PART ONE
Included on Slide 14 of the CEO presentation at the 2018 Havilah AGM, Walter Richards selected Havilah's Peer Group as: N27, AML, CZI, GBG, HMX, ARV, RXM and COB.
Based on Lotirish and TFG's comments, I decided to look in detail at the Estimated Cash OutFlows for Next Quarter (A$'000) for each member of the Peer Group to calculate a Peer Average for comparison with HAV:
Company ASX Code Total Exploration & Evaluation Development Production Staff Costs Administration & Corporate Costs Other 1 Havilah Resources HAV 1,482 250 22 - 800 410 - 2 3 Cobalt Blue Holdings COB 4,050 3,300 - - 250 500 - 4 Artemis Resources ARV 3,280 2,400 180 - - 700 - 5 Aeon Metals AML 1,680 1,000 - - 430 250 - 6 Gindalbie Metals GBG 1,525 914 - - 278 333 - 7 Cassini Resources CZI 660 150 - - 260 250 - 8 Northern Cobalt N27 590 400 - - 80 110 - 9 Hammer Metals HMX 150 70 - - 20 50 10 10 Peer Average 1,705 1,176 26 - 188 313 1
Source: 31 December 2018 ASX Appendix 5B reports (except Havilah which was 31 January 2019) in A$'000
While Havilah's Total Estimated Cash Outflows of $1.48 million for the next quarter is in line with the Peer Average of $1.7 million, it is how it will be spent that is an outlier.
Havilah has only allocated $250,000 for Exploration & Evaluation Expenditure, compared with a Peer Average of $1.2 million for the next quarter.
Whereas, Havilah's Staff Costs of $800,000 is the highest amongst the Peer Group. Being almost 4 times the Peer Average.
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.
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