Brilliant! Amazing how Cu recoveries can be boosted with the...

Brilliant! Amazing how Cu recoveries can be boosted with the bacterial leaching technology. Yet, the market isn't even pricing in HAV's already impressive JORC resources.

Re: peer comparisons, I noticed DCN released its 2017 Annual Report last week, reporting a loss of $19m. Insofar as Au resources are concerned, DCN at 3.3m oz has almost as much as HAV's Au resource of 3.6m oz.

DCN has a Mkt Cap of $456m as at COB Friday; an EV of $367m. At Friday’s Au spot price of A$1,648/oz, this EV represents an ISV (in-situ value) factor of 6.7%. Not bad considering the 'rule of thumb' of 2 to 5% applied in my recent ISV posts for Kalkaroo, North Portia & Mutooroo.

HAV has a Mkt Cap of $59m; an EV of $58m. In addition to its Au resource, HAV's resources include 1.4m tonnes of Cu (based on conventional copper recovery techniques), 17.5m kg of Co, 8.4m kg of Mo and 160m tonnes of Fe. (DCN's resource is limited to Au). IMHO this suggests HAV’s SP has a long way to go.

I leave you with this Buffett quote:

“The most common cause of low prices is pessimism—some times pervasive, some times specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It’s optimism that is the enemy of the rational buyer.”

DYOR