Business SummaryHavilah Resources NL (HAV) is a mineral exploration company, focusing onits projects in South Australia. The company holds more than 6,5000sqkm ofsurrounding tenements in the Curnamona Province of South Australia.

Kalkaroo Copper-Gold Project: Kalkaroo is a medium size copper-golddeposit hosting cross-cutting quartz vein breccia systems around north andsouth dome. The projects target production is 4.5Mtpa over 12 years,25,000tpa Cu and 75,000ozpa Au. As at May 2011, the project has ameasured JORC resource of 62.5Mt @ 0.52%Cu, 0.48g/tAu which contained325,000tCu and 967,742ozAu and an inferred resource of 4.5Mt @ 615ppmMo which contained 2,767,500kg Mo.

North Portia Gold Project: North Portia Projects mineralization is located onthe easterly dipping limb of the Benagerie Dome. Primary sulphidemineralisation consists predominantly of chalcopyrite, pyrite and molybdenite.The project is currently under the preparation of MARP to complete permittingfor open pit mine. As at May 2011, the project has a total JORC resource of11.36Mt @ 0.89%Cu, 0.64g/tAu, 500ppm Mo, which contained 101,101t Cu,234,522oz Au and 5,679,832kg Mo.

Mutooroo Copper-Cobalt project: Mutooroo project is targeting forcopper-cobalt-sulphuric acid. As at May 2011, the project has measured,indicated and inferred JORC sulphide resource of 12.53Mt @ 1.53% Cu,0.23g/t Au, 0.14% Co which contained 191,707t Cu, 92,665oz Au,17,542,000kg Co; and measured oxide of 598,047t @ 0.56% Cu, 0.08g/t Au,0.04% Co.

Maldorky Iron Ore Deposit: Maldorky Deposit lies 28km east of Port Pirie.The deposit hosts shallow dipping iron formation which is suited to low costopen pit mining. As at June 2011, the project has an indicated JORCresource of 147Mt @ 30.1%Fe, using 18%Fe cut-off grade.

Investments: Havilah holds interest in uranium explorer, Curnamona EnergyLimited (45.4%) and hot rock geothermal explorer, Geothermal resourcesLimited (58%).

Other Projects: Other projects include Prospect Hill (tin), Lilydale Project(iron ore), and Benagerie Project (gold).

GICS - Materials

Havilah Resources NL

ASX Code: HAV Price: $0.795

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Snapshot

DateMarket Cap.Shares on issue12 Month High12 Month Low

10 July 2012$86m107.6m$1.15$0.47

Investment FundamentalsFYE 30 Jul 2008A 2009A 2010A 2011A

Profit $m -4.3 -0.8 -1.0 -2.6Profit (norm)* $m -4.1 -0.8 -1.0 -2.6

EPS* ¢ -5.3 -0.9 -1.2 -3.1EPS Growth % 0.0 0.0 0.0 0.0P/E* x 0.0 0.0 0.0 0.0P/E Relative % 0.0 0.0 0.0 0.0

DPS ¢ 0.0 0.0 0.0 0.0Yield % 0.0 0.0 0.0 0.0Franking % 0.0 0.0 0.0 0.0* Adjusted for unusual itemsSource: Aspect Huntley historical financials

Share Price Chart

Total Return on $10,000 Investment

Profit & Loss ($000)2007A 2008A 2009A 2010A 2011A

Sales Revenue 70 148 306 96 31Total Revenue ex. Int. 70 313 306 96 184EBITDA -1,542 -6,285 -1,547 -1,192 -2,622Depreciation & Amort. -221 -296 -214 -198 -162Goodwill Amortisation -- -- -- -- --EBIT -1,763 -6,581 -1,761 -1,390 -2,784Net Interest 842 1,481 554 273 194Profit Before Tax -921 -5,100 -1,207 -1,117 -2,589Income Tax 484 -752 -11 -- -10Outside Equity Int. 3,070 1,585 466 131 45Profit after Tax 2,633 -4,267 -753 -986 -2,555Significant Items after Tax -- 165 -- -- --Reported Profit after Tax 2,633 -4,102 -753 -986 -2,555Preferred Dividends -- -- -- -- --

Cash Flow ($000)2007A 2008A 2009A 2010A 2011A

Receipts from Customers 70 221 282 156 34Funds from Operations -1,287 -766 -417 -751 -933Net Operating Cashflow -1,324 -811 -452 -782 -957Capex -3,781 -12,508 -9,301 -3,751 -3,277Acquisitions & Investments -- -- 0 -- --Sale of Invest. & Subsid. -- -- -- -- --Net Investing Cashflow 571 -4,902 -7,883 -3,170 -2,863Proceeds from Issues 9,509 34 887 -- 223Dividends Paid -- -- -- -- --Net Financing Cashflow 15,358 -132 696 -208 40Net Increase Cash 14,605 -5,845 -7,638 -4,161 -3,781Cash at Beginning 9,532 24,137 18,292 10,653 6,493Exchange Rate Adjust. -- -- -- -- --Cash at End 24,137 18,292 10,653 6,493 2,712

Ratios and Substantial Shareholders2007A 2008A 2009A 2010A 2011A

Profitability RatiosEBITDA Margin % -2,205 -4,247 -505.17 -1,237 -8,531EBIT Margin % -2,521 -4,447 -575.10 -1,442 -9,059Net Profit Margin % 3,765 -2,883 -245.79 -1,023 -8,313Return on Equity % 9.78 -14.97 -2.69 -3.64 -9.64Return on Assets % 8.25 -9.10 -1.62 -2.18 -5.81

Debt/Safety RatiosNet Debt/Equity % -69.85 -60.49 -35.24 -21.94 -9.26Interest Cover x 2.09 4.44 3.18 5.09 14.32

Top 5 Substantial ShareholdersTrindal Pty Ltd 11.1%Glencopper SA Pty Ltd and its associates 10.0%IFG Trust (Jersey) Limited 10.0%Rockland and Pty Ltd ATF The LB Trust 5.8%HSBC Custody Nominees (Australia) Limited 4.2%

Balance Sheet ($000)2007A 2008A 2009A 2010A 2011A

Cash & Equivalent 24,137 18,292 10,653 6,493 2,712Receivables 250 207 133 29 113Inventories -- -- -- -- --Other Current Assets 82 77 38 27 35Current Assets 24,468 18,576 10,824 6,548 2,860Prop. Plant & Equipment 1,144 954 760 747 820Intangibles -- -- -- -- --Other Non-Current Assets 82 77 38 27 35Non-Current Assets 14,631 28,880 35,420 38,848 41,984Total Assets 39,099 47,456 46,244 45,397 44,844Interest Bearing Debt 535 490 337 294 150Other Liabilities 4,774 17,536 16,634 16,849 17,032Total Liabilities 5,309 18,026 16,971 17,143 17,182Net Assets 33,790 29,430 29,274 28,254 27,663Share Capital 22,792 25,446 25,446 25,446 25,881Reserves 3,425 8,203 8,404 8,496 10,043Retained Earnings -1,040 -5,142 -5,895 -6,881 -9,435Outside Equity Int. 6,858 924 1,319 1,193 1,173Total Shareholders Equity 33,790 29,430 29,274 28,254 27,663

Price vs. EPS Principals & DirectorsPrincipals

Chairman Dr Keith (Bob) Robert JohnsonCompany Secretary Mr Edward James Grose

Directors

Mr Kenneth Graham Williams(Non-Executive Director)Dr Keith (Bob) Robert Johnson(Chairman)Dr Christopher William Giles(Executive Technical Director)

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