PFS, page-18

As previously communicated by HAV, the MOU with Wanbao is non-binding outside Wanbao funding the PFS.

Should Wanbao stall, there's nothing stopping competitors bidding for HAV and cutting Wanbao's 'grass'.

With the SP at such low levels, a Predator could accumulate on-market at a deep discount to fair value, possibly obtain support from Glencore for its 10.2m and Bergen for its 6.5m, and then lob a bid conditional on achieving > 50% shareholding. Once Glencore and Bergen are taken out of the top 20, the remaining 18 shareholders make up c 50% of the register (per 2017 Annual Report). So it's a possibility.

Given HAV's JORC resources of in-demand commodities (Cu-Co-Au in particular), general M&A talk and activity!, the EV revolution etc make HAV an attractive proposition. Then there's Jupiter MT and Grants, which Dr Giles said 'could be biggest iron ore deposit in Australia' [2017 AGM Video, around 66 minute mark].

While the fundies' mandates may not allow them to buy HAV, the same can't be said for major mining companies. There are plenty of them with deep pockets in search of production/ development pipelines as their own resources are depleting and exploration activities were cut back.

Just saying...

DYOR