Ann: Kalkaroo Project PFS Update, page-42

'Kalkaroo is one of the few significant copper-gold deposits available in a low sovereign risk mining jurisdiction that is close to existing infrastructure.'

An alternative solution to monetise the value existing in HAV’s asset base could be to undertake an IPO of Kalkaroo, comprising the following 100% owned HAV subsidiaries:

• Kalkaroo Copper Pty Ltd (Owner of the Kalkaroo copper-gold project)
• Kalkaroo Pastoral Company Pty Limited (Owner of the Kalkaroo Station pastoral lease)

Say HAV retains 40%-49.9% ownership of these companies, between 50.1% -60% could be offered as free-float.

Working off the recent estimate for Kalkaroo’s Cu-Au-Co-Mo resources of ~ $0.8 billion (basis OZL/AVB ISV factor of 4.54%) and a 50.1% float:

• HAV would receive ~ $0.4 billion cash
• Kalkaroo would also need to raise an additional amount for its capex share and working capital, say $0.2 billion (total CR $0.6 billion).

Obviously, allowances need to be made for any exploration upside to ensure the IPO is only for the existing JORC resources. Whether that involves a carve-out of the mining leases in the above subsidiaries or certain other contractual obligations, these can be dealt with as part of the IPO process.

Kalkaroo would have its own Board and management.

The upshot is that theoretically HAV and Kalkaroo would both be valued at close to ~ $1billion. HAV’s other assets would be attributed some value too increasing its market value. HAV would also have funds to explore the 3 potential elephants.

IMHO this can be the Plan B that some on this forum have suggested is lacking.

As to issues regarding previous HAV spin-offs, possibly someone else could elaborate on what failed and why so that the same errors do not recur.

That said, Kalkaroo may be a different beast as it is well-positioned to capitalise on the widely forecast EV battery boom (Cu-Co-Mo) as well as ongoing geo-political risks (Au).

HAV can do this without waiting for Wanbao or FMG or Private Equity or whoever to make an offer nor being screwed over price.

Just need those last 2 signatures on the NTA to give Plan B a red hot go, IF it needs to be activated.

DYOR