sad, page-3

There are some unique things about HAV that separate it, in my opinion, from the other juniors in this sector.

One of them, is the relatively large percentage of the company that is held by the top 20 & how "loyal" (for want of a better word) they appear to be.

Another is that management don't appear to issue shares like confetti.

Think they've definitely made progress this year on a number of fronts. Most visible is the progress on Portia & the indication in the AGM presentation that they are close to a deal on mining & it is likely that no further dilution will be required. Long-termers know this has been a long, long time coming.

Always thought of HAV as a long play. But after the progress on Portia, maybe not quite as long as I'd imagined & maybe, just maybe, there's a hint of a light in the tunnel.