Price, volume & events
CloseVolumeFair-value rangeOverlay
Loading market history…
Drag to zoom · double-click to reset
- Last 2026-11-06
- A$0.71
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$251.3M
- EV
- A$196.1M
- Cash
- A$40.9M
- Debt
- A$0
Investment view
Rating locked: sign in to view
Investment view
Our rating, thesis and what the price implies are available to subscribers.
Sign in or enter a guest codeAnnouncements
Latest 12 of 6All sources ▸- Annual Report to shareholdersResults
- Change in substantial holding from HAVGovernance
- Presentation, Copper to the World Conference 2026Presentation
- Quarterly Activities/Appendix 5B Cash Flow ReportResults
- HRE to acquire all Mineral Rights at Prospect HillEconomic Arrangement
- Acquisition of Three Highly Prospective SA Uranium ProjectsEconomic Arrangement
Event calendar · next 12 months
4 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Targeted before 31 December 2026; depends on the FY26 tax payment, ATO opinion and a capital reduction resolution | Franked dividend and share capital return to shareholders (targeted before end-2026) | Corporate Action | Company Guided | High | Returns part of the Kalkaroo Stage 1 proceeds; value transfers to shareholders and no change to per-share NAV before tax. |
| Multiple rigs over coming months per Sandfire; end date inferred | Sandfire infill and extension drilling (~130 km) on Kalkaroo ongoing | Exploration | Inferred | Medium | New drilling can change the resource that Sandfire prices in Stage 2. |
| Kantra December 2026 quarter | Kantra Phase 1 gate on Coburn (rail logistics and metallurgy) concludes | Study | Company Guided | Medium | Phase 2 PFS proceeds only if the gate is passed; the gate decides whether the Stage 2 option is credible. |
| Inferred from the 12-month instalment profile (Feb 2026 receipt) | Sandfire second Strategic Alliance pre-funding instalment ($15m) due at 12 months | Economic Arrangement | Inferred | Medium | Restricted to exploration; funds the regional drilling programme. |
Executive roster
As of 2026-11-04Background checks ▸Key management personnel table in the FY26 remuneration report (executive directors and COO); the non-executive director is excluded by definition.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Simon Gray | Executive Director - Chairman · Company Secretary · Chief Financial Officer | Executive Director · Company Secretary · Finance | 2019-10-09 | Annual Report to shareholders |
| Dr Christopher Giles | Executive Director - Technical Director | Executive Director · Technical | 1997-02-11 | Annual Report to shareholders |
| Richard Buckley | Chief Operating Officer | Operations · Senior Management | — | Annual Report to shareholders |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Kalkaroo copper-gold project
AU
Resource Stage100% ownedCopperGoldCobalt
Sole owner pre-earn-in; Sandfire Stage 2 80% option open to 6 February 2028 (earn-in pending)
- Contained metal (attributable)
- 1.1m td
- Resource grade
- 0.6%
- % Measured + Indicated
- —
- Resource tonnes
- 85.60 Mt
- Our value per attrib. contained unit
- Locked
- Mining method
- Open pit (conceptual; no study)
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves6
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | measured sulphide copper-gold | 85.6 Mt | 0.57% Cu, 0.42 g/t Au | Copper · Gold | 2026-07-31 |
| Mineral Resource | indicated sulphide copper-gold | 27.9 Mt | 0.49% Cu, 0.36 g/t Au | Copper · Gold | 2026-07-31 |
| Mineral Resource | inferred sulphide copper-gold | 110.3 Mt | 0.43% Cu, 0.32 g/t Au | Copper · Gold | 2026-07-31 |
| Mineral Resource | oxide gold cap (M+I+Inf) | 21.7 Mt | 0.74 g/t Au | Gold | 2026-07-31 |
| Ore Reserve | proved | 90.2 Mt | 0.48% Cu, 0.44 g/t Au | Copper · Gold | 2026-07-31 |
| Ore Reserve | probable | 9.9 Mt | 0.45% Cu, 0.39 g/t Au | Copper · Gold | 2026-07-31 |
Milestones1
- Sandfire pre-feasibility study (~US$70m, drilling ~130 km) completion, Sandfire H2 FY28
Pending · High materiality
Material
Coburn copper-cobalt project (formerly Mutooroo)
AU
Resource Stage100% ownedCopperCobaltGold
Kantra Copper farm-in: Stage 1 received May 2026; 80% on FID at Kantra election for $35m
- Contained metal (attributable)
- 195.0k td
- Resource grade
- 1.5%
- % Measured + Indicated
- —
- Resource tonnes
- 4.15 Mt
- Our value per attrib. contained unit
- Locked
- Mining method
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves4
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | measured sulphide copper-cobalt-gold | 4.1 Mt | 1.23% Cu, 0.14% Co, 0.18 g/t Au | Copper · Cobalt · Gold | 2026-07-31 |
| Mineral Resource | indicated sulphide copper-cobalt-gold | 1.7 Mt | 1.52% Cu, 0.14% Co, 0.35 g/t Au | Copper · Cobalt · Gold | 2026-07-31 |
| Mineral Resource | inferred sulphide copper-cobalt-gold | 6.7 Mt | 1.71% Cu, 0.17% Co, 0.17 g/t Au | Copper · Cobalt · Gold | 2026-07-31 |
| Mineral Resource | measured oxide copper | 0.6 Mt | 0.56% Cu, 0.04% Co, 0.08 g/t Au | Copper · Cobalt · Gold | 2026-07-31 |
Milestones1
- Kantra Phase 1 gate (rail logistics and metallurgy) concludes, Kantra December 2026 quarter
Pending · Medium materiality
Other
Maldorky and Grants iron ore resources
AU
Resource Stage100% ownedIron Ore
Resource only; no study; Grants is an inferred resource within a much larger exploration target basin
- Contained metal (attributable)
- —
- Resource grade
- 30.1%
- % Measured + Indicated
- —
- Resource tonnes
- 147.00 Mt
- Our value per attrib. contained unit
- Locked
- Mining method
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | indicated (Maldorky) | 147 Mt | 30.1% Fe | Iron Ore | 2026-07-31 |
| Mineral Resource | inferred (Grants) | 304 Mt | 24% Fe | Iron Ore | 2026-07-31 |
Material
Curnamona Province exploration portfolio (incl. Strategic Alliance tenements)
AU
Early Explorer100% ownedCopperGoldCobaltUraniumRare EarthsOthers
Regional exploration funded by Sandfire under the Strategic Alliance ($30m over 24 months; $15m received)
- Ownership
- 100%
- Commodity
- Cur
- Country
- AUr
- Best recent intercept (grade x width)
- 3.64 grade_metresd
- Metres drilled (12M)
- 2,240 m
- Exploration spend (12M)
- A$3.5m
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Stock database
Other assets
- Investee
- FireFly Metals Ltd (ASX: FFM)
- Holding
- —
- Shares held
- 67.79k
- Market value
- A$89.5km
- % of holder's market cap
- 0.0%m
- Cost basis
- —
- Investee
- Heavy Rare Earths Limited (associate, equity method)
- Holding
- 13.6%
- Shares held
- 38.00m
- Market value
- —
- % of holder's market cap
- —
- Cost basis
- —
- Investee
- Kantra Copper Limited (formerly Hillgrove; ASX: KAN)
- Holding
- —
- Shares held
- 7.75m
- Market value
- —
- % of holder's market cap
- —
- Cost basis
- A$5.0m
- Investee
- Koba Resources Limited (uranium; earn-in on Yarramba)
- Holding
- —
- Shares held
- 25.00m
- Market value
- —
- % of holder's market cap
- —
- Cost basis
- —
- Investee
- Sandfire Resources Limited (ASX: SFR)
- Holding
- —
- Shares held
- 3.94md
- Market value
- A$75.3mm
- % of holder's market cap
- 30.0%m
- Cost basis
- A$86.1m
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary fully paid shares | Ordinary Share | 354M | — | — |
| Director share options (exercise $0.33) | Option | 5.4M | A$0.33 | 2027-12-21 |
| Performance rights (Employee, grant 3 Feb 2025) | Performance Right | 2.1M | — | 2028-03-03 |
| Performance rights (grant 2 Nov 2025) | Performance Right | 275K | — | 2028-11-02 |
Company guidance1
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Sandfire PFS Completion Timing | kalkaroo | H2 FY28 | — | — date | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2025-08-01 | Raising | A$2M | 11.1M | — | 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.
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.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Expanded open-web review adds issuer-disclosed chronologies and qualifications for several executives and resolves selected adverse leads through dated court or regulator materials. Remaining individual career histories, independent credential verification and exhaustive personal adverse checks are incomplete; this is a scoped public-source assessment, not a background clearance.
Decision-relevant facts
Material summary
Simon Gray
Executive Director – Chairman, Company Secretary
Role FitAnalyst Inference · Medium materiality
Relevance of current Executive Director – Chairman, Company Secretary role
The issuer identifies Simon Gray as Executive Director – Chairman, Company Secretary. This role is relevant to the company's current mining stage and needs; this is an analyst role-fit inference based on the disclosed title and company profile, not evidence of past personal performance. The reviewed sources do not establish a complete prior-employer chronology, independently verified credentials or full concurrent-interest list.
Responsibility not applicable · This is a role-fit judgment, not an outcome or misconduct finding.
Annual Report to shareholders · Issuer management page, Simon Gray entry
Company SuccessIssuer Reported · Medium materiality
Havilah Resources reported project and corporate progress
The annual report describes continued exploration and evaluation of South Australian mineral projects. No commercial production outcome is established in the reviewed source.
Role overlaps event; causation unproven · The role may overlap the period, but the issuer report does not assign sole or causal credit to this executive.
Annual Report to shareholders · Annual report, Chair/CEO letter and Review of Operations
Evidence gaps · 2
- A complete dated career chronology, verified education/professional membership and full concurrent-interest record were not established.
- Person-specific enforcement, litigation, safety, environmental, legal and governance searches across material former employers remain uncompleted; no clearance conclusion is implied.
Dr Christopher Giles
Executive Director – Technical Director
Role FitAnalyst Inference · Medium materiality
Relevance of current Executive Director – Technical Director role
The issuer identifies Dr Christopher Giles as Executive Director – Technical Director. This role is relevant to the company's current mining stage and needs; this is an analyst role-fit inference based on the disclosed title and company profile, not evidence of past personal performance. The reviewed sources do not establish a complete prior-employer chronology, independently verified credentials or full concurrent-interest list.
Responsibility not applicable · This is a role-fit judgment, not an outcome or misconduct finding.
Annual Report to shareholders · Issuer management page, Dr Christopher Giles entry
Company SuccessIssuer Reported · Medium materiality
Havilah Resources reported project and corporate progress
The annual report describes continued exploration and evaluation of South Australian mineral projects. No commercial production outcome is established in the reviewed source.
Role overlaps event; causation unproven · The role may overlap the period, but the issuer report does not assign sole or causal credit to this executive.
Annual Report to shareholders · Annual report, Chair/CEO letter and Review of Operations
LegalDocumented · Medium materiality
AAT rejected Havilah R&D tax-offset claims for earlier project work
In 2020 the AAT affirmed decisions that Havilah’s claimed activities for 2012/13 and 2013/14 were not eligible core or supporting R&D activities; routine mineral exploration and statutory compliance exclusions applied. The reasons record that Dr Giles supplied written and oral evidence and oversaw R&D work. This is a company tax-incentive dispute, not a finding of fraud or misconduct. An open-web search through the cutoff did not locate a later appeal judgment; finality beyond the AAT decision is therefore not established here.
Individual involvement documented · The AAT reasons directly identify Dr Giles’s evidence and oversight responsibility; they do not find misconduct by him.
Havilah Resources Ltd and Innovation and Science Australia (Taxation) [2020] AATA 933 · paras. 16–20 (procedural history and Giles testimony), 22–26 (issue and decision)
Evidence gaps · 2
- A complete dated career chronology, verified education/professional membership and full concurrent-interest record were not established.
- Person-specific enforcement, litigation, safety, environmental, legal and governance searches across material former employers remain uncompleted; no clearance conclusion is implied.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2025-10-22 · 350,367,408 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 16.09% | 56,369,457 | |
| 2 | 5.98% | 20,961,621 | |
| 3 | 5.51% | 19,301,188 | |
| 4 | 4.98% | 17,457,718 | |
| 5 | 3.20% | 11,212,806 | |
| 6 | 2.90% | 10,153,756 | |
| 7 | 2.80% | 9,804,834 | |
| 8 | 2.34% | 8,200,000 | |
| 9 | 1.98% | 6,943,408 | |
| 10 | 1.69% | 5,923,979 | |
| 11 | 1.06% | 3,701,470 | |
| 12 | 1.04% | 3,644,038 | |
| 13 | 0.98% | 3,437,357 | |
| 14 | 0.97% | 3,400,000 | |
| 15 | 0.81% | 2,836,363 | |
| 16 | 0.80% | 2,797,015 | |
| 17 | 0.76% | 2,654,411 | |
| 18 | 0.67% | 2,363,669 | |
| 19 | 0.62% | 2,172,904 | |
| 20 | 0.57% | 2,000,000 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The ranked table lists registered accounts, not a complete or live beneficial-owner register; nominee and custodian accounts can represent multiple investors.
- Substantial-holder notices and later capital changes after the register date have not been exhaustively reconciled in this snapshot.
Sources
- Annual Report to shareholders
Havilah Resources Limited / ASX · Published 2025-10-31 · Accessed 2026-10-09
Issuer-published largest registered holder table and dated share quantities/percentages.
2025/2025-10-31_Annual Report to shareholders.pdf; PDF page 75, ASX Additional Shareholder Information
Disclosed activity
Insider transactions
Trading activity4 buys · 0 sells shownNet cash last 12 months no tradesShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2025-08-01 | IQ EQ (Jersey) Limited as trustee of The Ayscough Trust and related holders
Details & evidence for IQ EQ (Jersey) Limited as trustee of The Ayscough Trust and related holders on 2025-08-01As disclosed: IQ EQ (Jersey) Limited as trustee of The Ayscough Trust and named associates acquired 5,555,556 shares on 2025-08-01 for A$1,000,000.08 pursuant to a placement.
substantial_holder · Start not disclosed Woolsthorpe Investments Limited · related holder controlled through IQ EQ Two; its 6,943,408 shares are included in aggregate Fieldgate Holdings Limited · related holder; has relevant interest over 30,475,371 nominee-held shares through a 50% interest IQ EQ (Jersey) Limited · trustee/registered holder of 19,387,868 shares; aggregate group filing reports 56,806,647 across related interests Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ | SubscriptionOrdinary shares | 5,555,556 | AUD 1,000,000.08 | AUD 0.18Disclosed price | — |
| 2024-10-09 | IQ EQ (Jersey) Limited as trustee of The Ayscough Trust and related holders
Details & evidence for IQ EQ (Jersey) Limited as trustee of The Ayscough Trust and related holders on 2024-10-09As disclosed: IQ EQ (Jersey) Limited as trustee of The Ayscough Trust and named associates acquired 500,000 shares on 2024-10-09 for A$90,000.00 pursuant to a shortfall placement.
substantial_holder · Start not disclosed Woolsthorpe Investments Limited · related holder controlled through IQ EQ Two; its 6,943,408 shares are included in aggregate Fieldgate Holdings Limited · related holder; has relevant interest over 30,475,371 nominee-held shares through a 50% interest IQ EQ (Jersey) Limited · trustee/registered holder of 19,387,868 shares; aggregate group filing reports 56,806,647 across related interests Change in substantial holding ↗ Change in substantial holding ↗ | SubscriptionOrdinary shares | 500,000 | AUD 90,000.00 | AUD 0.18Disclosed price | — |
| 2024-09-20 | IQ EQ (Jersey) Limited as trustee of The Ayscough Trust and related holders
Details & evidence for IQ EQ (Jersey) Limited as trustee of The Ayscough Trust and related holders on 2024-09-20As disclosed: IQ EQ (Jersey) Limited as trustee of The Ayscough Trust and named associates acquired 3,383,405 shares on 2024-09-20 for A$609,012.90 pursuant to a entitlement offer.
substantial_holder · Start not disclosed Woolsthorpe Investments Limited · related holder controlled through IQ EQ Two; its 6,943,408 shares are included in aggregate Fieldgate Holdings Limited · related holder; has relevant interest over 30,475,371 nominee-held shares through a 50% interest IQ EQ (Jersey) Limited · trustee/registered holder of 19,387,868 shares; aggregate group filing reports 56,806,647 across related interests Change in substantial holding ↗ Change in substantial holding ↗ | SubscriptionOrdinary shares | 3,383,405 | AUD 609,012.90 | AUD 0.18Disclosed price | — |
| 2024-04-12 | Koba Resources Limited
Details & evidence for Koba Resources Limited on 2024-04-12As disclosed: Koba Resources Limited received 25,000,000 ordinary shares issued pursuant to the Yarramba Transaction, becoming a substantial holder at 15.82%.
substantial_holder · Start not disclosed Becoming a substantial holder from HAV ↗ | SubscriptionOrdinary shares | 25,000,000 | —Non Cash | — | — |
Disclosed holding observations2 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2025-08-01 | IQ EQ (Jersey) Limited as trustee of The Ayscough Trust and related holders
Details & evidence for IQ EQ (Jersey) Limited as trustee of The Ayscough Trust and related holders on 2025-08-01Aggregate relevant interest across associated entities and nominee-held accounts; do not add overlapping control-chain totals. Annual report top-20 IQ EQ registered account is one component, not a competing total.
substantial_holder · Start not disclosed Woolsthorpe Investments Limited · related holder controlled through IQ EQ Two; its 6,943,408 shares are included in aggregate Fieldgate Holdings Limited · related holder; has relevant interest over 30,475,371 nominee-held shares through a 50% interest IQ EQ (Jersey) Limited · trustee/registered holder of 19,387,868 shares; aggregate group filing reports 56,806,647 across related interests Change in substantial holding ↗ Change in substantial holding ↗ | FinalFully paid ordinary shares | 56,806,647 | 16.21%Voting Power |
| 2024-04-12 | Koba Resources Limited
Details & evidence for Koba Resources Limited on 2024-04-12Shares were issued to Koba pursuant to Yarramba Transaction consideration. No subsequent Koba holding or disposal is established by the reviewed substantial-holder filing set.
substantial_holder · Start not disclosed Becoming a substantial holder from HAV ↗ | InitialFully paid ordinary shares | 25,000,000 | 15.82%Voting Power |
The closest covered peers
Peer comparison
Peer comparison pending
No peer comparison has been saved for this company.
An on-demand analysis selects up to five closest peers and checks what their differences mean for independent fair value.
Narrative and provenance
Research & Sources
AI Analyst Report
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory13 documents
HAV ASX daily close 4 November 2026 (reference price)Market Data · HighExtracted
Reference price AUD 0.69 for one ASX HAV ordinary share at the 4 November 2026 close, from miners.reference_price (local asx_mining_companies.db, market data provider feed); fresh (0 days).
- Document ID
- mkt-hav-close
- Published UTC
- 2026-11-04T05:00:00Z
- Projects
- curnamona-exploration
- Commodities
- —
Sandfire Resources (SFR) close 4 November 2026 from local price databaseMarket Data · MediumExtracted
Sandfire close AUD 18.99 on 4 November 2026 read from data/asx_mining_companies.db (daily_stock_prices); used to value the 3,940,833 Sandfire shares Havilah holds after the August 2026 sale. 31 July 2026 close per annual report was $18.95.
- Document ID
- mkt-sfr-close
- Published UTC
- 2026-11-04T05:00:00Z
- Projects
- kalkaroo
- Commodities
- copper
Market snapshot: copper and gold spot and trailing averages at 4 November 2026Commodity Data · MediumExtracted
miners.v8db.market_snapshot HAV at cutoff 2026-11-04: copper spot US$14,062/t (3 Nov 2026), 1-year average US$13,318/t; gold spot US$3,940/oz, 1-year average US$4,452/oz; AUD per USD 1.4236; iron ore spot US$91.03/t, 1-year average US$101.79/t.
- Document ID
- mkt-copper-snapshot
- Published UTC
- 2026-11-03T05:00:00Z
- Projects
- kalkaroo · coburn
- Commodities
- copper · gold · iron_ore
Annual Report to shareholdersResults · HighExtracted
FY2026 annual report (year to 31 July 2026, audited). Profit $77.2m driven by the $95.0m Kalkaroo Stage 1 consideration recognised; cash $40.9m including $13.8m restricted; no operating revenue; Sandfire earn-in, Kantra Coburn farm-in and HRE/Koba uranium arrangements; JORC tables at 31 July 2026 unchanged from 2025.
- Document ID
- ar-fy26
- Published UTC
- 2026-10-25T21:20:55Z
- Projects
- kalkaroo · coburn · maldorky-grants · curnamona-exploration
- Commodities
- copper · gold · cobalt · iron_ore · uranium
Kantra Copper (formerly Hillgrove, ASX: KAN) quote 21 October 2026 (external)Market Data · MediumExtracted
External web quote: KAN AUD 1.08 on 21 October 2026 (Halo Technologies). No quote for 4 November 2026 was found; the local database holds Hillgrove (HGO) to 2 September 2026 at AUD 1.025 post-consolidation. Used for the Havilah Kantra holding at a 14-day-old price; flagged as stale in the valuation.
- Document ID
- mkt-kan-quote
- Published UTC
- 2026-10-21T05:00:00Z
- Projects
- coburn
- Commodities
- copper
Change in substantial holding from HAVGovernance · LowExtracted
Form 604 change of substantial holding in Heavy Rare Earths (8 October 2026): Havilah holds 38,000,000 HRE shares, diluted from 18.27% to 13.55% by the entitlement offer and placement.
- Document ID
- hre-substantial-oct26
- Published UTC
- 2026-10-14T23:00:07Z
- Projects
- curnamona-exploration
- Commodities
- uranium
Local management assessment, HAV (management/HAV/summary.md)Other · LowMetadata Only
Existing repository management assessment of the three executive directors (Gray, Giles) and the COO. Used only as a cross-check of roles and open background items; its star rating is not carried into this run.
- Document ID
- local-mgmt-summary
- Published UTC
- 2026-10-08T23:00:00Z
- Projects
- —
- Commodities
- —
Local register and substantial holders, HAV (ownership/HAV/investors.json)Other · MediumMetadata Only
Repository top-20 register dated 22 October 2025 (issued shares 350,367,408) and substantial holders. Older than the 31 July 2026 count; used for holder concentration with that caveat.
- Document ID
- local-investors
- Published UTC
- 2026-10-08T23:00:00Z
- Projects
- —
- Commodities
- —
Insider dealings database extract, HAV (data/insider-transactions.db)Other · LowMetadata Only
Insider dealings extract from miners.insider_transactions show HAV: Appendix 3Y and change of director interest notices, including the 23 June 2026 internal transfer by Victor Previn (Sedico) with no consideration.
- Document ID
- local-insider-db
- Published UTC
- 2026-10-08T23:00:00Z
- Projects
- —
- Commodities
- —
Presentation, Copper to the World Conference 2026Presentation · LowExtracted
Copper to the World Conference presentation (3 September 2026). Restates the Kalkaroo and Mutooroo/Coburn JORC figures, the ~US$70m Sandfire PFS for H2 FY28 and the Kantra funding. No new numbers beyond the annual report and quarterly.
- Document ID
- pres-sep26
- Published UTC
- 2026-09-02T22:16:23Z
- Projects
- kalkaroo · coburn · curnamona-exploration
- Commodities
- copper
Quarterly Activities/Appendix 5B Cash Flow ReportResults · HighExtracted
Quarterly activity report and Appendix 5B for the quarter to 31 July 2026. Confirms cash $40,887,204 at quarter end, the $105m Sandfire Stage 1 consideration, the Kantra Stage 1 receipt and 15:1 consolidation, the Taiton EL 6468 farm-in announced 26 August 2026, and the planned franked dividend and capital return before end-2026.
- Document ID
- q5b-jul26
- Published UTC
- 2026-08-28T00:12:45Z
- Projects
- kalkaroo · coburn · curnamona-exploration
- Commodities
- copper · gold
HRE to acquire all Mineral Rights at Prospect HillEconomic Arrangement · HighExtracted
HRE binding term sheet (4 August 2025) for an 80% earn-in of Havilah non-uranium minerals at Prospect Hill: $1.5m expenditure within 3 years including 2,500 m and 1,250 m drilling; Havilah free-carried to BFS; $1.8m historical expenditure reimbursement deferred until mining cash flow; 20% carry then 1.5% NSR royalty.
- Document ID
- hre-prospect-hill-2025
- Published UTC
- 2025-08-03T22:58:46Z
- Projects
- curnamona-exploration
- Commodities
- others · rare_earths
Acquisition of Three Highly Prospective SA Uranium ProjectsEconomic Arrangement · MediumExtracted
Acquisition of Three SA uranium projects (21 October 2024): HRE to earn 80% of uranium rights at Radium Hill, Billeroo-Namba and Prospect Hill for 38,000,000 HRE shares and 17,500,000 options at $0.06, and $3m expenditure over 3 years; Havilah free-carried to BFS, then 1.5% NSR.
- Document ID
- hre-uranium-2024
- Published UTC
- 2024-10-20T22:28:59Z
- Projects
- curnamona-exploration
- Commodities
- uranium
Evidence facts15
40887196 AUD
2026-07-3113770199 AUD
2026-07-31353972407 shares
2026-07-31339256296 shares
2025-07-3140887204 AUD
2026-07-31-14047910 AUD
2026-07-31-1497347 AUD
2026-07-311800000 AUD
2025-08-0438000000 shares
2024-10-2113.55 %
2026-10-080.69 AUD/share
2026-11-0418.99 AUD/share
2026-11-041.08 AUD/share
2026-10-2114062.19 USD/t
2026-11-0313317.99 USD/t
2026-11-03Conflicts requiring judgment1
- cash at 31 July 2026
Audited annual report $40,887,196 selected; the Appendix 5B shows $40,887,204, an $8 rounding difference in the unaudited quarterly.