Ann: $6M Investec Standby Facility Approved, page-6

Some positive and negatives:

+ The first positive that jumped to mind was "At least its not another Bergen deal" made at the last minute

- But it means that they are running low on cash and running behind on approvals for staged payments

+ No more Portia payment where if CMC produced over X ounces HAV had to pay $1M or so (can't remember amount, but it would have been significant where HAV would get minimal benefit of gold sales getting there.

+ Reduced likelihood of capital raising at this stage

+ No excuse for lack of cash being the reason not to deliver Kalkaroo BFS in December

- HAV has the potential to spend payments from CMC and use the facility leading to loan owing and no cash at the end of the 12 months.

- 12 months is not a long time the way that HAV continues to delay things

+ Hopefully this will force them into another sale within 12 months even if not quite as much as they might like to get

Overall, not happy that we need to borrow money, but the alternatives could have been worse.