Ann: Annual Report to shareholders, page-5

"One thing you will find with a lot of companies trying to sell a deposit is the fact that they will intentionally not drill and close out mineralisation extents. This allows them to not only save money on drilling expenses but also gives them the ability to sell the open mineralisation in a positive manner I.e. upside potential."

To drill and close out the Kalkaroo deposit mineralisation would cost $20+ million, which is why the Havilah Board agreed with OZ Minerals Limited that it would be completed as part of Phase 2 of the Kalkaroo Study Program.

The following extract explains why it did not happen:



The above Phase 2 drilling program should not be confused with the Phase 2 Strategic Alliance drilling program that was completed and was fully funded by BHP.

Cheers

These are only my 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.