PART ONEIncluded on Slide 14 of the CEO presentation at the 2018...

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.