Ann: Annual Report to shareholders, page-4

There's also the Grants Basin Fe and Jupiter IOCG prospects. Meaningful progress on these could potentially unlock significant value for HAV shareholders IMO.

China tightens grip on copper, key to world’s energy transition - MINING.COM

'Copper has been labeled the most important commodity in the age of decarbonization for its use in everything from EVs to wind turbines and vastly expanded power grids.'

China's grip on supply has the rest of the world worried.

A new iron ore mine 'every year to the end of this decade', but who will be the buyers? - ABC News

'BHP is looking beyond iron ore'

"It is not the business we have our focus on for big expansions and volumes. That's really potash, copper and nickel where we want to grow more quickly in those commodities that have strongest leverage to the megatrends" - BHP CEO

After reading these articles, IMO the Kalkaroo Call Option seems likely to be exercised by BHP.

However, given BHP's published views on Fe, a full TO of HAV seems less likely. But who knows?

In any case, there seems to be appetite for Fe assets by BHP's peers.

Draw your own conclusions.

DYOR