Ann: Quarterly Activities Report - Period Ending 31 July 2018, page-7

• North Portia project divestment – for $14.7 million cash.
• Received $1.0 million on closing of the divestment of North Portia

The first instalment of $1.000 million for the divestment of North Portia was received from CMC during the current quarter.

However, costs incurred in carrying out the North Portia permitting work, under the divestment agreement, were $0.307 million, inclusive of the associated salaries, during the quarter.

In addition, for the next 4 quarters HAV is expecting North Portia permitting work costs of $0.768 million (4 times $0.192 million). See page 15 of today's release.

So, in reality, the Sales Proceeds are $14.7 million less costs to complete of $1.075 million.

So the real Sales Proceeds from North Portia is more likely to be $13.625 million.

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.

HAV fanboy: still drinking the Kool-Aid