Constructive Dialogue: Copper M&A the Cupboard is Nearly Bare, page-2

Average Deal Value of US$196/tonne of Copper Equivalent Mineral Resources

Figure 36 shows that the price paid for:
(a) operating assets has been US$307/tonne (US¢14/lb);
(b) pre-production US$211/tonne (US¢10/lb);
(c) feasibility US$193/tonne (US¢9/lb); and
(d) exploration US$74/tonne (US¢3/lb).'
Source - RBC

FWIW applying the above RBC metrics to Kalkaroo at spot prices generates the following results:

	Column 1	Column 2	Column 3	Column 4	Column 5
0		US$/tonne	US¢/lb	ISV % basis Spot Cu	Estimated Kalkaroo basis ISV %, A$M
1	AUD:USD				0.6875
2	Overall average of in situ Cu Eq Mineral Resource	196	9	3.2%	562
3	(a) operating assets	307	14	5.0%
4	(b) pre-production	211	10	3.4%
5	(c) feasibility	193	9	3.1%	553
6	(d) exploration	74	3	1.2%	212
7
8	Kalkaroo Mineral Resources	Resource	US$/unit LME Spot	Cu Eq kt	Estimated Kalkaroo ISV basis spot, A$Billion
9	Cu tonne	1,096,600	6,154	1,097
10	Au oz	3,104,800	1,476	745
11	Co tonne	23,200	34,250	129
12	Cu Eq			1,971	17.6

'Kalkaroo provides Havilah shareholders with significant leverage to current high gold prices and future improving copper prices.' - HAV

DYOR