What Havilah Resources does

Havilah Resources Limited is an ASX-listed (ticker: HAV) multi-commodity mineral exploration and development company headquartered in Fullarton, South Australia. Founded in 2002 by geologists Dr Bob Johnson and Dr Chris Giles, the company has spent over two decades systematically exploring and consolidating more than 11,000 km² of granted mineral tenements in the Curnamona Province of northeastern South Australia, a world-class mineral terrain that hosts the giant Broken Hill orebody. Havilah's portfolio spans five core projects — the flagship Kalkaroo copper-gold-cobalt deposit, Mutooroo copper-cobalt-gold, Grants and Maldorky iron ore, and the Prospect Hill tin resource — together with uranium and rare earth element (REE) interests. The JORC-compliant Mineral Resource inventory comprises 1.3 million tonnes of copper, 3.2 million ounces of gold, 43,400 tonnes of cobalt, and 451 million tonnes of iron ore, with Kalkaroo alone holding a 100 Mt Ore Reserve (90% Proved) at 0.81% CuEq, making it one of the largest undeveloped open pit copper-gold deposits in Australia.

The company's business model is asset-light and partnership-driven following the 2018-2019 divestiture of the Portia gold mine to Consolidated Mining and Civil Pty Ltd for A$10.8M cash plus a 1.5% NSR royalty. It now advances its projects primarily through binding earn-in (farm-in) agreements with mid-tier and major mining companies: Sandfire Resources may earn 80% of Kalkaroo via a two-stage A$210M structure (A$105M upfront in 70% scrip/30% cash plus A$105M on PFS completion), and Hillgrove Resources may earn 80% of Mutooroo for up to A$40M, with Havilah retaining a 20% free-carried interest in both. Uranium and REE exposures are progressed through joint ventures with Koba Resources (ASX: KOB) and Heavy Rare Earths Limited (HRE), allowing Havilah to participate without funding exploration directly. Revenue, when it crystallises, will derive from a mix of upfront and milestone earn-in consideration (cash and equity), ongoing NSR royalties, and ultimately mine-gate offtake of copper, gold, cobalt, and iron ore to global commodity markets and offtake partners. The company is pre-revenue on an operating basis.

Name

Havilah Resources

Legal name

Havilah Resources Limited

Website

https://havilah-resources.com.au

Company type

Public

Founded year

2002

Operating status

Operating

Headcount range

11–50 employees

Short description

Havilah Resources is an ASX-listed multi-commodity mineral exploration and development company based in South Australia, advancing a portfolio of copper, gold, cobalt, iron ore, uranium, and REE projects in the Curnamona Province primarily through earn-in partnerships with established mining companies.

Ownership category

akta.pro rank

Product category

Copper-Gold Mineral Exploration and Development

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Gold Ore and Silver Ore Mining (21222), Other Metal Ore Mining (212290)

SIC

Metal Mining (1000), Gold And Silver Ores (1040)

akta.pro primary industry

Copper Ore Mining (Open-Pit & Underground) (IMAKADAB)

akta.pro secondary industries

Copper Exploration & Resource Development (IMAKADAA), Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Rare Earths Mining & Concentrates (REE Ores) (IMAKAFAG)

Keywords

• Copper gold exploration
• Cobalt mining development
• Iron ore resources
• Mineral resource estimation
• Mining earn-in partnerships

Headquarters

HQ city

Adelaide

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Supply Chain, Others

Revenue model

1. Mineral Sales: Revenue from selling mined copper, gold, cobalt, and iron ore products to commodity markets and offtake partners. Previously operated Portia gold mine profitably for 2.5 years before selling.
2. Royalty Income: Ongoing 1.5% NSR royalty from North Portia copper-gold mine and remaining Portia gold production following sale of Mining Lease to Consolidated Mining and Civil Pty Ltd.
3. Project Earn-in Payments: Sandfire Resources paying A$105M upfront consideration (70% scrip and 30% cash) to earn 80% interest in Kalkaroo, with additional A$105M upon PFS completion. Hillgrove Resources paying A$5M upfront and A$35M upon PFS completion for Mutooroo.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Havilah Resources is a multi-commodity mineral exploration and development company that advances copper, gold, cobalt, iron ore, uranium, tin and rare earth element projects in South Australia's Curnamona Province. It sells mineral products to commodity markets and offtake partners, and develops advanced projects through earn-in partnerships with established mining companies that fund exploration and feasibility work.

Product overview

Havilah Resources is a multi-commodity mineral exploration and development company with a portfolio of advanced mining projects in South Australia. The company's core product portfolio consists of seven distinct mineral resource projects: the Kalkaroo copper-gold-cobalt project (flagship), the Mutooroo copper-cobalt-gold project, the Grants and Maldorky iron ore projects, the Prospect Hill tin project, and its uranium and rare earth elements initiatives. Havilah Resources does not offer a software product or platform; its offerings are physical mineral resources at various stages of development, from exploration targets through to JORC-compliant reserves. The company operates through strategic partnerships (Sandfire Resources on Kalkaroo, Hillgrove Resources on Mutooroo) to advance development while retaining project interests.

Differentiator

Problem solved

Functional benefit

Products and services

• Kalkaroo Copper-Gold-Cobalt Project The Kalkaroo project is one of the larger undeveloped open pit copper-gold-cobalt deposits in Australia, containing 1.1 million tonnes of copper, 3.1 million ounces of gold, and 23,200 tonnes of cobalt in JORC Mineral Resources. The project has a 100 Mt Ore Reserve (90% Proven) with a CuEq grade of 0.81% and is being advanced through a binding earn-in agreement with Sandfire Resources.
• Mutooroo Copper-Cobalt-Gold Project Mutooroo is a high-grade copper-cobalt-gold project containing JORC resources of 195,000 tonnes of copper, 20,200 tonnes of cobalt, and 82,100 ounces of gold. The deposit features grades of 1.53% copper and 0.16% cobalt as a lode-style massive sulphide deposit and is being advanced through an earn-in agreement with Hillgrove Resources.
• Grants Iron Ore Project Grants is a large hull-shaped iron ore deposit with a JORC Inferred resource of 304 million tonnes of 24% Fe at an 18% Fe cutoff. Grants Basin contains an Exploration Target of 3.5-3.8 billion tonnes of 24-28% Fe, representing one of the largest iron ore discoveries in Australia.
• Maldorky Iron Ore Project Maldorky is a mixed hematite-magnetite iron ore deposit containing 147 million tonnes of 30.1% Fe JORC Indicated Mineral Resources. The deposit features a 100 metre thick flat slab of iron ore from surface with an exceptionally low waste:ore ratio of 0.19:1.
• Prospect Hill Tin Project Prospect Hill is South Australia's largest known tin resource located on the northern margins of the Flinders Ranges. Previous drilling established an inferred resource of 172,000 tonnes of 1.15% tin to 50 metres depth.
• Uranium Projects Portfolio Havilah holds significant uranium assets including equity interests in Koba Resources (ASX:KOB) and Heavy Rare Earths Limited (HRE), with sole ownership of the Johnson Dam hardrock uranium project near Kalkaroo and the Lake Namba palaeochannel project. These uranium assets are advanced through joint venture and equity arrangements with partners.
• Cobalt By-Product Stream Havilah holds JORC Mineral Resources of 43,400 tonnes of cobalt contained in two advanced projects: Kalkaroo (23,200 tonnes) and Mutooroo (20,200 tonnes). Cobalt is contained in cobaltian pyrite in association with copper sulphides and forms a key by-product stream alongside copper and gold production.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core, moderate and minor.

• Sandfire ResourcescoreStrategic or Co-development Partner · 6 February 2026Sandfire Resources and Havilah have signed binding agreements under which Sandfire may earn an 80% interest in the Kalkaroo copper-gold-cobalt project through a two-stage earn-in structure, comprising A$105M upfront consideration (70% scrip and 30% cash) and a further A$105M consideration upon completion of a new PFS. Sandfire will also commit A$30M to regional exploration over 24 months with opportunity to earn 80% in discoveries by funding drilling of maiden resources.
• Heavy Rare Earths Limited (HRE)moderateStrategic or Co-development Partner · 21 October 2024Agreements with HRE over various uranium projects including Radium Hill, Prospect Hill, and Billeroo palaeochannel. Havilah retains 20% project interest carried to completion of BFS and retains ownership of other tenements.
• Koba Resources Limited (ASX: KOB)moderateStrategic or Co-development Partner · 22 January 2024Agreements with Koba Resources over various uranium projects providing Havilah with equity interests in KOB, retained 20% project interest carried to completion of BFS, substantial tenement expenditure, and retained ownership of tenements.
• Hillgrove ResourcescoreStrategic or Co-development PartnerHillgrove Resources and Havilah have signed a binding agreement under which Hillgrove may earn an 80% interest in the Mutooroo copper-cobalt project through a two-stage earn-in structure, comprising A$5M upfront consideration (100% shares and attaching option) and a further A$35M share and cash consideration upon completion of a PFS. Havilah will retain a 20% free-carried interest.
• BHP (previously OZ Minerals)minorStrategic or Co-development PartnerBHP took over OZ Minerals and continued with the Kalkaroo Study Program until December 2023, when it advised it would not exercise the Kalkaroo Option. BHP/OZ Minerals previously funded regional exploration under the Strategic Alliance during 2022 and 2023.
• Consolidated Mining and Civil Pty LtdminorStrategic or Co-development PartnerHavilah sold the Portia Mining Lease to Consolidated Mining and Civil Pty Ltd, its mining contracting partner, netting $10.8 million in cash payments and an ongoing 1.5% NSR royalty. Havilah's $1.2 million mine rehabilitation liability was extinguished.

Scale indicators11 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Rex Minerals: ASX-listed copper developer advancing the Hillside project in South Australia; directly comparable as an Australian pre-production open-pit copper-gold developer pursuing project financing and partnership pathways.
• Hillgrove Resources: ASX-listed copper-focused developer partnered with Havilah on Mutooroo and owner of the Kanmantoo copper-gold mine in South Australia; a directly comparable South Australian copper developer.
• Sandfire Resources: Mid-tier Australian copper-gold miner operating the DeGrussa mine in Western Australia; now the earn-in partner on Havilah's flagship Kalkaroo project and the most directly comparable operator of open-pit copper-gold deposits in Australia.
• Cobalt Blue Holdings: ASX-listed company focused on the Broken Hill Cobalt Project in the Curnamona Province, with overlapping cobalt-copper footprint and the same JORC-compliant development pathway as Havilah's Mutooroo.
• Koba Resources: ASX-listed junior (HAV holds equity) advancing uranium projects jointly with Havilah in the Curnamona region; a directly comparable early-stage South Australian uranium/critical minerals developer.
• Heavy Rare Earths Limited: ASX-listed rare earths and uranium explorer (HAV holds equity) that has joint ventured Havilah's uranium/REE tenements; comparable as an emerging Australian critical minerals exploration junior.

Emerging players

• CuFe Ltd: ASX-listed junior with copper and iron ore interests in Western Australia, including the Yarrabury and Tennant Creek projects; an emerging comparator among small-cap Australian multi-commodity developers.

Regional players

• Boss Energy: ASX-listed uranium producer advancing the Goulds Dam/Honeymoon uranium mine in South Australia; comparable as an Australian uranium developer, with Havilah holding tenements adjacent to Boss Energy's operations.

Broad incumbents

• Aeris Resources: Australian copper-gold producer and developer (Tritton/Currawong in NSW) with similar mid-tier copper exposure and an active growth pipeline relevant to Havilah's development trajectory.
• OZ Minerals (BHP subsidiary): Australian copper-gold miner (now owned by BHP) that previously funded the Kalkaroo Option before exiting in December 2023; a major incumbent comparator for Curnamona-style copper-gold projects.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/HavilahRes
• YouTubeyoutube.com/user/HavilahResources
• Facebookfacebook.com/havilahres
• LinkedInlinkedin.com/company/havilah-resources

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Havilah Resources