Havilah Resources and JX Advanced Metals agreement

Havilah Resources Limited (ASX: $HAV) has signed a binding Memorandum of Understanding with JX Advanced Metals Corporation (JXAM) of Japan for an exclusivity period and study program on the Mutooroo copper-cobalt-gold project in northeastern South Australia near Broken Hill. JXAM will fund a study program on Mutooroo, involving almost $3 million on resource expansion and resource upgrade drilling, to inform its decision on whether to acquire an interest in Mutooroo.

Executive commentary on JXAM study program

We are delighted to have formed a relationship with JXAM, who is at the forefront of sustainable copper production and processing of recycled material that minimises the usage of fossil fuel. JXAM has a deep knowledge of the entire metals cycle from exploration to mining and processing, to smelting and refining and production of specialised modern age metal products. We believe JXAM is the ideal partner to help us unlock the value of copper, gold, cobalt and sulphur in the Mutooroo massive sulphide ore and Havilah looks forward to working with JXAM on the study program.

Summary of Havilah Resources and JX Advanced Metals agreement

Havilah Resources Limited (ASX: $HAV) has entered into a binding Memorandum of Understanding with JX Advanced Metals Corporation (JXAM) of Japan for an exclusivity period and study program on the Mutooroo copper-cobalt-gold project. JXAM will fund a study program involving almost $3 million on resource expansion and resource upgrade drilling to inform its decision on whether to acquire an interest in Mutooroo. The study program will cover the entire 23 km2 area of exploration licence 6592 and mining lease 5678. Havilah's Technical Director, Dr Chris Giles, expressed excitement about the partnership with JXAM and highlighted the potential for unlocking the value of copper, gold, cobalt, and sulphur in the Mutooroo massive sulphide ore. The Mutooroo project contains 195,000 tonnes of copper, 20,200 tonnes of cobalt, and 82,100 ounces of gold in a predominantly massive sulphide ore lode, making it one of the larger and higher grade undeveloped copper-cobalt sulphide deposits in Australia. The company aims to determine the feasibility of a potential 1 million tonne per annum throughput copper and cobalt operation, based on current JORC Measured Resources, initially from an open cut mine that transitions to a longer-term underground mining operation. Havilah's partnership with JXAM marks a significant step towards unlocking the potential of the Mutooroo project and advancing its development.