Havilah Resources Limited (ASX: HAV) Reports Quarterly Activity
Quarterly Highlights
Havilah Resources Limited (ASX: HAV) provided an overview of its activities for the quarter ending 31 October 2024. A key achievement includes signing an exclusivity agreement for a study program on the Mutooroo copper-cobalt project with JX Advanced Metals Corporation. This partnership will see an investment of approximately $3 million into resource expansion and upgrade drilling.
The quarter also saw the completion of eight reverse circulation drillhole precollars and five diamond cored holes, with encouraging early results indicating well-mineralised sulphide lodes. Notable intersections included 21 metres of 1.60% copper and 0.18% cobalt outside the current resource envelope.
Capital Raising Efforts
Havilah successfully raised $4,071,075 through a non-renounceable entitlement offer aimed at funding ongoing exploration activities. The offer provided eligible shareholders the opportunity to acquire one new share for every 14 shares held at an issue price of $0.18 each.
CEO Dr Christopher Giles stated, “The response from our shareholders indicates strong support for our strategic vision and the potential of our diverse mineral portfolio.”
Exploration Insights
In addition to work at Mutooroo, Havilah has engaged with Koba Resources Limited regarding uranium exploration within its tenement holdings. Promising results from Koba’s drilling program at the Oban uranium deposit were reported, highlighting the project’s potential.
Havilah continues to focus on its strategic objectives, including monetising in-demand assets like Kalkaroo, where discussions with potential purchasers are ongoing. The company maintains a strong cash position with $4,049,116 in cash and cash equivalents at quarter end.
Market Position and Future Outlook
The gold price in Australian dollars reached a new high, which may positively influence sentiment in the sector. Havilah considers its exploration activities and strategic partnerships well-positioned to leverage opportunities arising in the mining landscape.
The company’s Annual General Meeting is scheduled for 18 December 2024, where it will present further updates on its operations and strategic intentions.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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