Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-5

Caravel resources has the theoretically bigger resource by 6% but resources are determined on the basis of cu cutoff grade. Havilah is further developed thus more comprehensively drilled so lower risk which is very important. HAV is further advanced on its path to financing or sale which is very important.

HAV also has two other legs the Muttaroo project & the Iron ore. Not to mention uranium leases, with some drilling, which has just started to move.

I like HAV for it's optionality from experience this risk mitigation has proved decisive. Viz. if your project works fine you make a lot of money if it doesn't can you take a 100% hit. If you have your heart set on Cu CVV is good too. I'm pretty sure it will achieve its goals. Of course you would control risks better by having some of both that way you are mainly leveraging Cu price strength.

All IMVHO.