“This will delay the receipt of the second divestment payment of...

“This will delay the receipt of the second divestment payment of $3.5 million, but Havilah has access to adequatefunds to allow the company to manage through this extended permitting process,”  CEO, Mr Walter Richards said.


1. The delay in payment is disappointing, however as far as I'm concerned, there isn't really any other suitable options that the $HAV BOD could have considered to avoid this particular outcome AFTER the fact. Perhaps "HAV management could have done a more thorough job with negotiating contract terms and conditions" PRIOR, however the reality of the situation remains the same. Unfortunately delays (such as this) are not particularly uncommon in project dealings.

2. Making light of this current situation - let's not forget that Radford still wants the North Portia project to progress and is going to have to pay CMC's $3.5M bill at some point in the near future, particularly if he wants the project to progress at the hasty rate that he has openly / publicly stated in the past (ie, Barrier Daily Truth). Therefore, although this current delay in payment is indeed frustrating, it does not mean that $HAV won't receive the outstanding funds due.

3. When you consider the huge upside of $HAV's bigger picture plan (being the sale or JV of the other key projects in the Copper-Cobalt Strategy, as well as the Grants / Maldorky projects), this deal simply pales in comparison. Which is why, I prefer to maintain a long term view, so long as I can see consistent progress being made and moves executed on the aforementioned projects.

4. Continuing on from point 3 above, I feel encouraged that although somewhat, "out of the (managerial) picture", the good Doc's hand is still clearly working quietly behind the scenes. I believe evidence of this can be found in the positive exploration/test results coming out of the Mutooroo Cobalt District, as well as the resource confirmation of both the Kalkaroo / Mutooroo projects...with results to come from the drilling with SIMEC Mining at Grants (fingers crossed).


Goodluck to everybody that is attending the AGM, unfortunately I will not be in attendance, however will definitely be casting my votes prior. Hopefully we all get some clarification and answers to the questions we are seeking.

My 2 cents,
JDI.