Ann: Grants Basin Iron Ore Exploration Target*- Amended, page-11

"The main sticking point was the font size and placement of the cautionary comment."

Apart from this bit of course, right there on page one:

"The ASX, subsequent to the release of our announcement, has advised that:“Exploration targets are unable to be declared as potentially mineable as they have not yet been delineated to JORC resource level.”

A bit more than a font size I think you'll agree.

"Would we all be happy if HAV kept to just quarterly announcements?"

What they need to do is comply with listing rules. Whenever they are in possession of market sensitive information (good or bad), they must release that to the ASX as soon as possible as part of their continuous disclosure obligations. They don't get to decide on timing and they most certainly can't wait til the quarterly which is supposed to be a review of activities.

Here we are, possibly on the brink of a substantial deal with a group that has made $14 billion worth of acquisitions over the last few years (so they're clearly not tyre kickers) and still the market is not prepared to put any premium into the HAV share price. That's what the market thinks of HAV management.