Great points & makes sense that BHP, RIO & other majors use risk...

Great points & makes sense that BHP, RIO & other majors use risk & cost limiting JV drilling & exploration

As you & others have mentioned perhaps HAV is too tightly held for BHP to succeed in a takeover?

With a market cap under $100M it's an interesting position for HAV given Kalkaroo will cost BHP $205M or $270M

I guess this puts takeover options at a stalemate for now unless significant increase in Kalkaroo deposit, long term rise in copper prices which seems very likely or HAV hits significant potential in other tenements & a possible suitor is willing to pay $400M+
($1.30 per share approx) for HAV including Kalkaroo vs current share price & market cap

Could be wishful thinking & I guess will just have to wait & see how drilling at Kalkaroo & other tenements progress