North Portia Divestment for $14.7 Million and 2% NSR Royalty

• First transaction in the implementation of Havilah’s Copper Strategy – Enhanced by Cobalt.
• $13.5 million in staged cash payments over an expected 18 month period commencing at the end of June 2018.
• Immediate replacement of Havilah’s share of the Portia rehabilitation obligation funding of $1.2 million, with no further exposure to rehabilitation liabilities.
• 2% Net Smelter Return (NSR) royalty over the proceeds of all metal and concentrate sales derived from the mining lease.
• 3.25% NSR royalty over all copper sales in excess of the current JORC resource of 101,400 copper metal tonnes.
• Minimum guaranteed royalty payments of $300,000 per quarter from 1 December 2020.
• Current Portia 15% gold revenue stream remains until 30 November 2018.
• Will allow greater focus on higher value, lower risk Mutooroo copper-cobalt-gold project.
• Minimal impact on Havilah’s substantial JORC copper-cobalt-gold resource inventory.

View Announcement