The number of HWK shares on issue does not change after the split. Remains at 1.7 billion. The value of HWK will also not change after the split in my view as the market is attributing all or most value to HWK due to its lithium ground. I don't think the market is putting any value on the copper and gold assets at this point, but this is just my view.
I do think the copper and gold project going to Diablo are not all duds however. Devil's Canyon looks to be clearly the best. Lone Pine looks to be crappy - high grade but the veins are too narrow to be commercial in my view but there is plenty of scope for more drilling. Western Desert will be the first project drilled - probably in November and it looks promising.
Ann: Letter to Shareholders regarding Diablo Priority Offer, page-43
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