Highfield Resources (HFR) Q3 2025 TU earnings summary

Executive summary

• Secured A$10 million investment from existing strategic shareholders post-quarter, with extension of convertible note maturity to support operations and address administrative matters for the Muga Project.

• Senior Secured Project Finance Facility fully terminated after exit of last remaining lenders, eliminating further commitment fees.

• Government of Navarra reaffirmed institutional support for the Muga Project.

• Board changes included the resignation of a non-executive director and appointment of a new director with significant mining industry experience.

• Continued disciplined cash management, including extension of staff furlough scheme and reduction in headcount by 20% to generate 40% monthly payment savings.

Financial highlights

• Cash at bank at 30 September 2025 was A$3.98 million.

• Net cash used in operating activities for the quarter was A$2.02 million; year-to-date net cash used was A$6.33 million.

• Net cash used in investing activities for the quarter was A$487,000; year-to-date A$2.28 million.

• Net cash from financing activities for the quarter was A$186,000.

• Estimated quarters of funding available at quarter end was 1.55.

Outlook and guidance

• The A$10 million investment is expected to provide funding runway through Q1 2027, with A$5.15 million sufficient for operations through October 2026.

• Company does not expect to maintain current level of operating cash outflows, with further reductions planned.

• Focus remains on resolving the Goyo mining concession administrative matter and advancing construction readiness for Muga.