Ann: OZL: OZ Minerals' Option to Acquire Kalkaroo Copper Project, page-95

ICYMI the EGM NOM (473 pgs) regarding AIS' proposed A$234M acquisition of Round Oak Minerals from SOL landed yesterday. For full ASX release, see Post # 61638895

For those who are interested, here are a few observations:

	Column 1	Column 2	Column 3	Column 4
0	Description	Type	US$/CuEq reserve tonne	US$/CuEq resource tonne
1	OZL/ Kalkaroo	Greenfield	~ US$160 - 320 range	~ US$75 - 150 range
2
3	AIS / Round Oak	Greenfield & Brownfield	~ US$483 *	~ US$219 *

* CuEq tonnes from Pg 8 AIS Investor Presentation @ Post #: 61586476

BDO IER NPV calculation
LT price assumptions
[LT consensus prices used in NPV matrix in HAV's 2021 Annual Report are in brackets]:
Cu US$3.47/lb [$3.50/lb]
Au US$1451/oz [US$1500/oz]
FX 0.748 [0.75]

Discount rate assumptions:
BDO used a mid-point discount rate of 7.00% for currently operating mines and a mid-point discount rate of 9.00% for the development mine.

HAV's NPV matrix for Kalkaroo uses a discount rate of 7.50%.

BDO derived a combined midpoint NPV of close to A$200M for the Round Oak projects.

Let's see how HAV's NPV calculation compares when the Kalkaroo IER is released.

DYOR