'..it's not the asset's that are a problem..' As big brother OZL...

'..it's not the asset's that are a problem..'

As big brother OZL hovers in the $3bn+ mkt cap range, HAV is treading water in the ~ $40m mkt cap range. Acknowledge OZL is producing and that's where HAV aspires to be once Kalkaroo in particular gets over the line. However, resource-wise, there's not much between them on an overall Cu-equivalent basis:

OZL- 4.9mt

HAV- 4.2mt (or 86% of OZL)
HAV (ex-Fe)- 2.6mt (or 53% of OZL)

Not suggesting HAV is even worth the lower 53% of OZL's $3bn+.

But with OZL's SP ~ $10.40, assuming a 1 OZL: x HAV scrip offer, OZL could pick up HAV cheaply on a relative Cu-Eq/t basis. Refer table below:

	Column 1	Column 2	Column 3	Column 4	Column 5
0	1OZL:xHAV	Implied HAV A$ps	Diluted A$m	Cu-Eq/t A$	Cu-Eq ('free' Fe)/t A$
1	3	3.47	829	199	323
2	4	2.60	622	149	242
3	5	2.08	497	120	194
4
5	OZL		3,150	649

Something for Andy Cole's M&A team to consider, perhaps.

DYOR