Ann: Havilah Secures Funding of up to $100M from GFG Alliance, page-50

6 months ago HAV was looking down the barrel of oblivion.

With this deal. 50% dilution brings:

Current status: Grants, Maldorky, from 160mill tonnes of 65%Fe. Value in ground of $20bill (@$90/tonne)

Deal brings drilling to GIB, JORC, PFS and DFS. On 3.5b tonnes Fe @ 24-25%. at 40% yield we get 1.4 billion tonnes of 65%Fe. In ground value of $185bil (@90/tonne)

Mutooroo current status: a small JORC resource. No money to expand it in any real way.

Deal brings local exploration to potentially expand resource to a point that JORC becomes large enough to advance to a profitable copper mine. grades are relatively high, it just needs a much larger resource to make it worth while.

Alternative? Go back to being on the brink of oblivion.

Reality is that SIMEC were in the box seat with any negotiations. No other suiters hanging around. Of course they are going to do well out of it. But I do think that in the long run HAV now has the real possibility of getting a real project to a point of sale or production itself.

Cheers
JHAG