Can Havilah Overcome Development Challenges to Realise Copper Potential?

Strategic Positioning in South Australia’s Copper Belt

Havilah Resources Limited has presented a comprehensive update on its copper exploration and development strategy at the Copper to the World Conference 2025 in Adelaide. The company’s focus is on advancing two major copper projects, Kalkaroo and Mutooroo, located in the Curnamona Province, a region with a rich geological history and promising mineral potential.

Situated near Broken Hill and key transport corridors such as the Transcontinental Railway and Barrier Highway, these projects benefit from established infrastructure including power and ample saline groundwater. The outback pastoral setting presents minimal impediments to mining operations, positioning the area as one of the most favourable locations globally for a large-scale, long-life open pit copper mine.

Kalkaroo – A Robust Copper-Gold Open Pit Project

The Kalkaroo deposit stands out as a substantial undeveloped copper-gold resource, with a 3.5-kilometre-long open pit containing 100 million tonnes of Ore Reserve grading 0.83% copper equivalent. This includes both oxide and sulphide mineralisation, supported by extensive drilling and metallurgical testwork. Studies conducted in 2023 by BHP and OZ Minerals confirmed the project’s robustness, with no fatal flaws identified.

Importantly, Kalkaroo has secured land ownership, granted mining leases, and a Native Title Mining Agreement, which collectively streamline the pathway toward development. The deposit also hosts critical minerals such as cobalt, rare earth elements, molybdenum, and tungsten, adding strategic value beyond copper and gold. The project’s economics are highly sensitive to copper and gold prices, suggesting strong leverage to commodity market movements.

Mutooroo – High-Grade Massive Sulphide Potential

Complementing Kalkaroo, the Mutooroo deposit features a high-grade massive sulphide lode with 1.53% copper, 0.16% cobalt, and 0.20 grams per tonne gold. The orebody extends over two kilometres in length and more than 500 metres in depth, remaining open at depth and along strike. Initial concepts envision an open pit mining operation transitioning to underground mining as the deposit geometry dictates.

Several nearby prospects with encouraging drill results, including copper, gold, and cobalt mineralisation, could provide additional feed to a central processing facility at Mutooroo. The proximity to Broken Hill allows for a drive-in, drive-out workforce model, potentially reducing operational costs and complexity.

Exploration Upside and Regional Potential

Beyond the two flagship deposits, Havilah has identified multiple compelling prospects within trucking distance, such as Eurinilla Dome, North Dome, and Homestead, which exhibit significant copper, gold, and critical mineral intersections. The company’s exploration efforts continue to reveal the Curnamona Province as a highly prospective copper province, comparable in geological setting to Australia’s major copper belts like Mt Isa and the Gawler Craton.

Havilah’s strategy includes ongoing drilling to expand resource inventories and partnering with recognised developers to accelerate project advancement. The company’s recent agreement with Sumitomo Metal Mining Co., Ltd to acquire a 30% interest in the Winu copper-gold project for A$662 million underscores the value and potential of similar assets in Australia’s copper sector.

Outlook and Market Positioning

With a market capitalisation significantly below the implied project values of comparable Australian copper-gold assets, Havilah’s Kalkaroo and Mutooroo projects represent attractive opportunities for investors seeking exposure to copper’s long-term demand drivers. The company’s focus on securing approvals, advancing feasibility studies, and expanding resources aims to unlock substantial shareholder value in a jurisdiction with low sovereign risk and strong mining heritage.