Ann: Notice of Annual General Meeting/Proxy Form, page-7

Re exercise price calculation on the proposed director options:

Day 6 VWAP was ~ 16.04c on volume of 193,605 shares.

Day 1-6 aggregate VWAP was ~ 16.52c, implying an exercise price of ~ 26.44c.

Dirt cheap. [52 week high was 30c].

At its current MC of < $50M, Mr Market is essentially saying the $Billions in discovered minerals on HAV's books will not see the light of day. It’s almost like Mr Market is daring the BoD to prove him wrong so here’s a low exercise price on the proposed 7M options saying he's right.

Assuming the macro fundamentals play out as forecast by many reputable names, IMO the beneficiaries of the proposed director options will be laughing all the way to the bank before the 21/12/2024 expiry date.

– HAV 2021 Annual Report, pg 4

DYOR