Ann: Proposed issue of securities - HAV, page-6

Choochx

There still has not been a new PFS or DFS presented on Kalkaroo. To finance a greenfield mining project will take extensive due diligence by a financial institution of a DFS. It seems that the board of Havilah are only just realising that debt financing is a long and painful task. I think we are talking well into the 2nd half of next year.

Havilah indicated that they will spend $1.4 million in the current quarter, so the $0.6 million placement is about 5 weeks of funding.

The market will keep pushing these share price down in anticipation of a CR in the new year.

But the Directors must be happy with their performance, they are lining themselves up for some cheap options!

TOD