Havilah Resources Limited (ASX:HAV): How Are Its Copper Partnerships Progressing?

Aditi Sarkar

28 October 2026 08:49 PM AEDT

Havilah Resources Limited (ASX:HAV): How Are Its Copper Partnerships Progressing?

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Highlights

Havilah’s July 2026 quarterly report outlined drilling and study work across its South Australian copper projects.
Sandfire established an 80-person camp and began a planned approximately 130 km drilling program at Kalkaroo.
Kantra began preliminary Mutooroo study work after delivering A$5 million in shares and options.
Cash totalled A$40.89 million at 31 July 2026, including A$13.77 million restricted to alliance exploration.
A proposed shareholder distribution remains subject to tax, regulatory and shareholder processes.

Havilah Resources Limited (ASX:HAV) explores and develops copper, gold and cobalt assets in South Australia, particularly the Kalkaroo and Mutooroo projects. Rather than independently financing all development work, Havilah has entered staged arrangements under which other companies can fund studies and earn project interests. Its activity report released on 28 August 2026 describes the work undertaken during the quarter ended 31 July 2026, alongside cash holdings, strategic investments and outstanding conditions for potential shareholder distributions.

Sandfire Advances the Kalkaroo Study

Under agreements executed in February 2026, Sandfire Resources may acquire an 80% interest in Kalkaroo by completing a second-stage payment. Havilah received A$105 million in first-stage consideration, comprising A$31.5 million cash and 4,640,833 Sandfire shares. A further A$105 million payment is conditional on Sandfire electing to proceed within the agreed period.

At Kalkaroo, Sandfire completed a new 80-person accommodation camp and started drilling after unusually heavy rainfall delayed access. The planned approximately 130 km infill and extension program supports a pre-feasibility study budgeted at around US$70 million, with completion scheduled for the second half of Sandfire’s FY28. Havilah’s disclosed Kalkaroo Ore Reserve at 31 July 2026 was 100.1 million tonnes containing 474,000 tonnes of copper and approximately 1.41 million ounces of gold.

Mutooroo Feasibility Work Begins

Kantra Copper may earn an 80% interest in Mutooroo under a separate two-stage agreement. During the July quarter, Havilah received A$5 million in Kantra shares and options as non-refundable first-stage consideration. A further A$35 million, partly in cash and partly in shares, would become payable only if Kantra makes the required investment decision and elects to proceed.

Kantra has begun preliminary metallurgical testing and an initial assessment of the potential to transport Mutooroo ore for processing at its Kanmantoo facility. Its early-stage feasibility assessment was scheduled to conclude in the December 2026 quarter. Kantra may spend up to A$10 million on the broader study over the earn-in period, including committed resource-definition drilling.

Cash Position and Regional Exploration

Havilah Resources (ASX:HAV) reported A$40.89 million in cash and equivalents at 31 July 2026, compared with A$56.42 million at the previous quarter end. Of the July balance, A$13.77 million was restricted to Sandfire alliance tenements. Net operating cash outflow was A$14.05 million for the quarter, while exploration and evaluation cash expenditure was A$1.22 million. Listed investments were valued at A$96.65 million.

Sandfire committed at least A$30 million over two years to the regional exploration alliance. At Brooks Dam, 13 holes totalling 2,915 metres had been drilled, with assays pending.

Distribution Conditions and Project Risks

Havilah Resources (ASX:HAV) said it was working toward a distribution of part of the Sandfire proceeds before the end of calendar 2026, potentially through a franked dividend and capital return. Timing depends on tax filings and payment, an Australian Taxation Office opinion and shareholder approval of a capital reduction.

Future payments depend on partner decisions. Weather, drilling interpretation, study findings and development costs also affect progress. Shareholding values fluctuate.

Key Insights

Havilah Resources (ASX:HAV) entered the final months of 2026 with partner-funded exploration underway, substantial reported financial assets and multiple conditional project milestones. For Havilah Resources (ASX:HAV), the distinction between payments already received and potential later consideration remains central. Havilah Resources (ASX:HAV) also faces decisions around its proposed shareholder distribution, exploration outcomes and the progress of both feasibility programs.

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