Ann: QUARTERLY ACTIVITIES REPORTS - PERIOD ENDING 31 OCTOBER 2015, page-6

Chris,

All upside not currently built into the current share price.

The value of the cobalt will, however, be a mute point if Havilah does not sort out the Native Title on Kalkaroo in the short-term:

"As part of the permitting process, Havilah continues to engage in negotiations with the Adnyamathanha people towards finalisation of a native title mining agreement, and to this end has recently provided its considered response to a counter-proposal offered by the Adnyamathanha people." (pages 3 and 4 of the ASX Quarterly Report released today)


FYI: The Adnyamathanha people already agreed the native title claim over Portia (including North Portia) during December 2007.

The details of the Portia mining native title agreement (19 December 2007) still remain confidential, but in general terms included the issue of ordinary shares in Havilah, and other benefits such as training and employment commitments.

The issue of ordinary shares in HAV gives the Adnyamathanha community exposure to all of Havilah’s future planned mining operations, rather than just Portia-North Portia.

Cheers

These are only my random thoughts and it does not constitute investment advice. DYOResearch.