get ready!!!, page-34

Ok I'm no expert but here we go.

HAW as a company has about 3.5million in the bank a few good potential gold tenements that have yet to be drilled to show them to be profitable if they were to mine.

Oh and also technically own 100% of Mt Bevan (reducing to 40% once LCY spend 3.5million on drilling) a massive iron ore (in the form of magnetite, which is not direct shipping ore(dig and ship no processing), that something like 90-95% of Australia's export iron ore is, but does produce a higher grade of steel than DSO (haemitite) but is becoming increasingly in demand around the world).

At the moment the resource has been JORCed to about 600 mt tonnes at good concentrates (30%) with low impurities but recently this almost tripled to about 1.6 billion tonnes, with a potential future of being anywhere up to 4 billion tonnes (only possibly).

LCY (Legacy) who will earn a 60% stake in the resource have sold 50% of their company to India's biggest steel producer (NMDC), who really only bought them to secure this site, but also to make other resource acquisitions in Australia (an Indian company has to go through a lot of red tape to purchase Australian assets so they just essentially brought LCY so LCY can buy more for them)

LCY just got a $200 million line of credit to make acquisitions in Australia and are looking at a few different options, but have essentially stated that they are going to mine Mt Bevan in the next few years. HAW can't afford to pay 40% of the development costs so for LCY /NMDC to move forward they have to either buy HAW or 40% of Mt Bevan from HAW.

Now its a waiting game. LCY/NMDC want to buy Mt Bevan there is no doubt but the price they pay could be pittance to what it is really worth. Sadly after the GFC there are no big acquisitions happening and not a lot of money being spent on such sites. HAW keep referring to a mystery third party who is interested in Mt Bevan but no details yet.

LCY got an independent valuation of Mt Bevan and HAWs share was about $80 million from memory, before the tripling of the site. HAW's market cap as of right now is 32 million.

How is that for a summary for you?