Ann: Annual Report to Shareholders - 2016-HAV.AX, page-2

Note 27 a) Exploration Expenditure Commitments

HAV has “agreed overall expenditure commitment across the relevant mineral exploration tenements of $10 million for [the two year] period [1 January 2016 to 31 December 2017] (as at 31 July 2016 the Group had spent $1.002 million).”


So, HAV has an exploration expenditure budget of $9 million for the period, 1 July 2016 to 31 December 2017.


As recently tweeted by ASX, HAV boasts “the expertise of a proven mine finding exploration team, who plan to drill some outstanding new targets”.


HAV’s exploration commitment is similar to those of its peers such as MOY & DCN, which helped propel their market capitalisations to multiples of that of HAV.


One can only surmise that HAV’s market capitalisation should follow suit as a result!


Indeed, the latest PhillipCapital research report stated “HAV offers substantial value far beyond its current market capitalisation.”


DYOR.