Highfield Resources (HFR) Q4 2025 TU earnings summary

Executive summary

• Secured A$10 million investment from existing strategic shareholders, including EMR Capital and Tectonic Investment Management, with an extension of convertible note maturity dates.

• All resolutions for the investment were approved at the Extraordinary General Meeting during the quarter.

• Focus remains on advancing the Muga Potash mine in Spain, with ongoing engagement with Spanish authorities regarding the Goyo permit appeal.

• Disciplined cash management continued, with non-essential expenditures postponed or cancelled and a staff furlough program extended through 2026.

Financial highlights

• Cash at bank was A$3.47 million as of 31 December 2025.

• Net cash used in operating activities for the quarter was A$4.43 million.

• Net cash from investing activities was A$1.01 million for the quarter.

• Net cash from financing activities was A$3.06 million for the quarter.

• Payments to related parties totaled A$232,000 for the quarter, relating to director salaries and fees.

Outlook and guidance

• Pending the Spanish Supreme Court's ruling on the Goyo permit, the company aims to advance the resolution of the administrative matter and construction readiness for Muga.

• The A$10 million investment provides funding runway through at least Q1 2027, with further tranches to be drawn as conditions are met.

• The company expects to continue as a going concern and meet its liabilities as they fall due.