In Early May 2019, HAV entered into a Share Subscription Agreement (SSA) with SIMEC Mining (part of the Gupta Family Group (GFG)) consisting of A$50m in committed equity investments over three years and a further A$50m in conditional or discretionary funding. The committed funds will be used to progress HAV’s iron ore projects (Maldorky/Grants/GIOB) and the copper prospects in the Mutooroo Cu-Co District to DFS status. At the committed funding share price structure, and after a proposed A$5m rights issue, we calculate that GFG will have ~51% of HAV’s share capital. At this level of ownership, the SSA entitles GFG to appoint four (4) directors to the Board. Note: the Board will maintain a majority of independent directors and an independent Chair in compliance with the Corporate Governance Principles and Recommendations