Ann: OZL: OZ Minerals' Option to Acquire Kalkaroo Copper Project, page-35

Maybe this company, with it's track record, but they really aren't monetizing the assets properly.
Note too with the buy option in price we've somewhat locked in the leverage to Cu prices. I expect Cu to go to $6+/ lb in 2025/6.
At 3-4 % of revenue HAV is getting what one would for an advanced exploration project not one with a PFS One with the DFs would get us 40-45 % of NAV.

Even that 3-4% of revenue is 1-2% of revenue at $200m but moving up to 3-4% if maximum upside.
Note 1-2% NSR is what people pay for transferring exploration leases with minimal exploration on them.

OZL have got a great deal. With regard to me they previously got a great deal with taking over CZI (Cassini) at a similar stage and a not so great one with Avanco resources (AVB) before that. They're kind of my nemesis. (I'm hitting back using the funds with IGO though).

In the washup for us there's a great deal of value in the Current HAV share price as you gentle people point out.

All IMH(grizzled)O