HAV

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20.0¢ havilah resources limited

Kalkaroo Copper Project Peer Comparison, page-111

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Guerilla

2,585 Posts.

910

12/04/21

14:35

Post #: 52404766

Originally posted by Clark888: ↑
With a thinning copper project pipeline in Australia, in my opinion, all 4 of these undeveloped copper projects with JORC Ore Reserves will get up (even Hillside).

The following table articulates why Havilah has the best risk-reward equation across the undeveloped Australian copper peer comparison for the ASX listed mining junior pack: Kalkaroo is number 1 or 2 in most categories (particularly where it counts: NPV and IRR):

Column 1 Column 2 Column 3 Column 4 Column 5
1
2
3
4 PROJECT: Kalkaroo Hillside Sulphur Springs Jervois
5 Project funding in place? No No No No
6 Primary commodity Copper-gold Copper-gold Copper-zinc Copper
7 ASX Company HAV RXM VXR KGL
8 Copper JORC Ore Reserve: Proved 430Kt (90%) 260Kt (51%)
9 Copper JORC Ore Reserve: Probable 44Kt (10%) 249Kt (49%) 119Kt (100%) 226Kt (100%)
10 NPV (pre-tax) A$M $903 $751 $472 $177
11 IRR (pre-tax) 26% # N/A 51% 23.0%
12 IRR (post-tax) 21% # 16.2% N/A N/A
13 Discount rate 7.5% (2019) 5% (2020) 8% (2018) 8% (2020)
14 A$/US$ rate 0.75 0.70 0.72 0.71
15 Copper price US$3.10/lb US$3.00/lb US$2.86/lb US$3.08/lb
16 Gold price US$1,500/oz US$1,550/oz N/A US$1,850/oz
17 Zinc price N/A N/A US$2,650/tonne N/A
18 Silver price N/A N/A N/A US$22.80/oz
19 Waste: Ore ratio 3.5:1 6.7:1 (after pre-strip) 8.7:1 4.9:1
20 Life of mine minimum 13 years initial 12 years initial 10.3 years initial 7.5 years
21 Location from port 350 km 150 km 144 km 1,700 km
22
23 Any other copper project? Mutooroo No Whims Creek, WA No
24 Any other mineral projects? Grants Basin (Fe), South Australia Hog Ranch (Gold), USA No No
# IRR is based on original Kalkaroo 18 June 2019 PFS long-term copper price of US$2.89/lb and gold price US$1,200/oz.

Three of these copper juniors in Australia are still very much undervalued compared to their copper project’s NPV:

Column 1 Column 2 Column 3
1
2
3
4 % of Project NPV (pre-tax) Market cap A$M
5 Havilah (Kalkaroo project) 7% $63
6 Rex Minerals (Hillside project) 9% $66
7 Venturex (Sulphur Springs project) 9% $41
8 KGL (Jervois project) 87% $154
US$4/lb copper is definitely not priced into the current share price for the likes of HAV, VXR or RXM.

Havilah is not a risk-free investment. But the flip side is if you can invest in quality companies that are able to develop copper deposits into projects that make money even at lower metal prices, benefit from a fixed-cost structure and rising commodity prices, I think that will be a tremendous opportunity. This end of the market will not be for everyone.

Cheers

These are only my 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.
Expand

Of the 4 stocks in the above analysis (Post #: 51205670), all bar HAV have made relatively strong upward YTD moves, even fellow South Aussie RXM has recently joined the rally.

DYOR

HAV Price at posting: 20.0¢ Sentiment: Hold Disclosure: Held

4 Upvote

1 Great analysis

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(20min delay)
Last 20.0¢		Change 0.000(0.00%)		Mkt cap ! $65.50M

Open	High	Low	Value	Volume
21.0¢	21.0¢	20.0¢	$16.98K	81.06K

Buyers (Bids)

No.	Vol.	Price($)
2	29831	20.0¢

Sellers (Offers)

Price($)	Vol.	No.
22.0¢	21750	3

View Market Depth

No.	Vol.	Price($)
2	29831	0.200
1	10000	0.195
1	50000	0.190
1	20000	0.185
2	55510	0.180

Price($)	Vol.	No.
0.220	11750	2
0.230	30000	1
0.240	13000	1
0.245	2000	1
0.250	15076	2

Last trade - 15.56pm 04/10/2024 (20 minute delay)

HAV (ASX) Chart

Kalkaroo Copper Project Peer Comparison, page-111

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	Column 1	Column 2	Column 3	Column 4	Column 5
1
2
3
4	PROJECT:	Kalkaroo	Hillside	Sulphur Springs	Jervois
5	Project funding in place?	No	No	No	No
6	Primary commodity	Copper-gold	Copper-gold	Copper-zinc	Copper
7	ASX Company	HAV	RXM	VXR	KGL
8	Copper JORC Ore Reserve: Proved	430Kt (90%)	260Kt (51%)
9	Copper JORC Ore Reserve: Probable	44Kt (10%)	249Kt (49%)	119Kt (100%)	226Kt (100%)
10	NPV (pre-tax) A$M	$903	$751	$472	$177
11	IRR (pre-tax)	26% #	N/A	51%	23.0%
12	IRR (post-tax)	21% #	16.2%	N/A	N/A
13	Discount rate	7.5% (2019)	5% (2020)	8% (2018)	8% (2020)
14	A$/US$ rate	0.75	0.70	0.72	0.71
15	Copper price	US$3.10/lb	US$3.00/lb	US$2.86/lb	US$3.08/lb
16	Gold price	US$1,500/oz	US$1,550/oz	N/A	US$1,850/oz
17	Zinc price	N/A	N/A	US$2,650/tonne	N/A
18	Silver price	N/A	N/A	N/A	US$22.80/oz
19	Waste: Ore ratio	3.5:1	6.7:1 (after pre-strip)	8.7:1	4.9:1
20	Life of mine	minimum 13 years	initial 12 years	initial 10.3 years	initial 7.5 years
21	Location from port	350 km	150 km	144 km	1,700 km
22
23	Any other copper project?	Mutooroo	No	Whims Creek, WA	No
24	Any other mineral projects?	Grants Basin (Fe), South Australia	Hog Ranch (Gold), USA	No	No

	Column 1	Column 2	Column 3
1
2
3
4		% of Project NPV (pre-tax)	Market cap A$M
5	Havilah (Kalkaroo project)	7%	$63
6	Rex Minerals (Hillside project)	9%	$66
7	Venturex (Sulphur Springs project)	9%	$41
8	KGL (Jervois project)	87%	$154

Kalkaroo Copper Project Peer Comparison, page-111

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