Havilah Resources Ltd

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.