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Highfield Resources Ltd ASX:HFR

0 opened or increased1 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 1 managers in total.

Position history by manager 1 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

2026

31 Dec 2025 to today

Commentary 2 comments

DateManagerActionSummary

30 Sep 2026Tectonic Investment ManagementHeldTectonic Investment Management continues to hold its exposure to Highfield Resources (ASX:HFR) through secured convertible notes, which it values at principal plus accrued interest given their first-ranking security. On 7 September 2026, Highfield and its Australian subsidiary KCL Resources entered voluntary administration, and receivers were appointed over KCL on behalf of secured noteholders, including the Fund. The Spanish subsidiary Geoalcali, which holds the Muga potash project and its permits, is outside the administration and receivership. Tectonic believes administering the listed parent was sensible, as its costs were consuming capital better preserved at the asset level while permitting is resolved and a sale of the underlying assets is pursued. Noteholders are aligned on maximising value from the Spanish asset.

Quarterly Report

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31 Dec 2025Tectonic Investment ManagementHeldTectonic Investment Management continues to hold Highfield Resources Ltd via its convertible notes, which were amended as part of a $10 million funding package secured in December — with the Fund committing $5 million — resetting the conversion economics to a lower attachment point with a headline reference level of $0.06 per share. Tectonic Investment Management notes that the Spanish Supreme Court has not yet communicated a decision on the Goyo permit appeal and the company continues to engage with relevant authorities. Given that the majority of the fund's exposure is via convertible notes and liquidity is limited, short-term share price movements are not considered meaningful; the fund believes a sale of the underlying asset — once the permit matter is resolved — could be at multiples of the current equity value implied by the share price.

Regulatory RiskQuarterly Report, price recorded $0.04

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 1 managers first commented on HFR.

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About Highfield Resources Ltd

Materials, Chemicals

Highfield Resources (ASX:HFR), a potash developer in Spain, has been working through funding and permitting, according to Tectonic Investment Management. In December 2025, Tectonic noted that during the fourth quarter Highfield worked through its funding solution and an outstanding appeal relating to its Goyo permit, with developments in early December advancing the project. Highfield Resources operates in the Materials sector within the Chemicals industry, and Thesis Tracker has captured 1 comment from 1 fund manager, Tectonic Investment Management. Established in 2011 and headquartered in Pamplona, Spain, Highfield is developing the Muga potash project in northern Spain, one of the most advanced potash projects in Europe, which aims to produce muriate of potash fertiliser for European agriculture, and has faced extended delays from permitting challenges and funding requirements, and is pursuing a combination with Sall Resources to strengthen its financial position.

Market cap: $9m
Price to earnings: Loss-making
Return on equity: -58.9%
Dividend yield: 0.0%
Price to book: 0.10x
52-week range: $0.02 to $0.08

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Highfield Resources Ltd (ASX:HFR)?

Fund managers including Tectonic Investment Management have invested in Highfield Resources Ltd (ASX:HFR).

What opportunities or catalysts do fund managers highlight for Highfield Resources Ltd?

Tectonic highlights progress on Highfield's funding solution and permit appeal, which are key steps toward constructing the Muga potash project.

What are the key risks to the Highfield Resources Ltd investment thesis, according to fund managers?

Tectonic's commentary highlights ongoing permitting appeals and funding requirements, which have repeatedly delayed the project.

What does Highfield Resources Ltd (ASX:HFR) do?

Highfield Resources Ltd. is a mineral exploration and development company established on October 25, 2011. Headquartered in Pamplona, Spain, the firm operates across geographical segments in Australia and Spain. The company focuses on the development of three core potash projects: Muga, Pintanos, and Sierra del Perdón. As a focused mining developer, Highfield Resources manages these assets to advance mineral production capabilities within its operational regions.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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