How Will Havilah’s $210M Kalkaroo Deal Transform Its Future?

Strategic Alliance with Sandfire Resources

Havilah Resources Limited (ASX, HAV) has taken a significant step forward in advancing its flagship Kalkaroo copper-gold project by executing a binding term sheet with Sandfire Resources Limited. The deal outlines a two-stage earn-in structure potentially worth $210 million, with Sandfire to fund a comprehensive pre-feasibility study including a 20,000-metre drilling program. This arrangement would see Sandfire earn up to an 80% interest in Kalkaroo, while Havilah retains a 20% free-carried stake, positioning shareholders to benefit from future value uplift without immediate capital outlay.

Exploration Momentum at Johnson Dam and Birksgate

Exploration continues to deliver promising results beyond Kalkaroo. At the Johnson Dam prospect, located just 14 kilometres from Kalkaroo, drilling has intersected high-grade uranium mineralisation, including a standout intercept of 4 metres at 3,643 ppm uranium oxide. This discovery adds a compelling new dimension to Havilah’s multi-commodity portfolio, complementing copper and gold assets. Meanwhile, drilling has resumed at the Birksgate prospect, approximately 50 kilometres north-northwest of Kalkaroo, targeting a largely unexplored anticline with potential for copper-gold-molybdenum mineralisation. Assays from over 30 reverse circulation drillholes are awaited, with the prospect showing strong geological promise.

Funding and Corporate Developments

Havilah is also progressing funding negotiations with JX Advanced Metals Corporation for the Mutooroo copper-cobalt-gold project. The agreement contemplates funding a pre-feasibility study and an option for JXAM to acquire an equity interest, supporting advancement of this high-grade deposit near Broken Hill. To bolster its working capital, Havilah completed a $2 million share placement during the quarter, primarily aimed at funding ongoing exploration and administrative costs. The company ended the quarter with $1.26 million in cash, reflecting prudent financial management amid active project development.

Broader Exploration and Strategic Positioning

Beyond its core projects, Havilah maintains a broad tenement portfolio across South Australia’s Curnamona Province and the Gawler Craton, including interests in uranium, tin, and rare earths through strategic shareholdings in Koba Resources, Heavy Rare Earths, and FireFly Metals. The company’s technical leadership, exemplified by Dr Chris Giles’ recent presentation at the Copper to the World conference, underscores its commitment to positioning South Australia as a next major copper province. Havilah’s exploration expenditure of $893,441 during the quarter reflects a focused approach to unlocking value across its asset base.

Outlook and Next Steps

Looking ahead, Havilah plans to seek shareholder approval for the Sandfire transaction in early 2026, a critical milestone that will determine the pace of development at Kalkaroo. The company’s ongoing drilling programs, assay results, and funding negotiations will be closely watched by investors eager to see how these initiatives translate into tangible resource growth and project advancement. With a diversified portfolio and strategic partnerships in place, Havilah is well positioned to navigate the evolving commodity landscape and capitalise on rising demand for copper, cobalt, gold, and uranium.