Ann: Kalkaroo Native Title Mining Agreement Signed, page-17

Looking at the last year or so of ASX releases, thanks to its Board and Senior Management, HAV has seen:

• Bergen – negative & dilutive.

• A 2^nd company secretary – excessive, yet still so much slips through the cracks.

• A dragged out exclusivity granted to Wanbao at the peak of the EV metals (Cu-Co) boom – prices have since collapsed; and no sign of a PFS until late 2019, so they say.

• A retiring Chairman – still on the Board.

• A new Chairman – who breached the ASX Listing Rules and is only on the Board thanks to Dr Giles’ friendly vote. The majority of the remaining shareholders who voted did not appoint him.

• North Portia and Portia Divestment – without a PFS and with a contract seemingly allowing CMC to do as it pleased for Radford to HAV’s detriment. HAV’s legal representative on the deal was its new Chairman, Mark Stewart, and his legal firm Arion Legal.

• Investec and NAB debt – secured by assets key to the Copper Strategy - Enhanced by Cobalt and dilutive.  It’s likely that the NAB facility is maxed out and the Investec facility is about to get a work out anyday if not already!

• Kalkaroo NTA – about time!

• Grants Iron Ore Basin drilling – Thanks to Mr Gupta! Yet HAV has referred to its Fe assets as ‘non-core’. Why? Is another poorly considered divestment on its radar? Is another prolonged exclusivity on the cards again, while Fe prices are performing relatively well - Wanbao 2.0?

This is where the guys sitting at the front of the bus have taken HAV.

With assets arguably worth over $1 billion and a Mkt Cap of< $33 million #, Mr Market has spoken.

Hopefully more shareholders vote at the EGM and Dr Giles puts more thought into his votes rather than just going with blind loyalty to those presiding over the continued destruction in shareholder value.

DYOR

# Today’s SP low of 15c, at the time of writing, is the lowest since Feb 2015.