While any shallow gold in the soft clayey material is unlikely...

While any shallow gold in the soft clayey material is unlikely to add significantly to the total 1.4 million ounce gold JORC Ore Reserve at Kalkaroo, it could potentially make an early contribution to mining cash flow.

This is especially so, given the soft clay material has to be mined as overburden to access the underlying saprolite gold cap and copper JORC Mineral Resources.

It could also potentially serve to commission any gold treatment plant ahead of the main gold ore delivery from the saprolite gold cap that overlies the main copper mineralisation.



Key to this strategy is optimising the gold recovery in the upper part of the Kalkaroo orebody during the early stages of mining.

By recovering shallow gold earlier on, it could potentially equate to more money, better cash flow, and in turn a higher NPV and better IRR for the Kalkaroo Project for Havilah's shareholders.

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.