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Havilah Resources Limited (AU:HAV)
ASX:HAV

Havilah Resources Limited (HAV) AI Stock Analysis

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AU:HAV

Havilah Resources Limited

(Sydney:HAV)

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Neutral 54 (OpenAI - 5.2)
Rating:54Neutral
Price Target:
AU$0.66
▲(10.50% Upside)
The score is held back mainly by weak financial performance (minimal revenues, operating losses, and mostly negative free cash flow despite a strong low-debt balance sheet). Technicals are a meaningful offset with a clear uptrend and positive momentum, while valuation is pressured by loss-making results and no dividend yield data.
Positive Factors
Balance Sheet Strength
Very low leverage and stable equity/assets provide durable financial flexibility for an exploration company. It reduces bankruptcy risk, supports funding of exploration or strategic transactions, and gives management optionality to time capital raises or partner project developments over the next several months.
Improving Operating Cash Flow
Material improvement in operating cash flow across 2023–2025 indicates progress toward more sustainable operations or better cost control. While not yet fully self-funding, sustained OCF improvement reduces near-term funding pressure and increases capacity to support ongoing exploration and project evaluation.
Exploration Portfolio Optionality
A diversified exploration/development portfolio across copper, gold and iron ore offers structural upside optionality if resources are delineated or commodity cycles improve. This business model, while long dated, can create scalable project value or attractive JV/transaction outcomes over the medium term.
Negative Factors
Volatile, Immaterial Revenues and Negative EBIT
Revenues are negligible and inconsistent, and core operations produce negative EBIT each year. This structural lack of an operating revenue base means earnings are driven by non‑operating items, limiting predictability and making long‑term operational self‑sufficiency unlikely without project monetisation.
Consistently Negative Free Cash Flow
Repeated negative free cash flow and large recent outflows imply the company cannot consistently self‑fund exploration and development. Over a multi‑month horizon this raises the probability of additional capital raises or partner dependence, which can dilute shareholders and slow project progress.
Small Scale Operations & Funding Reliance
A very small workforce and a collapsed revenue base indicate limited internal capacity to advance multiple projects to development simultaneously. Structurally, this increases reliance on external partners, contractors or capital markets to progress assets, adding execution and financing risk over the medium term.

Havilah Resources Limited (HAV) vs. iShares MSCI Australia ETF (EWA)

Havilah Resources Limited Business Overview & Revenue Model

Company DescriptionHavilah Resources Limited, together with its subsidiaries, engages in the exploration and evaluation of mineral resource properties in Australia. The company explores for copper, gold, cobalt, uranium, and iron ore deposits, as well as rare earth elements. Its flagship mineral project is the 100% owned Kalkaroo project located in northeastern South Australia. Havilah Resources Limited was founded in 1996 and is based in Kent Town, Australia.
How the Company Makes MoneyHavilah Resources Limited generates revenue primarily through the exploration and development of mineral resources, which are subsequently sold in the global commodities market. The company focuses on identifying and advancing mineral projects that have the potential to be economically extracted and produced. Income is derived from the sale of these minerals, such as copper and gold, once they are extracted and processed. Additionally, Havilah may form strategic partnerships or joint ventures with other mining companies to co-develop certain projects, which can provide further financial and operational support. The company's revenue is heavily influenced by market demand and commodity prices, as well as its ability to efficiently manage exploration and development costs.

Havilah Resources Limited Financial Statement Overview

Summary
Balance sheet strength (very low leverage and stable equity/assets) is a key positive, but it is outweighed by weak operating fundamentals: immaterial/volatile revenue, recurring negative EBIT, a return to net losses in 2025, and mostly negative free cash flow indicating ongoing funding needs.
Income Statement
23
Negative
Revenue is immaterial and volatile (2025 revenue fell to zero; prior years were very small), so results are dominated by non-operating items rather than a repeatable operating base. Profitability is inconsistent: net income swung from profits in 2023–2024 to a sizable loss in 2025, with negative EBIT in every year shown, indicating the core cost structure is not covered by revenues.
Balance Sheet
74
Positive
The balance sheet is conservatively levered, with extremely low debt relative to equity across all periods (debt-to-equity ~0.1%–0.4%). Equity and total assets are substantial and generally stable to rising, which provides financial flexibility; however, returns on equity are inconsistent and turned negative again in 2025, reflecting earnings volatility rather than balance-sheet strain.
Cash Flow
38
Negative
Cash generation is uneven: operating cash flow was negative in 2020–2022, improved materially in 2023–2025, but remains modest relative to ongoing investment needs. Free cash flow is negative in most years (including large outflows in 2024–2025 after a positive 2023), suggesting continued funding requirements and limited self-funding capacity despite the recent improvement in operating cash flow.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue0.000.008.80K8.10K54.78K149.48K
Gross Profit-226.88K-227.32K8.80K8.10K54.78K53.84K
EBITDA-3.04M-3.04M5.84M3.15M-2.80M-2.21M
Net Income-3.28M-3.28M5.57M2.93M-2.93M-2.36M
Balance Sheet
Total Assets55.32M55.32M53.62M47.95M44.20M44.69M
Cash, Cash Equivalents and Short-Term Investments541.33K541.33K1.16M3.65M1.61M4.01M
Total Debt109.02K109.02K141.19K171.94K104.08K63.83K
Total Liabilities1.77M1.77M1.70M1.71M1.19M1.58M
Stockholders Equity53.55M53.55M51.92M46.24M43.01M43.10M
Cash Flow
Free Cash Flow671.05K-4.78M-2.38M2.07M-5.21M-3.32M
Operating Cash Flow671.05K671.05K1.05M3.89M-2.80M-1.53M
Investing Cash Flow-5.26M-5.26M-3.51M-1.80M-2.02M-1.79M
Financing Cash Flow3.97M3.97M-30.75K-48.89K2.42M5.85M

Havilah Resources Limited Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.60
Price Trends
50DMA
0.56
Positive
100DMA
0.40
Positive
200DMA
0.29
Positive
Market Momentum
MACD
0.03
Positive
RSI
62.32
Neutral
STOCH
61.94
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:HAV, the sentiment is Positive. The current price of 0.6 is below the 20-day moving average (MA) of 0.62, above the 50-day MA of 0.56, and above the 200-day MA of 0.29, indicating a bullish trend. The MACD of 0.03 indicates Positive momentum. The RSI at 62.32 is Neutral, neither overbought nor oversold. The STOCH value of 61.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:HAV.

Havilah Resources Limited Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
58
Neutral
$214.31M-42.28-6.79%19.94%
54
Neutral
AU$224.74M-64.80-6.23%-100.00%-155.68%
54
Neutral
AU$129.06M90.008.05%
50
Neutral
AU$168.33M-70.00-5.37%
47
Neutral
AU$67.34M-7.39-42.43%307.85%-133.82%
42
Neutral
AU$157.47M-38.10-9.15%-12.00%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:HAV
Havilah Resources Limited
0.64
0.43
202.38%
AU:MAT
Matsa Resources Limited
0.14
0.09
229.27%
AU:TSO
Tesoro Gold
1.21
0.86
249.28%
AU:AS1
Golden Rim Resources Ltd
0.11
0.08
337.50%
AU:FXG
Felix Gold Ltd.
0.32
0.22
204.76%
AU:VTX
Vertex Minerals Ltd.
0.24
-0.08
-25.40%

Havilah Resources Limited Corporate Events

Havilah Seeks Shareholder Backing for Sandfire Farm-In to Kalkaroo Project
Jan 4, 2026

Havilah Resources has called a general meeting on 6 February 2026 for shareholders to vote on a proposed transaction under which Sandfire Resources would acquire an 80% interest in Havilah’s Kalkaroo copper-gold-cobalt project via a two-stage deal worth up to A$210 million, combined with a A$30 million regional exploration commitment in the Curnamona Province. The board, which unanimously supports the deal in the absence of a superior proposal, argues the partnership will deliver immediate financial return, de-risk the development of Kalkaroo, fund growth across Havilah’s broader project portfolio without diluting shareholders, and position the company to benefit from Sandfire’s technical and financial resources while retaining a 20% stake and potential future upside.

The most recent analyst rating on (AU:HAV) stock is a Hold with a A$0.60 price target. To see the full list of analyst forecasts on Havilah Resources Limited stock, see the AU:HAV Stock Forecast page.

Havilah Calls 2026 Shareholder Vote on Proposed Kalkaroo Project Deal
Jan 4, 2026

Havilah Resources has called a general meeting of shareholders for 6 February 2026 in Adelaide to seek approval for a proposed transaction relating to its Kalkaroo copper-gold project. The notice outlines a single key resolution to approve the Kalkaroo transaction, including associated earn-in and strategic alliance arrangements, and sets out voting procedures, eligibility, and timetable details, with the board unanimously recommending that shareholders vote in favour of the proposal in the absence of a superior offer.

The most recent analyst rating on (AU:HAV) stock is a Hold with a A$0.60 price target. To see the full list of analyst forecasts on Havilah Resources Limited stock, see the AU:HAV Stock Forecast page.

Sandfire and Havilah Extend Timetable as Kalkaroo Copper-Gold Deal Nears Finalisation
Dec 30, 2025

Sandfire Resources and Havilah Resources report strong progress in finalising definitive agreements for Sandfire’s proposed earn-in of up to an 80% interest in the Kalkaroo Copper-Gold Project and the formation of a regional exploration alliance in South Australia’s Curnamona Province. While the deal remains on track and both parties reiterate their commitment and shared strategic vision, they have agreed to a short extension of the transaction timetable, with Havilah’s shareholder meeting to approve the transaction now scheduled to be held no later than 16 February 2026 instead of 30 January 2026, slightly delaying but not derailing the project’s advancement timeline.

The most recent analyst rating on (AU:HAV) stock is a Hold with a A$0.44 price target. To see the full list of analyst forecasts on Havilah Resources Limited stock, see the AU:HAV Stock Forecast page.

Havilah Resources Secures Shareholder Support at 2025 AGM
Dec 17, 2025

Havilah Resources Limited announced the successful passage of all three resolutions presented during its 2025 Annual General Meeting, with strong approval rates from shareholders. This outcome reflects solid backing from stakeholders and underscores confidence in the company’s management and strategic direction moving forward.

The most recent analyst rating on (AU:HAV) stock is a Hold with a A$0.44 price target. To see the full list of analyst forecasts on Havilah Resources Limited stock, see the AU:HAV Stock Forecast page.

Havilah Resources Secures Strategic Partnership for Kalkaroo Project
Dec 17, 2025

Havilah Resources Limited has announced a significant agreement with Sandfire Resources Limited, where Sandfire may acquire an 80% stake in the Kalkaroo copper-gold project through a two-stage earn-in process. This transaction allows Havilah to capitalize on its investment and maintain a 20% interest, benefiting shareholders by lowering development risks and providing exploration funding for further regional opportunities. Additionally, Havilah remains committed to advancing its Mutooroo project and exploring promising drilling results across its tenement assets, bolstering its strategic position in the Curnamona Province.

The most recent analyst rating on (AU:HAV) stock is a Hold with a A$0.44 price target. To see the full list of analyst forecasts on Havilah Resources Limited stock, see the AU:HAV Stock Forecast page.

Havilah Resources Unveils 2025 Technical Review and Future Plans
Dec 16, 2025

Havilah Resources Limited has released a technical review presentation at its 2025 Annual General Meeting, highlighting its corporate and technical achievements over the past year and outlining strategic plans for the future. This presentation reflects the company’s ongoing commitment to realizing its objectives and enhancing its position within the mining industry.

The most recent analyst rating on (AU:HAV) stock is a Hold with a A$0.44 price target. To see the full list of analyst forecasts on Havilah Resources Limited stock, see the AU:HAV Stock Forecast page.

Havilah Resources Director Increases Stake with Significant Share Acquisition
Dec 9, 2025

Havilah Resources Limited announced a change in the director’s interest, with Victor Previn acquiring 1,000,000 ordinary shares through the exercise of unlisted director’s options. This acquisition reflects a significant personal investment by the director, potentially indicating confidence in the company’s future prospects and stability, which could positively impact stakeholder perceptions and market positioning.

The most recent analyst rating on (AU:HAV) stock is a Hold with a A$0.44 price target. To see the full list of analyst forecasts on Havilah Resources Limited stock, see the AU:HAV Stock Forecast page.

Havilah Resources Announces Cessation of 1.5 Million Securities
Dec 9, 2025

Havilah Resources Limited announced the cessation of 1,500,000 securities, specifically options expiring on December 21, 2027, with an exercise price of $0.33. This move may impact the company’s capital structure and could be part of a broader strategy to optimize its financial operations, potentially affecting stakeholders and market perception.

The most recent analyst rating on (AU:HAV) stock is a Hold with a A$0.44 price target. To see the full list of analyst forecasts on Havilah Resources Limited stock, see the AU:HAV Stock Forecast page.

Havilah Resources Issues New Securities to Boost Market Position
Dec 9, 2025

Havilah Resources Limited announced the issuance of 1,500,000 fully paid ordinary securities on December 9, 2025, as part of its strategy to enhance liquidity and support its operational goals. This move is expected to strengthen the company’s financial position and potentially increase its market presence, benefiting stakeholders by potentially enhancing shareholder value.

The most recent analyst rating on (AU:HAV) stock is a Hold with a A$0.44 price target. To see the full list of analyst forecasts on Havilah Resources Limited stock, see the AU:HAV Stock Forecast page.

Havilah Resources Advances Key Mineral Projects and Strategic Alliances
Nov 26, 2025

Havilah Resources Limited’s recent quarterly activity report highlights significant developments in its mineral exploration projects. The company engaged with mining groups for the Kalkaroo copper-gold project and continued negotiations for the Mutooroo copper-cobalt-gold project. High-grade uranium drilling results were reported at the Johnson Dam prospect. Additionally, Havilah resumed drilling at the Birksgate prospect and executed a binding term sheet with Sandfire Resources Limited to advance the Kalkaroo project and establish a strategic exploration alliance in the Curnamona Province. These activities underscore Havilah’s strategic vision to grow its multi-commodity portfolio and generate returns for shareholders.

The most recent analyst rating on (AU:HAV) stock is a Hold with a A$0.44 price target. To see the full list of analyst forecasts on Havilah Resources Limited stock, see the AU:HAV Stock Forecast page.

Havilah Resources Limited Announces 2025 Annual General Meeting
Nov 13, 2025

Havilah Resources Limited has announced its Annual General Meeting (AGM) scheduled for December 17, 2025, at the National Wine Centre of Australia in Adelaide. This meeting provides shareholders with an opportunity to review the company’s annual report, ask questions, and vote on important matters, reflecting the company’s commitment to transparency and shareholder engagement.

Havilah and Sandfire Forge Alliance to Propel Kalkaroo Copper-Gold Project
Nov 12, 2025

Havilah Resources Limited and Sandfire Resources Limited have entered into a binding agreement to advance the Kalkaroo Copper-Gold Project and initiate a strategic exploration alliance in South Australia’s Curnamona Province. The agreement allows Sandfire to earn an 80% interest in the project through a two-stage earn-in structure, involving significant financial commitments for project development and regional exploration. This collaboration aims to unlock the potential of one of Australia’s largest undeveloped copper-gold deposits, leveraging Sandfire’s mining expertise and Havilah’s geological knowledge, with implications for regional economic growth and stakeholder engagement.

Havilah Resources Issues New Performance Rights to Employees
Nov 6, 2025

Havilah Resources Limited has announced the issuance of 2,330,000 performance rights under an employee incentive scheme. These securities are unquoted and subject to transfer restrictions until the end of the restriction period, which could impact employee retention and motivation, potentially influencing the company’s operational performance and market positioning.

Havilah Resources Announces Cessation of Performance Rights
Nov 6, 2025

Havilah Resources Limited announced the cessation of 350,000 performance rights due to unmet conditions, effective October 31, 2025. This development may impact the company’s operational strategies and stakeholder interests, as it reflects on the company’s ability to meet certain performance criteria, potentially affecting its market positioning and investor confidence.

Havilah Resources Announces Cessation of Securities
Nov 6, 2025

Havilah Resources Limited announced the cessation of 3,100,000 securities due to the expiry of options or other convertible securities without exercise or conversion, effective November 1, 2025. This development may impact the company’s capital structure and could influence investor perceptions and market positioning.

Havilah Resources Emphasizes Governance and Diversity in Latest Statement
Oct 31, 2025

Havilah Resources Limited has released its Corporate Governance Statement for the financial year ending July 31, 2025, detailing its adherence to the ASX Corporate Governance Council’s principles. The statement highlights the company’s commitment to maintaining robust governance practices, including clear delineation of roles between the board and management, thorough checks for director appointments, and a focus on diversity within the workforce. Despite the small size of the company, Havilah emphasizes the importance of skill and merit in employment opportunities, with 27% female representation in its workforce as of July 2025. This governance framework is designed to enhance the company’s operational oversight and strategic direction, potentially impacting its industry positioning and stakeholder confidence.

Havilah Resources Releases 2025 Annual Report Highlighting Exploration Focus
Oct 31, 2025

Havilah Resources Limited has released its annual report for the financial year ending July 31, 2025, highlighting its ongoing exploration activities at the Johnson Dam uranium prospect. The report outlines the company’s strategic focus on mineral exploration in the Curnamona Province, emphasizing the speculative nature and inherent risks of exploration. The company remains cautious about the uncertainties and factors that could impact its operations, such as commodity price fluctuations and regulatory changes, which may affect stakeholder interests.

Havilah Resources Unveils New Uranium Discovery in South Australia
Oct 21, 2025

Havilah Resources Limited has announced a new hard rock uranium discovery at the Johnson Dam project in South Australia, near its Kalkaroo copper-gold deposit. This discovery, presented at the Global Uranium Conference 2025, could enhance Havilah’s strategic positioning in the uranium sector, potentially impacting its operations and offering new opportunities for stakeholders.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 14, 2026