Ann: HAW March 2020 Quarterly Activities and Cashflow Report, page-27

Yes, a question we've pondered in the past.

Back last year when the share was stubbornly stuck around 5c - while media and brokers were in a small frenzy, pushing dodgy gold explorer spec shares and seeing big gains - I had a chat with a gold markets journalist about HAW.

Basically I pointed out that HAW cash exceeded MC, HAW was actually producing - making income rather than burning cash, HAW had other big assets, etc, etc, etc, and on fundamentals HAW was extraordinarily good value ( compared to other shares he was trumpeting ).

I thought he could tip off his readers.

The feeling I took away was that if HAW issued a lot of shares, assigned cheaply to "market makers", there'd be a lot more noise and push in from brokers, advisors et al., and we might get a very tasty HAW spike.

Obviously that route's always been open to HAW management, and obviously they've so far prefered things the way they are.

BTW: Crest8, I haven't seen the recent top 20 holdings - but previously I did not see any evidence that there were suppressing the price to accumulate.

Please update us if you have any hard data. This issue does matter.