Lots to absorb in that document, but the things that stood out to me:
I predict that Wanbao will prove to be time wasters, like a lot of similar interested parties recently from China, this will be an episode of Chinese water torture for HAV holders so the sooner we show them the door the better.
Portia and North Portia revenue split changed with CMC having more control but wearing more of the costs as well, looks like Portia has never really been much of a profit machine and seems to have tied up a lot of HAV resources with a lot of effort expended for not much reward. Now that Portia is not taking up everyone's time I expect some actual progress on getting native title and exploration work actually done in reasonable time frames, progress so far has been far too leisurely.
Looks like the Kalkaroo Prefeas resources were pretty spot on - so a tick there, but as I said, now subject to the glacial/uncertain internal decision making processes at Wanbao.
Note that while the Co test work is underway - both HAV and COB will be in a bit of a holding pattern but its good to have some testwork and progress underway on the Cobalt front, even if I personally and a bit skeptical about the economics myself.
Unless they have found a limitless source of cheap energy and water I wish they would give the magnetite resource spruiking a rest, and concentrate on the massive potential for gold and base metals in the ground that they hold.
The appointment of Mark Stewart seems to be an intention to actually get some deals done and progress JV's and get some exploration/development partners and work done. I see his experience and expertise as a massive positive for HAV, and there is no way that a deal like the Bergen deal ever would have got past someone like him...
Nice to see they finally washed their Portia grade control samples - I wonder if they got any meaningful results before or after they had to make the decision to mine?
They sure do some weird things with shareholders money though, boasting about buying a second hand UDR650 drill rig for exploration and then complaining about lack of drilling contractors to do some of the met sample drilling at Portia, seems to be getting the worst of both worlds. They need to nail down a drill contractor, or drillers to operate their own rig (if its even serviceable) ASAP plus some technical staff to do the exploration because the boom is already on with competition for rigs, geologists and space in assay labs so if you snooze, your timelines lose....
This is a potential turnaround story for investors whom are prepared to take a lot of risk on board, but by golly, the management at HAV will need to pull their finger out compared to what they did last year...
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