Ann: Kalkaroo Project PFS Update, page-6

"Reading between the lines id say wanbao made an offer and HAV directors have said NO not enough you have not made allowance for cobalt.

Wanbao replied you prove it up and we may increase"

The metallurgical recovery process is not yet defined for cobalt contained in cobaltian pyrite ore at Kalkaroo.

For that reason, 23,200 tonnes of cobalt currently sits in the Inferred JORC resource category at Kalkaroo.

The primary focus of the Kalkaroo PFS, so far, has been the Measured and Indicated JORC resource components for the purposes of estimating an Ore Reserve.

Havilah Management presumably must now prove to Wanbao the Inferred JORC resource for cobalt can be upgraded to the Measured and Indicated JORC resource.

If cobalt can be included in the Kalkaroo PFS, it will add to the valuation and ultimately influence the NPV.

Location of the cobaltian pyrite ore at Kalkaroo is shown below:



HAV fanboy: still drinking the Kool-Aid

Cheers

These are only my random thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional experts.