Today, on 23rd May 2019, Havilah Resources Limited (ASX: HAV) received grants for the three Mineral Leases and two Miscellaneous Purposes Licenses from the South Australian Minister for Energy and Mining for the Kalkaroo Copper-Gold Project. This development has helped the company in securing the right to mine at the Kalkaroo Project. The next step will be to obtain the mining permission, which requires submission and approval of a Program for Environment Protection and Rehabilitation (PEPR), as required under South Australia’s Mining Act. The work has been ongoing on investigating the development opportunities, which includes progressing discussions with potential investment partners. HAV’s patience, persistence and vision bore fruit with steady progress on the Kalkaroo Project over a period of 15 years. Throughout this entire period, Havilah has consistently strived to add value to the project in order to increase the likelihood of the development of the project and to attract investment development partners who can assist in bringing the Kalkaroo Project into production.
Mr Walter Richards, CEO, Havilah Resources stated that the grant of the mining tenements for the Kalkaroo Copper-Gold Project is a significant milestone for Havilah and is a result of many years of persistence, dedication and hard work. The management is looking forward to taking the project to the next stages of development, including the finalisation of the updated pre-feasibility study.
Furthermore, in another update, HAV has received a North Portia divestment payment of $4.0 million from Consolidated Mining & Civil Pty Ltd ahead of the planned July payment date. It was the third instalment payment from Consolidated Mining for the sale of the Benagerie Mining Lease. Completion and signing of the revised North Portia divestment documentation, earlier than originally anticipated, has allowed the payment to be brought forward.
In its financial half-year ended on January 31, 2019, HAV reported revenue of $0.111 million. Its loss after tax was reported at $4.698 million from $5.19 million loss in January 31, 2018. The cost associated with the payment to the Australian Taxation Office (ATO) resulting from re-assessed research and development claims from the 2013 and 2014 financial years was reported at $0.255 million for the financial half-year. It included corporate costs of $0.130 million associated with the Extraordinary General Meeting (EGM) held in February 2019.
Company’s assets decreased by 3% from $49.389 million on July 31, 2018, to $47.994 million on January 31, 2019, due to the revision of the carrying value of the receivable relating to the divestment of North Portia.
On the stock information front, at the time of writing (on May 23, 2019, AEST 02:00 PM) the stock of Havilah Resources was trading at $0.145, with a market capitalisation of ~$32.74 million. Today, it recorded day’s high at $0.150 and day’s low at $0.145 with a daily volume of 52,372. Its 52 weeks high price stands at $0.270 and 52 weeks low price at $0.140, with an average volume of 129,794 (yearly). Its absolute returns for the past one year, six months and three months are -21.05%, -18.92%, and -3.23%, respectively.
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