Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-11

The price discovery event for HAV's Kalkaroo project occurred when OZL and HAV announced the Kalkaroo Call Option (KCO) on 17 May 2022 for a potential total consideration of A$405 million. That is the 'line in the sand'.

Given the likely increase in valuation metrics under the Strategic Alliance, I doubt the major shareholders would agree to anything less than A$405 million, which equals ~ $1.22ps (diluted). Any bid for whole company would therefore need to above that, IMO.

The KCO expires in 10 weeks, but who's counting...

DYOR