Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-13

Is the Market saying that BHP ls unlikely to take up the Option ?

The share price was higher than now for significant periods before the deal was struck with OZ.
Even if the deal with BHP was to fall over .HAV would have gained great value from the drilling paid for from the deal both in the Strategic Alliance areas and in HAV's prospective areas outside the Strategic Alliance and paying the corporate costs too .

The lower the share price falls the better the Risk / Reward metric becomes for risk tolerant investors and is their any other kind of investor in micro cap mineral exploration companies ?

I guess many of them are licking their wounds at the moment as HAV is far from the only one taking a beating .
Would not take much of a surprise announcement to get sentiment to change here .