Ann: Proposed issue of securities - HAV, page-5

Adage

At current spending before the $600k HAV has only 2.25 quarters of funding left.

Add the $600k and it will get them another quarter maybe.

Currently burning $777k a quarter.

PEPR document wont be finalised till feb march at best then needs to be resubmitted for approval by SA GOV. I guestimate at best May.

No finance till Gov approval at best guestimate May June of which HAV will be negotiating from a rather cash strapped weak position.
From March the clock will be ticking again.

Only my summation of timelines going forward.

Another CR is inevitable and the market knows it.

Cheers