Sorry to see this happen to you guys but it did seem a likely...

Sorry to see this happen to you guys but it did seem a likely outcome when I made those posts.

CRs are a fact of life for a junior. As long as they're done to add value to a company, I don't see much of a problem. CRs to pay for admin for another 18 months, or for yet another drilling campaign just to find an economic orebody are a problem.

The problem here, as I see it, is that management allowed the cash to run so low that they pulled off what looks like a desperate raising. They then tried to spin it as a positive. There's a colourful expression about urinating on someone's leg and telling them it's raining that comes to mind.

I sent HAV an email and have subsequently received a reply. I can tell you there was little acknowledgement in the response that it was a bad deal. That's a worry.

I can also tell you the focus of the response was on accelerating the unlocking of value of HAV's projects faster than could be achieved by simply relying on cash generation via Portia. Do I believe it?

I guess the focus on these pages has been on the Bergen deal whilst the rights issue is actually the potentially more significant component for the company and individual shareholders. If they were to get a full take-up, I guess it would lend more credibility to the unlocking of value claim.

Can they afford to fund North Portia and what's the implication for the mining partnership if HAV can't continue to fund ore processing? Is there money at the bottom of the Portia pit? and is there an expected due date for the Chinese paid and owned feasibility study for Kalkaroo?

I have a follow up email into HAV & if I get a response, I'd be in better position to answer those questions.