Ann: Trading Halt, page-16

I correctly predicted a CR this morning at 2am which can be found in the REE thread.

A company needs funds to progress, that is true.

But if we take a look at Havilah's previous record on CR's and utilising that cash for what they outlined it would be used for, I start to worry.

Looking at the previous CR, the following was outlined the funds would be used for and my opinion on whether it has been achieved. Yes, the company has said some of the below wasn't possible due to Covid but every other company I have shares in apart from one has been able to still process ahead.

• Complete the Kalkaroo Project pre-feasibility update - Not complete, shift to gold only starter pit and REE studies.
• Conduct prefeasibility studies of the Grants Basin Project - Not complete
• Drilling of a >0.5 billion tonne iron ore resource at the western end of the Grants Basin to allow design of an open pit with minimal overburden waste - Not complete
• Completion of the Mutooroo PFS as a standalone open pit copper deposit and including studies of the underground mining potential of the massive sulphide lode - Not complete
• Conduct exploration of regional copper-gold targets - Questionable
• Pay the costs of the issue and corporate costs - Complete but hard not to complete that one.
• Investec loan repayment paid in full - Completed

So imo, 4 out of 7 have not been achieved. It will be interesting to see what the proposed use of funds is this time round. I believe but i hope the new CR isn't the same as the previous ones and it actually leads to some shareholder value being created. Perhaps the gold only starter pit is the final chance for Havilah.

IMO, the company should focus on one project that is the most feasible to reach DFS or FID whereby other firms are likely to do a JV/purchase a stake or takeover the company. The flipping of focus from the various projects has created no shareholder value imo. Just have a look at Kalkaroo, main focus was copper, now they are evaluating REE and now a gold only starter pit and yet the project is still in a PFS stage, the same it was many years ago.

If they can't flip some projects when gold is at a high and iron ore 62% touched up $124 USD overnight then for me it says it all.

Share price at the beginning of 2017 was 0.41, it is 0.21 currently and over that 3 year period, total remuneration of roughly 3 million has been collected. A great reward for halving the share price within that period.

All imo and do your own research. Do not take the above as advice.