At what point does someone like SFR or maybe even a mid-tier...

At what point does someone like SFR or maybe even a mid-tier Aussie gold producer simply lob a TO offer in ??

Have thought SFR would be a likely predator for a while, especially considering its current limited project pipeline and large cash balance.

Kalkaroo's pre-tax NPV_7.5% of $903M (post-tax $578M) is quite robust at 2/12/20 LT consensus prices. SFR would have as good a grasp on the copper price as anyone. Once consensus prices rise, so do NPVs and IRRs.

With SFR's SP breaching $6ps it could arguably pay for HAV using its scrip as currency. Keen HAV watchers will know that a x% premium to HAV's MC won't cut it. IMO a 1:5 bid could get the auction going.

SFR or another predator could also make a start by picking up the ~ 1.5m 'low hanging fruit' at <= 24.5c or by sitting at 22c and soaking up the signalled selling.

This copper rally is stronger than many imagined and tipped to intensify as respected institutions are forecasting. Scarcity of advanced undeveloped copper-gold projects like Kalkaroo works in HAV's favour IMO.

DYOR