Mutooroo Cu-Au-Co: SA's only Cobalt JORC Resource, page-53

IMHO any low-ball bid would be considered opportunistic and have no chance of success. HAV’s current share price is not a reflection of its fair value and is the outcome of very thin trading.

Glencore could take its holding to 19.9% (undiluted) by buying c. 26m HAV shares on-market and/or from other major shareholders #. That should force up the SP. Given HAV’s resources and appreciating Cu/Au/Co prices, to be taken seriously, any ensuing TO bid would need a minimum A$3ps handle, possibly/ probably more.

Putting that in perspective, in 2013 Warwick Grigor, former chairman of brokerage Canaccord Australia, claimed HAV was worth more than A$1bn ## (= A$5.25ps diluted) based on its discoveries. Since then there has been a material Resource upgrade (+80% increase in Cu tonnes; +60% increase in Au oz) on the Kalkaroo Cu-Au Project alone.

DYOR

# Top 20 owned 59.5% (pre-dilution) per 2016 Annual Report.

## Source: http://www.globalminingobserver.com/havilah-resources-127