Ann: Half-Year Technical Update Presentation, page-20

On a long term basis both copper and gold are going to do really well. Anything else is just short term noise (up or down). This is an attractive project and while it might be a bit small for what BHP wants, it's big in terms of a mid level miner who would find kalkaroo quite good. What else would a company like MAC for example be looking at if they want Aus copper?

When I looked at all the copper juniors, I disqualified quite a few for things like questionable management, metallurgy ect. The only 3 deposits that are in the same range for size of copper as hav are cyprium, caravel and xanadu. Xanadu is overseas, caravel is much lower grade. Havilah dwarfs them all on gold byproducts. HAV metallurgy indicates no problem with extraction.

I'm not saying these other projects are bad, I still have them on my list of research and while I've done preliminary work on them and they stayed, I am still yet to do a far deeper look. But at a glance you can clearly see HAV was the most compelling if you're looking purely at deposits. If anyone disagrees please discuss with me, I love to chat.

Anyway, the question remains where does a mid cap or major looking for a nice aussie project look? Not a lot of undeveloped projects. And copper is a thematic that will continue until 2050. Gold will keep doing well as our currencies are debased.