Key Highlights

  • Havilah Resources shares were up 9.16% at $0.775 during the 10 November 2026 trading session.
  • Havilah is working toward a distribution to shareholders from proceeds of its Sandfire Stage 1 payment, aiming for before the end of 2026.
  • The Mutooroo copper project is subject to a farm-in agreement with Kantra Copper Limited.

Havilah Resources Limited (ASX:HAV) shares were trading higher during the 10 November 2026 session, up 9.16% at $0.775 at midday AEDT. The S&P/ASX 200 was also higher in the same session, up 1.13% at 9,131.90 around 12:30 pm AEDT. Havilah is an explorer with projects in the Curnamona Province of northeastern South Australia, including the Kalkaroo copper-gold project in a strategic alliance with Sandfire Resources. The company’s most recent update was its activity report for the three months to 31 July 2026, released on 28 August 2026.

About the company

Havilah is an explorer with projects in the Curnamona Province of northeastern South Australia, all held 100%. Its main projects include the Kalkaroo copper-gold project, where Sandfire Resources is the operator under a strategic alliance, and the Mutooroo copper project, which is subject to a farm-in agreement with Kantra Copper Limited.

Activity report released on 28 August 2026

Sandfire Resources established key infrastructure at Kalkaroo, including an 80-person camp, and began about 130 kilometres of infill and extension drilling to support a prefeasibility study of around US$70 million. Under the strategic alliance, a regional drilling program commenced at Brooks Dam, about 12 kilometres from Kalkaroo, although adverse weather constrained activity during the quarter.

At Mutooroo, Havilah entered into a binding farm-in agreement with Kantra Copper Limited, formerly Hillgrove Resources, in May 2026. Havilah received $5 million in Kantra shares and Options as the upfront Stage 1 consideration, and Phase 1 pre-feasibility work including metallurgical testing has commenced.

Proposed distribution and new farm-in

Havilah said it is working through legal and tax requirements to make a distribution from the net proceeds of the Stage 1 payment, combining a Franked Dividend and a Share Capital return. The timing depends on preparation of the 2025/26 tax return and tax payments, an opinion from the Australian Taxation Office on the capital return, and Shareholder approval of a capital reduction. After quarter end, Havilah also entered into a farm-in agreement with Taiton Resources over EL 6468 in the Gawler Craton.

Sector Context

Copper and critical minerals exploration in South Australia is influenced by Commodity prices and the funding available to junior explorers. Havilah’s model relies on partnering with other companies to advance projects while retaining ownership of its tenements.

Risks to Consider

  • The distribution timing depends on tax processes, an ATO opinion and shareholder approval, and may not be made before the end of 2026.
  • The Mutooroo pre-feasibility study is at an early stage, and the outcome of the Kantra farm-in is not yet known.
  • Kalkaroo drilling and the prefeasibility study are managed by Sandfire, and timing depends on its program.

What to Watch Ahead

  • Progress on the proposed distribution, including the ATO opinion and any general meeting for the capital reduction.
  • The Mutooroo pre-feasibility study results under the Kantra farm-in.
  • Results from the Kalkaroo infill and extension drilling and the Brooks Dam program.

Final Word

Havilah’s latest activity report covers partnered project progress and a planned return of funds to shareholders. The timing of the distribution and the results of the joint programs will be the key points to follow.