Ann: North Portia Revised Divestment Terms, page-38

@chrisCarter

I noticed a schoolboy error in the above State One Research Report, related to the Maldorky, Grants and Grants Iron Ore Basin ('GIB') Fe concentrate calculation.

State One has used the Fe % head grade rather than the estimated yield % (or mass recovery) in its Research Report iron ore concentrate calculations.

The estimated yield % (or mass recovery) per page 42 of the Havilah Resources 2018 Annual Report is disclosed as:

Maldorky 40% estimated yield (not 30% per page 2 of its report)
Grants 33% estimated yield (not 24% per page 2 of its report)

The GIB 33% estimated yield has not been disclosed to shareholders. But it is probably going to be ~33% (not 24% per page 1 of its report), given Grants was apparently a breakaway section from the GIB as stated by Dr Giles at the 2018 AGM.

Cheers

These are only my random 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.