PhillipCapital Research Update, page-20

"Nov 7 (Reuters) - Gold Road Resources Ltd (GOR)

• Gold road has agreed to enter into a 50:50 joint venture with a wholly owned Australian subsidiary of Gold Fields
• JV for purchase consideration of A$350 million
• Gold fields to fund up to 10% of cost overruns on Gruyere Development Budget
• Joint venture for development and operation of Gruyere gold project in Western Australia"

GOR's Gruyere gold project has an Au resource of 6.2moz & capex of A$507m (refer GOR announcements today).

In comparison, HAV's Kalkaroo project has an Au resource of 2moz, a Cu resource of 622kt; & capex of A$340m (per latest PhillipCapital research report).

At current Au & Cu spot prices, the Au equivalent resource for Kalkaroo is estimated at approximately 4.4moz. Basis the GOR transaction, this puts a half share of Kalkaroo at approximately A$250m. This is consistent with the NPV calculation of A$508m per the latest PhillipCapital research report.

Just looking at Kalkaroo # alone, HAV's current market capitalisation of A$118m clearly has a long way to go.

DYOR

# subject to mining approval & NTA