Although some holders are obviously disappointed, I doubt if...

Although some holders are obviously disappointed, I doubt if very many of them were really confident that the BHP option would be exercised, and were probably just hoping that Kalkaroo would be monetised to provide an injection of funds to enable HAV to develop its other projects.

That injection of cash could still occur from any one of a number of potential suitors, but whatever the outcome of these possibilities, the fact remains that HAV are sitting on some very large deposits which together make a market cap of around $65M look very cheap indeed.

I've had this marked for a medium to long term hold, but it's one that I think might surprise on the upside sooner than many expect.