This stock is a takeover target for any company looking for a...

This stock is a takeover target for any company looking for a long term zinc supply.
With Woodlawn having an NPV of $300 mill, it would be reasonable to expect the project to contribute around 30% of this figure to the enterprise value of the company, or $90 mill.
Heron has a current market cap of $43 mill and therefore an enterprise value of $17 mill based on $26 mill cash at 31 March.
Predators would be salivating over the PEA and crunching their numbers as they watch the changing supply/demand balance forcing up the price of zinc.
As the Woodlawn feasibility study progresses over the coming months, risks will be removed (resources converted to reserves through additional drilling; financing sorted) and the value of the project will increase. If the zinc price continues to rise and AUD continues to fall, the metrics get even better.
On my simple arithmetic, Woodlawn alone should justify a share price of 32c (market cap $116 mill; enterprise value $90 mill).
Add in the KNP, blue sky in what is an ultra-conservative PEA and their investment in an equally interesting project in GCR, and there is huge upside potential.
I have faith in the information Heron has released to market and have a fundamental belief that markets do misprice companies for all sorts of reasons, so see the continued subdued share price as a further buying opportunity.