Highfield Resources (HFR) investor relations material

Executive summary

• 2025 was a transitional year, marked by management changes, a failed strategic transaction, and a renewed focus on advancing the Muga Project amid ongoing legal and permitting challenges.

• The company implemented cost discipline, streamlined operations, and secured A$10 million in convertible note funding to strengthen its financial position.

• The Muga Project remains central to strategy, with strong institutional and community support, but progress is delayed pending a Spanish Supreme Court decision on the Goyo mining concession.

• Board and executive changes included the appointment of Carles Alemán as CEO and Executive Director, and the resignation of several directors.

Financial highlights

• Net loss after tax for 2025 was $69.8 million, compared to a $19.2 million loss in 2024, driven by a $45.1 million impairment expense and a loss on disposal of exploration assets.

• Cash on hand at year-end was $3.5 million, down from $12.0 million in 2024.

• Net cash outflow from operating activities was $8.6 million, and from investing activities $2.9 million; financing activities provided $2.7 million.

• No dividends were declared or paid.

Outlook and guidance

• Advancement of the Muga Project is contingent on the resolution of the Goyo permit legal process; timing remains uncertain.

• The company is focused on cost control, maintaining financial discipline, and preparing for construction once permitting and financing are secured.

• Directors have not provided specific forward-looking financial guidance, citing uncertainty.