Ann: North Portia Revised Divestment Terms, page-11

'Total divestment price of $12.0 million plus 1.5% NSR royalty remains a favourable outcome for Havilah based on comparative transactions'

Those 'comparative transactions' will make for interesting reading.

One recent transaction is Ramelius' (RMS) ~ $80M acquisition of Explaurum (EXU) in Q1/19. EXU has an Au resource of 685k oz, ~ 20% less than the Au equivalent resource of ~ 870k oz at North Portia. Prima facie, the revised (and original) consideration from CMC is tens of millions behind the RMS-EXU transaction.

CMC also picked up the Portia plant (~ $6.6M) and tailings (claimed to be ~ $39M) as part of that comparatively bargain purchase. Plus HAV staff spent time and HAV shareholders' funds doing work for CMC since the original agreement ($?). Presumably, HAV's Chairman picked up more legal fees on the revised agreement?

HAV Leadership can spin this however they want; they're not fooling me.

'HAV Shareholders will need to remain vigilant.’

DYOR