Havilah Resources Ltd (ASX: HAV)Share Price and News
Overview of Havilah Resources
Havilah Resources is an Australian exploration and development company. The company focuses on the discovery and development of gold, copper, and other base metal deposits. Its key asset is the Kalkaroo copper-gold project where it has an earn-in agreement with Sandfire Resources.
Havilah Resources' Company History
Havilah Resources was founded in 1996 by two geologists, Dr Bob Johnson and Dr Chris Giles, and listed on the ASX in March 2002. From the outset, the company focused its efforts on the Curnamona Craton in northeastern South Australia (a proven mineral terrain that hosts the giant Broken Hill orebody) and today controls over 16,000 square kilometres of tenements across the region.
Over two decades of methodical exploration, Havilah has assembled one of the most significant undeveloped multi-commodity resource portfolios on the ASX, encompassing 1.3 million tonnes of copper, 3.2 million ounces of gold, 43,400 tonnes of cobalt, and 451 million tonnes of iron ore in JORC resources. The flagship Kalkaroo copper-gold-cobalt project, acquired in 2003 and located 91 kilometres northwest of Broken Hill, has been the central focus of the company's development ambitions since its discovery.
Havilah has demonstrated genuine operational capability, having commissioned and profitably operated the Portia gold mine from 2015 to 2018 before selling the lease for $10.8m and returning capital to shareholders. The company has since focused entirely on advancing its flagship Kalkaroo project, attracting successive waves of major mining partners: including Glencore, OZ Minerals, and most recently Sandfire Resources.
Havilah Resources' Future Outlook
Havilah's outlook has been transformed by a landmark deal with Sandfire Resources (ASX: SFR), executed as a binding term sheet in November 2025 and formalised following shareholder approval in February 2026. Under the agreement, Sandfire can earn up to an 80% interest in the Kalkaroo copper-gold project through a two-stage earn-in structure: an upfront consideration of approximately A$117.6m (A$31.5m in cash plus 4.64 million Sandfire shares), followed by a second payment of A$105 million upon completion of a new pre-feasibility study incorporating a minimum 20,000 metres of infill and resource extension drilling. Sandfire has also committed A$30 million to regional exploration across the Curnamona Province over at least 24 months.
The existing PFS (based on a now-conservative copper price of US$2.89 per pound) already established a pre-tax NPV of A$564 million, an IRR of 26%, and average annual production of 30,000 tonnes of copper and 72,000 ounces of gold over a minimum 13-year mine life. At today's copper prices well above US$4.50 per pound, the economics are materially stronger. Havilah retains a 20% free-carried interest in Kalkaroo, giving shareholders ongoing leverage to all project upside.
Copper's importance to the global economy cannot be overstated. The metal is the critical conductor for electric vehicles, renewable energy infrastructure, AI data centre power grids, and defence systems. A structural supply deficit is forecast through the 2030s, and Australia's largest undeveloped open-pit copper deposit (at 0.74% copper equivalent) is precisely the kind of asset global miners are racing to bring into production.
Is Havilah Resources a Good Stock to Buy?
The case for Havilah Resources has rarely been more compelling — but it is not without risk.
The Sandfire deal is the pivotal catalyst. Havilah shareholders received immediate cash and Sandfire scrip worth approximately A$117.6m, while retaining a 20% free-carried interest in Kalkaroo. That means the company is no longer carrying the full financial burden of advancing a project requiring hundreds of millions in development capital. Instead, it receives upside participation in one of Australia's most strategic copper deposits, funded and progressed by one of Australia's most capable copper producers.
The market has responded accordingly. HAV has surged over 195% in the past 12 months, significantly outperforming both the ASX All Ordinaries and the broader metals and mining sector. The current market capitalisation of approximately A$214 million, however, arguably still undervalues Havilah's retained Kalkaroo interest alone — particularly at current copper and gold prices well above PFS assumptions.
The risks are real: HAV remains pre-revenue and loss-making at the corporate level, pays no dividend, and its value is almost entirely leveraged to Kalkaroo's development trajectory. If Sandfire were to walk away or the new PFS disappoints, the re-rating would reverse quickly.
For investors who believe in the copper supercycle thesis and want exposure to a project backed by a proven operator, HAV offers a genuinely differentiated risk/reward profile.
Our Stock Analysis
Sorry, we couldn't find any posts. Please try a different search.
Frequently Asked Questions
Havilah Resources does not currently offer dividends, as it is focused on reinvesting in exploration and development to grow its mineral assets.