Ann: SIMEC Exclusivity Extended on Iron Ore Projects, page-44

Two additional points to note, based on my review of the following University of Adelaide Honours Thesis (by Fergus Kiley) from November 2011 that I came across:

https://digital.library.adelaide.edu.au/dspace/bitstream/2440/96232/1/02wholeGeoHon.pdf

FYI: Fergus Kiley was a Project Geologist at Havilah Resources between June 2011-June 2014 (per his Linkedin page).

1. "Hawsons is located 25 kilometres west of Munster Dam and much like Munster Dam is hosted within the magnetite siltstones of the Braemar Iron Formation. Geochemically Hawsons and Munster Dam have very similar Fe%, SiO2%." [See line 802-804 on the UOA paper. Mutooroo in that paper is Munster Dam]

The impurities for S% and LOI% are also very similar.

As Maldorky, Grants and the GIB are all within 25 kms of each other, I suspect that geochemically all 3 could have similar Fe%, SiO2%, S% and LOI% concentrate grade levels.

However, HAV Management really need to release to HAV Shareholders the impurities numbers for Grants and the GIB so that HAV Shareholders have that information for their evaluations. Those concentrate grades already form part of the GIB formal assay results from the third party laboratory re: the 13 RC drill holes.


2. "Given magnetite is recovered through magnetic separation, the hematite present in the Braemar ironstone would normally be lost during production. However the high level of hematite in the Braemar ironstones could actually present an opportunity to further enhance the economic viability of the project. [See line 812-832 in the UOA paper. I have changed Mutooroo ironstone to Braemar ironstone]

As a proportion of these hematite grains are actually martite, there is potential for a second lower grade concentrate to be generated increasing the metal recovered from the deposit. The degree of recovery of iron depends considerably on the conditions of the operation, including the type of separation, the feed density, and so on. On dilute artificial pulps, the values for conventional and MGS separation are comparable, in each case above 50%. Iron is recovered most completely through the use of combined two-stage schemes, with which for Fe reaches a level of 85-90% (Yakubailik et al., 1996).

Obviously, any decision to progress a secondary recovery must be based on a technical and economic evaluation of the proposed process which takes into account the productivity of the equipment, the price of the secondary concentrate recovered, the operating costs, and the capital cost required to implement the secondary recovery process."

The beds that are largely magnetite and hematite appear "Gun Metal Grey" in colour. Magnetite’s colour is defined by its rosy red tinge. Hematite is distinguished by its silvery blue colour under thin section.

As far as I am aware, the potential economic recovery of hematite from the ore at Maldorky, Grants or the GIB has never been discussed on this forum.

Remember, the Davis Tube Recovery (DTR% or yield) is only for recovery of magnetite.

Hematite is relatively non-magnetic.

Certainly, the economic recovery of hematite from the ore has only ever been discussed by Dr Giles (who was then the Managing Director) in one ASX release that I could find: Magnetite Strategy Presentation 12 May 2016 (Slide 9). See Slide 9 below:


Source: https://www.asx.com.au/asxpdf/20160512/pdf/43768kvz9kz2zm.pdf




The above should be relevant on any discussion of 'fair value' for these core assets with SIMEC Mining by HAV Management.

The hematite presents a real opportunity to improve project returns at Maldorky, Grants and the GIB, but it will depend on further studies to determine this process is feasible and can be done economically.

Let's hope HAV Management is up to the task to improve Fe yield.


Davis Tube Recovery ('DTR'): per ALS Global website

"The DTR test generates the weight recovery/magnetic iron, or proportion of the deposit which is magnetite and the likely grade of concentrate at a given grind size.

The DTR test is in effect a pilot run on each part of the deposit."

More information on DTR can be found here (if you are interested):
https://www.911metallurgist.com/blo...cteristic-With-The-Davis-Magnetic-Tube-63.pdf


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.