Ann: Kalkaroo Project Planning Update, page-2

FWIW translated the Kalkaroo Project NPV table on page 4 to Post-tax price per share (undiluted) (using an effective tax rate of 36%):

Kalkaroo Post-tax NPV7.5% price per share (undiluted) for variable USD copper and gold prices at AUD:USD0.75:

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11	Column 12	Column 13	Column 14	Column 15
0	USD	Au​	1,000​	1,100​	1,200​	1,300​	1,400​	1,500​	1,600​	1,700​	1,800​	1,900​	2,000​	2,100​	2,200​
1	Cu​	AUD	1,333​	1,467​	1,600​	1,733​	1,867​	2,000​	2,133​	2,267​	2,400​	2,533​	2,667​	2,800​	2,933​
2	2.50​	3.33​	0.40​	0.56​	0.73​	0.89​	1.05​	1.21​	1.37​	1.54​	1.70​	1.86​	2.02​	2.18​	2.35​
3	2.70​	3.60​	0.71​	0.87​	1.03​	1.20​	1.36​	1.52​	1.68​	1.84​	2.01​	2.17​	2.33​	2.49​	2.65​
4	2.89​	3.85​	1.01​	1.17​	1.33​	1.50​	1.66​	1.82​	1.98​	2.14​	2.31​	2.47​	2.63​	2.79​	2.95​
5	3.10​	4.13​	1.32​	1.49​	1.65​	1.81​	1.97​	2.13​	2.30​	2.46​	2.62​	2.78​	2.94​	3.11​	3.27​
6	3.30​	4.40​	1.63​	1.79​	1.95​	2.12​	2.28​	2.44​	2.60​	2.76​	2.93​	3.09​	3.25​	3.41​	3.57​
7	3.50​	4.67​	1.94​	2.10​	2.26​	2.42​	2.58​	2.75​	2.91​	3.07​	3.23​	3.39​	3.56​	3.72​	3.88​
8	3.70​	4.93​	2.24​	2.41​	2.57​	2.73​	2.89​	3.05​	3.22​	3.38​	3.54​	3.70​	3.86​	4.03​	4.19​
9	3.90​	5.20​	2.55​	2.71​	2.87​	3.04​	3.20​	3.36​	3.52​	3.68​	3.85​	4.01​	4.17​	4.33​	4.50​
10	4.10​	5.47​	2.86​	3.02​	3.18​	3.34​	3.51​	3.67​	3.83​	3.99​	4.15​	4.32​	4.48​	4.64​	4.80​

* NPV7.5% from PFS ($1.33ps) compared with that at recent long-term forecast ($1.82ps) and spot gold price ($2.47ps), as calculated by the PFS financial model.

IMO HAV is a Moneyball stock i.e. with value that others are overlooking.

DYOR