Ann: AGM 2016 - Results and Chairman's Address, page-22

While watching the AGM video, the whole 1.5 hours(!), I took some notes which are set out below.
Note that as the AGM was held on 30/11, this information is now over 3 weeks old.

Portia:
- Profit margin of A$1,100 /oz
- Bedrock being mined. Medium grade material. Haven’t dug deeply.
- Started south cut. Option on high grade ore at South or North Portia.
- RoM pad full. Material to be processed.
- Advance 1^st stage of southern cutback, provide high grade ore in early 2017.
- Encouraging results in 'no-man’s land' between Portia & North Portia.
- More economical to continue mining rather than start at North Portia.
- Portia: 2 drill rigs
- North Portia: 2 rounds of drilling, 4-5 years mine life

Kalkaroo:
- very close to ML, NTA close to finalisation, ML in 2017.
- Optimal mine life: 14 years + upside.
- $350m capital requirement, trying to find a partner.
- Low capital option [initial $83 million (+ $177 million)] seems to be ruled out.
- progressing engagement with potential investors, large Asian corporations.

Exploration:
- Watch this space for exploration; doing a lot of it.
- Bob scours data for drilling targets every week.
- 5 or 6 ‘walk up’ drilling targets.
- Olympic dam style deposit mentioned; drilling early 2017.
- Prominent Hill/ Carrapateena style deposits mentioned.

Copper:
- virtually no Cu exploration in last 5 years.
- going to be a supply crunch.

Cobalt:
- People waking up to cobalt.
- HAV could become Aust’s biggest cobalt producer.
- Mutooroo: 20 year mine life; needs $350m capital.

Share price/ register:
- no SP credit for other (ex-Au) metals.
- Insto on board.
- Insto had run on funds, had to sell 10% of its positions, including HAV.

Dividend:
- to be next considered at HY 31/1/17.
- key consideration is sustainable cashflow.

Maldorky/ Iron ore:
- ML well advanced.
- Easy to mine, close to rail line.
- Could debt fund subject to Fe price.
- Should be seriously looking at it @ current Fe/FX prices.
- An option, but focus is on Portia.

GLTAH
DYOR