Havilah Confirms Deep Extensions at Mutooroo

About Havilah Resources Limited

Havilah Resources Limited (ASX: HAV), founded in 1996 and headquartered in Kent Town, South Australia, is a mineral exploration and development company focused on critical and battery metals. The company holds an extensive portfolio of copper, cobalt, gold, and rare earth projects in the Curnamona Province of South Australia, with its flagship asset being the Mutooroo copper-cobalt-gold project. Havilah’s strategy is centred on unlocking value from strategic resources essential to the energy transition and modern technologies. The company’s shares are currently trading at $0.18 per share.

DHEM Confirms Major Depth Extensions

The DHEM survey was conducted on five deep drillholes at the northern end of the Mutooroo orebody, where recent JXAM-funded drilling had already extended the mineralisation. The survey identified three high-conductivity zones, or “plates”, which geophysical consultants interpret as indicating continuous massive sulphide mineralisation.

Of particular significance is that these conductive plates extend approximately 200 metres below the deepest holes drilled by Havilah to date. The most substantial of these plates reaches depths of over 500 metres from the surface, well beyond the limits of historical drilling, suggesting the orebody continues at depth with strong potential for further discovery.

The high conductivity values, exceeding 2,000 Siemens for one southern plate and 1,200 Siemens for a northern plate, are consistent with Mutooroo-style sulphide mineralisation and align with known drill intersections. In addition, magnetic inversion data and AI-generated mineralisation models from DomainMCF software have further validated the correlation between the conductive zones and geological targets.

Planning for Growth and Development with JXAM

Havilah is actively working with JX Advanced Metals (JXAM) under an existing Memorandum of Understanding (MOU) to explore a potential equity investment in the Mutooroo project. JXAM has already covered substantial costs for recent drilling, metallurgical test work, and mining studies, and both parties are now in discussions regarding a funding agreement for a Pre-Feasibility Study (PFS) and an option for JXAM to acquire a direct project interest.

The PFS is expected to incorporate the latest data from the DHEM survey and the recently completed 7,511-metre, 35-hole drilling campaign. This study will assess development pathways and economic viability, focusing on expanding shallow resources amenable to open-pit mining, which could drive early cash flow and support future underground development.

Unlocking the Full Value of Mutooroo

The Mutooroo project is a well-advanced copper-cobalt-gold asset located just 60 kilometres southwest of Broken Hill and within 16 kilometres of key infrastructure including the Transcontinental Railway and the Barrier Highway. It hosts a JORC-compliant resource of 195,000 tonnes of copper, 20,200 tonnes of cobalt, and 82,100 ounces of gold, primarily within massive sulphide lodes.

Havilah’s resource expansion strategy is focused on growing the shallow mineral inventory to support an initial open-pit operation. This is complemented by potential revenue streams from cobalt, gold, and sulphur byproducts, which have not yet been fully factored into prior economic models. Metallurgical test work from JXAM suggests favourable processing characteristics for these additional elements.

In the short term, Havilah is planning additional DHEM surveys across the central and southern parts of the Mutooroo orebody to extend its current understanding of the deposit. Concurrently, an updated JORC Mineral Resource estimate incorporating recent drilling data is underway and expected to further bolster the project’s economic potential.

Outlook and Strategic Significance

With the DHEM survey confirming significant vertical extensions of the orebody and strong alignment with advanced geological modelling tools, Havilah is entering a critical development phase for Mutooroo. The combination of technical upside, supportive infrastructure, and a funding partner in JXAM positions the company well to transition the project toward development.

The resource upgrade, PFS planning, and potential option agreement with JXAM are expected to be key catalysts for the company in 2025, as investors look for emerging copper-cobalt-gold projects capable of supplying critical metals for global energy and technology markets.

Havilah’s ability to define additional resources at depth while advancing near-surface mining plans gives it a dual-pronged development strategy with both near-term and long-term growth potential.