Pine tree, I too have been a shareholder since listing. I...

Pine tree,

I too have been a shareholder since listing. I understand your frustration however I don't believe a dividend now is in the best interest of the company nor shareholders. The company does not have much cash on hand and cash is needed for current and future operations along with the expenses in relation to preparation of permitting and other necessary work to progress native title etc.. Without franking it would also be less attractive.

The POG is rising, HAV have, I believe, been stockpiling processed gold waiting for the POG to increase before selling. At A$1675 I would expect some of that stockpiled gold will be getting sold now.

Other factors which will affect the cash holding include exercising of the options before June 30 expiry date. There is a large (for HAV) amount outstanding with those options.

Drill results should soon be announced. The quarterly report, due on last day of May will give us all a much better understanding of the current situation.

I believe we will soon be seeing significantly higher prices for our shares and I am still accumulating when I can. All the best, hope you can hold on a bit longer.