Ann: Havilah-BHP Kalkaroo Alliance To End, page-18

It is a major disappointment but the Market had been telling us that was the likely outcome .
Unfortunately the exploration holes they have drilled have given encouragement for further exploration but have not come up with any highly commercial shallow high grade interceptions .
No big kickers to the SP .
The share price got as high as $ .30 before the Option deal with OZ .

Their projects have moved forward I think from before the option deal because of the work done both inside and outside the Alliance funded by the money that deal provided and the money that BHP and OZ spent on their own studies .
We are very leverage to the CU and AU price and they could move in 2024 if the anticipated surplus of CU in 2024 turns into a deficit .