Ann: SPP Close And Activities Update, page-2

And this from the Board late this afternoon.

Adjustment to Long-term Copper Metal Price
The spot copper price has had a remarkable rise of over 50% since April 2020. This has resulted in an
upward adjustment to the long-term consensus copper price to USD3.16/lb (Source: Consensus
Economics Inc). The Kalkaroo project pre-feasibility study (PFS) results released almost 18 months ago
showed an estimated pre-tax NPV7.5% of AUD564 million and IRR of 26% at USD2.89/lb copper,
USD1,200/oz gold, AUD:USD0.75 (refer to ASX announcement 18 June 2019). At the time it was noted
that the Kalkaroo project net present value (NPV) was highly sensitive to copper and gold metal prices.
This is evident via sensitivity analysis in a metal price vs NPV7.5% value matrix reproduced in Table 1
below from the RPM Global Asia Limited PFS financial model, which shows a revised pre-tax NPV7.5% for
Kalkaroo of AUD903 million using current long-term price forecasts for copper and gold.
As stated in their letter to shareholders on page 4 of the 2020 Annual Report, the Board:
“Continues to believe that in spite of the present world upheavals and economic uncertainty, we are
likely heading into a favourable commodities cycle, especially for copper with its many uses and
constrained production upside capacity. Havilah continues to be ideally leveraged to benefit from this
potential up-cycle with its large JORC Mineral Resources and its two advanced copper mineral projects,
with substantial gold and cobalt resources, along with its large and highly prospective exploration
acreage.”