How Will Havilah’s $210M Deal with Sandfire Transform Kalkaroo?

Strategic Partnership with Sandfire

Havilah Resources Limited has unveiled a transformative deal with Perth-based copper miner Sandfire Resources, marking a pivotal step in advancing the Kalkaroo copper-gold project. The binding termsheet, announced at Havilah’s 2025 Annual General Meeting, outlines a two-stage transaction where Sandfire will invest an initial A$105 million, 70% in shares and 30% in cash, to complete a new prefeasibility study (PFS) and a substantial 20,000-metre drilling program.

Upon successful completion of the PFS within 18 to 24 months, Sandfire may acquire an 80% stake in Kalkaroo by investing a further A$105 million in cash and shares. Havilah will maintain a 20% free-carried interest through to the final investment decision, with Sandfire providing loan carry arrangements thereafter. This structure not only secures immediate capital for Havilah but also leverages Sandfire’s proven development expertise to de-risk and accelerate project advancement.

Expanding Exploration Horizons in Curnamona

Beyond Kalkaroo, the partnership extends into a strategic exploration alliance with a dedicated A$30 million budget over two years to explore Havilah’s extensive tenement holdings north of the Barrier Highway. This initiative targets stratabound copper deposits, aiming to unlock new discoveries that could supplement Kalkaroo’s feed or stand alone as future projects. Sandfire’s option to earn an 80% interest in any new mining tenement discovered under this alliance further aligns incentives and resources.

Robust Exploration Progress Across Projects

Havilah’s 2025 technical review also highlighted significant drilling successes at other key assets. The Mutooroo copper-cobalt-gold project benefited from a 7,511-metre drilling campaign funded by JX Advanced Metals Corporation, extending mineralisation and providing valuable metallurgical samples. At the Johnson Dam uranium prospect, located near Kalkaroo, the company reported its best uranium intercept to date, alongside appreciable copper and rare earth elements, underscoring the province’s diverse mineral potential.

The Croziers prospect delivered promising intersections of tungsten, beryllium, gold, and copper, while the Mingary Mine prospect revealed substantial copper-gold mineralisation within trucking distance of Mutooroo’s conceptual processing facilities. Partner companies Koba Resources and Heavy Rare Earths further contributed encouraging results, enhancing Havilah’s exposure to uranium and critical minerals.

Shareholder Benefits and Next Steps

For shareholders, the deal promises immediate value through the non-refundable upfront payment and potential upside from the PFS-driven resource uplift. The exploration funding accelerates regional discovery potential, while Sandfire’s operational expertise offers a credible pathway to development. Havilah is preparing for a shareholder meeting in Adelaide in January 2026 to seek approval for the transaction, with definitive agreements underway.

While the forward-looking statements carry inherent risks and uncertainties, this strategic alliance positions Havilah to capitalize on South Australia’s rich mineral province with a strong partner at the helm.