A HAVILAH SHARE BUYS​ AN INTEREST IN THE FOLLOWING MINERAL ASSETS

• An advanced stage multi-commodity minerals portfolio in South Australia, comprising over 1.3 Mt copper, 3.2 Moz gold, 43.4 kt cobalt and 450 Mt iron ore in JORC resources. 

• Kalkaroo copper-gold-cobalt project, one of the largest undeveloped open pit copper-gold deposits in Australia, containing an Ore Reserve (90% Proved) of over 100 Mt at a CuEq grade* of 0.89%.

• Mutooroo copper-cobalt-gold project, one of the largest and highest grade sulphide cobalt deposits in Australia with associated copper.

• Grants Basin iron ore project, one of the largest iron ore discoveries in Australia in the last decade, located only a few kilometres from a railway line.

• Over 16,000 km²  exploration tenement holding in the Curnamona Craton, a proven world class mineral terrain that is host to the giant Broken Hill orebody.

 

CONFLICT FREE CRITICAL & STRATEGIC MINERALS WITH A STAKE IN THE BATTERY METALS SECTOR

• 43.4 kt cobalt in JORC resources plus REE, molybdenum and tungsten potentially recoverable as by-products of copper-gold mining and processing operations.

 

FAVOURABLE  LOGISTICS AND INFRASTRUCTURE, LOW SOVEREIGN RISK

• Located in northeastern South Australia in close proximity to the transcontinental railway line, Barrier highway and regional mining centre of Broken Hill with its skilled workforce.

• South Australia is a low sovereign risk jurisdiction, with a mining friendly government that actively encourages mining development and enforces world's best practice ESG standards.

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ONE OF THE HIGHEST LEVERAGES TO COPPER AND GOLD IN COMPARISON TO ITS ASX PEERS

• Based on the ratio of Havilah's Enterprise Value to its copper equivalent JORC Resources and Ore Reserves as shown in the two charts below.  

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• Based on the ratio of Havilah's Market Capitalisation to gold JORC Resource ounces and  gold Ore Reserve ounces as shown in the two charts below.

 

 

 

 

 

 

 

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Comparison criteria are: 1. Only ASX listed explorers and developers with predominantly gold resources in excess of 500,000 ounces (with one exception AGS). None of the companies are significant gold producers although some are in the construction phase.

2. Mineral resources all located in Australia (with one exception AUT). This is to ensure comparisons are like for like when it comes to sovereign risk.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Comparison criteria are: 1. Only ASX listed explorers and developers with predominantly gold ore reserves in excess of 100,000 ounces. None of the companies are significant gold producers although some are in the construction phase.

2. Gold ore reserves are all located in Australia. This is to ensure comparisons are like for like when it comes to sovereign risk.

 

 

• In part the high copper and gold leverage is a reflecting the potential value of the Kalkaroo copper-gold project as summarised in the pre-tax NPV7.5% matrix table below, which is based on the Kalkaroo PFS financial model

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Pre-tax NPV7.5% from PFS (green) compared with that at recent long-term forecast (orange) and spot gold price (yellow), as calculated by the PFS financial model.

Note that the orange highlighted long term gold price, pre-tax  NPV7.5% ($770 million) in the table is conservative for Kalkaroo as no account has been taken of:

1.Improved gold recoveries in the oxidised ore types from 50% in the PFS to >90% based on recent metallurgical test work (refer to ASX announcement of 9 May 2019).

2.Potential revenue contribution from other by-product commodities such as cobalt, rare earth elements and molybdenum due to incomplete metallurgical test work.

3.Open pit optimisations have not been re-run for higher long-term forecast gold prices. On the basis that lower grades of ore can be profitably treated if metal prices are higher, it is reasonable to assume (based on constant cost inputs) that re-optimisation would result in a larger open pit and hence improved mining economics and a longer mine life. For the present exercise the published PFS open pit optimisation and RPM financial model have been used.

4.The above pre-tax NPV7.5% value matrix exchange rate was set at an earlier long-term forecast AUD:USD 0.75 rate, whereas over the past 12 months the AUD:USD exchange rate has mostly been below 0.70.

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*CuEq calculation is based on the following formula: CuEq = Cu ore reserve grade + (value 1g/t Au /value of 1% Cu x Au ore reserve grade). Assumptions: gold price US$1,900 /oz , copper price US$6,500 / tonne, overall metallurgical recoveries for gold and copper are the same based on Kalkaroo PFS, ore metal grades are from  published Kalkaroo JORC ore reserve table. It is considered that both copper and gold are saleable, given the calculations are based on published ore reserves.

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No offer of securities

Nothing in this website should be construed as either an offer or a solicitation of an offer to buy or sell Havilah securities, or be treated or relied upon as a recommendation or advice by Havilah or Havilah personnel.

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