Ann: SIMEC Exclusivity Extended on Iron Ore Projects, page-9

Janwl, I agree with many of your comments, but I disagree that HAV is negotiating from a position of weakness with SIMEC.

Given SIMEC has funded the drilling, paid $1M for a two month extension, if there are genuine negotiations, then I accept as an act of good faith a one month extension is reasonable to grant SIMEC.

Whilst HAV needs some cash, interest is heating up for high grade iron ore projects (refer to CAP's recent presentation and transcript MD's for their Hawsons iron ore project just up the road).

Therefore, at the end of April, there either needs to be a deal done or the exclusivity period expires opening up others to look at project.

At that point, HAV could say, come one and all, you have x months to explore and do your due diligence at which point the project will be sold to the best offer.

Given the interest in high grade options, this gives HAV a position of strength - unless Gupta thinks he has other/better options (of which CAP is the only other serious option that I am aware of - but happy to be corrected there).