Note 17b). Fully diluted adds all options and rights; exercise proceeds of $1.80m are included in the equity bridge.

Security classes4
ClassTypeQuantityStrikeExpiry
Ordinary fully paid sharesOrdinary Share354M——
Director share options (exercise $0.33)Option5.4MA$0.332027-12-21
Performance rights (Employee, grant 3 Feb 2025)Performance Right2.1M—2028-03-03
Performance rights (grant 2 Nov 2025)Performance Right275K—2028-11-02
Company guidance1
MetricProjectPeriodLowHighStatus
Sandfire PFS Completion TimingkalkarooH2 FY28—— dateCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2025-08-01RaisingA$2M11.1M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-11-04

All arrangements disclosed in the FY26 annual report and the August 2026 quarterly, plus the HRE and Sandfire agreements in their own announcements; expired JXAM exclusivity is listed for completeness.

Sandfire may acquire an 80% interest in Kalkaroo for $105m within 24 months or on PFS completion; if not, the earn-in terminates and Havilah keeps the Stage 1 consideration.

Earn In · Active
Counterparties
Sandfire Resources Limited
Applies to
Kalkaroo copper-gold project · Copper · Gold
Economic direction
Mixed
Period
2026-02-06 to 2028-02-06
Key terms
Stage 1 non-refundable consideration: 105,000,000 AUD
Stage 2 consideration for 80%: 105,000,000 AUD
Havilah retained interest after Stage 2: 0.2 fraction
Sandfire PFS commitment: 20,000 m drilling
How it affects our valuation

No valuation treatment is available for this arrangement.

Sandfire pre-funds Havilah-managed regional exploration; Sandfire takes 80% of tenements over any discovery of interest.

Strategic Partnership · Active
Counterparties
Sandfire Resources Limited
Applies to
Curnamona Province exploration portfolio (incl. Strategic Alliance tenements) · Copper · Gold
Economic direction
Mixed
Period
2026-02-06 to 2028-02-06
Key terms
Sandfire pre-funding of regional exploration: 30,000,000 AUD
Sandfire earn-in on any discovery: 0.8 fraction
How it affects our valuation

No valuation treatment is available for this arrangement.

Contingent burden on Kalkaroo mining profits, capped at $7m; payable only once the project produces.

Royalty · Active
Counterparties
Glencore International AG
Applies to
Kalkaroo copper-gold project · Copper · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Payment as share of Havilah Kalkaroo mining profits: 0.1 fraction
How it affects our valuation

No valuation treatment is available for this arrangement.

Native title mining agreement for Kalkaroo; payments start at commercial production.

Other · Active
Counterparties
NAWNTAC native title corporation
Applies to
Kalkaroo copper-gold project · Copper · Gold
Economic direction
Burden
Period
From 2018-12-01; no end date stated
Key terms
Annual floor payment CPI-indexed and EBITDA-based profits payment from commercial production: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Kantra may earn 80% of Coburn on final investment decision at its election; Havilah retains 20%.

Farm In · Active
Counterparties
Kantra Copper Limited
Applies to
Coburn copper-cobalt project (formerly Mutooroo) · Copper · Cobalt · Gold
Economic direction
Mixed
Period
From 2026-05-21; no end date stated
Key terms
Stage 1 consideration received (116,279,070 shares and options): 5,000,000 AUD
Stage 2 consideration for 80% at FID: 35,000,000 AUD
Kantra spend commitment: 10,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Farm-out of Gawler Craton EL 6468 to Taiton Resources; announced 26 August 2026 (per quarterly report).

Farm In · Announced
Counterparties
Taiton Resources Ltd
Applies to
Company-wide · Gold
Economic direction
Mixed
Period
From 2026-08-26; no end date stated
Key terms
Earn-in to 80% of EL 6468 by completing a PFS within six years: 0.8 fraction
How it affects our valuation

No valuation treatment is available for this arrangement.

HRE earns 80% of non-uranium minerals at Prospect Hill; approved by HRE shareholders 27 October 2025.

Earn In · Active
Counterparties
Heavy Rare Earths Limited
Applies to
Curnamona Province exploration portfolio (incl. Strategic Alliance tenements) · Others · Rare Earths
Economic direction
Mixed
Period
From 2025-10-27; no end date stated
Key terms
HRE expenditure requirement for 80% (non-uranium): 1,500,000 AUD
Deferred reimbursement to Havilah: 1,800,000 AUD
Havilah NSR royalty after BFS: 0.02 fraction
How it affects our valuation

No valuation treatment is available for this arrangement.

HRE earns 80% of uranium rights at Radium Hill, Billeroo-Namba and Prospect Hill; Havilah holds 13.55% of HRE after October 2026 dilution.

Earn In · Active
Counterparties
Heavy Rare Earths Limited
Applies to
Curnamona Province exploration portfolio (incl. Strategic Alliance tenements) · Uranium
Economic direction
Mixed
Period
From 2024-12-11; no end date stated
Key terms
HRE consideration shares to Havilah: 38,000,000 shares
HRE expenditure for 80% of uranium rights: 3,000,000 AUD
Havilah NSR after BFS: 0.02 fraction
How it affects our valuation

No valuation treatment is available for this arrangement.

Koba explores uranium on Havilah tenements (Yarramba) and funds the expenditure; Havilah retains a 20% free carry to feasibility.

Farm In · Active
Counterparties
Koba Resources Limited
Applies to
Curnamona Province exploration portfolio (incl. Strategic Alliance tenements) · Uranium
Economic direction
Mixed
Period
Dates not stated
Key terms
Free carried interest for Havilah until feasibility study: 0.2 fraction
How it affects our valuation

No valuation treatment is available for this arrangement.

JXAM funded a scoping study and held exclusivity to fund a PFS; expired 30 September 2025 and not renewed.

Strategic Partnership · Expired
Counterparties
JX Advanced Metals Corporation
Applies to
Coburn copper-cobalt project (formerly Mutooroo) · Copper
Economic direction
Mixed
Period
Through 2025-09-30; start date not stated
How it affects our valuation

No valuation treatment is available for this arrangement.