Sandfire and Havilah partner to advance Kalkaroo copper-gold project

Sandfire Resources Limited (ASX:SFR) and Havilah Resources Limited (ASX:HAV) have executed a binding Term Sheet to progress the Kalkaroo Copper-Gold Project and form an exploration strategic alliance in South Australia's Curnamona Province. Sandfire may earn an 80% interest in Kalkaroo through a two-stage earn-in. This includes an A$105M upfront consideration (70% scrip and 30% cash) and a further A$105M upon completion of a new pre-feasibility study (PFS). The PFS will include a minimum 20,000m infill and extension drilling program. Additionally, Sandfire will commit A$30M to regional exploration over a minimum 24-month period.

The Proposed Transaction is subject to Havilah shareholder approval at a general meeting to be held no later than 30 January 2026, and other customary regulatory approvals. Havilah will retain a 20% free carried interest in Kalkaroo through to Final Investment Decision (FID). Post-FID, Sandfire will be responsible for arranging project development financing, with Havilah's share repaid from future project cashflows.

Australian Retirement Trust Pty LTD ATF Australian Retirement Trust became a substantial holder in Sandfire on 10/11/2025, holding 23,052,687 fully paid ordinary shares, representing 5.003% of voting power. State Street Corporation and its subsidiaries also saw a change in their substantial holding, from 9.59% (44,196,780 votes) to 8.56% (39,449,042 votes) as of 11/11/2025. Macquarie Group Limited and its controlled bodies corporate also became a substantial holder on 11/11/2025, holding 23,528,124 FPO shares, representing 5.11% of voting power.