Ann: Kalkaroo Project PFS Update, page-20

'I suspect Wanbao really wants a bargain'

With the SP at 24c, if Wanbao really wants a bargain, it could start buying HAV on-market (assuming it has not done so already). Buying as many undervalued shares as possible on-market would allow Wanbao to reduce its overall average entry price. It could potentially accumulate a sizeable position for < $1ps, particularly with the discontent voiced toward management among many shareholders on this forum. (As a guide, 10% of SOI traded on ASX since Nov-17; all < 30c!).

Once it has reached 20% (or sooner), Wanbao could borrow from the Mitsui/AWE playbook and mount a take-over bid at 'fair value' conditional on a minimum 50.1% acceptance. This strategy would minimise the leverage held by Giles/ Johnson ~ 30% stake. Given it has the PFS in its possession, Wanbao may decide to pass on due diligence (as Mitsui did on AWE).

Energy metals (Cu-Co) are the hot ticket on the planet. Not sure how long a game many of the protagonists will want to play. After all, the so-called ‘arms race’ has seen end users deal directly with miners. Let’s not discount Au either with the ‘trade war’ rattling markets in recent times.

DYOR