Granted HVY is an explorer at the moment, but they also have a...

Granted HVY is an explorer at the moment, but they also have a JORC MRE for the mineral sands.
That alone recently saw an upgrade to over 2.7MT - with zircon and primary ilmenite alone at current prices, it comes to over US$500 million, of course there are other heavy minerals as well, rutile adds a further ~US$100 million to the potential value.

For the costs, it is usually not too heavy CAPEX and OPEX wise for mineral sands producers - look at Iluka (ILU) for an idea.

At the current EV of around $2.5 million, its just ridiculously undervalued.
Everyone seems to be looking at this as a pure play garnet project explorer that has no JORC, but as mentioned we have 2 projects and the Mineral Sands has a JORC already, that alone is worth over $50 million for sure - ie. an average of 10% of JORC value as mentioned above.

When they release a garnet JORC MRE, depending on the resource, which looks like it may be a solid resource, we should be around $100 million market cap. Though if we do get some sort of MOU for offtake even before any JORC release we should be way higher.

Keep an eye on the substantial holder, they are in a few other companies and have done quite a few things to help those companies.
I have seen offtake MOUs signed for projects that don't even have a JORC MRE yet, they have some good conections I believe.
By the way those offtake MOUs signed are with major companies, these companies would not enter into an offtake agreement unless they are serious.

Why would funds and other major investors get involved if they did not see value here.