Ann: Quarterly Activities Report, page-4

So ...... monetising their gold means getting it "toll treated" by someone else, rather than building or buying their own gold plant, or a unified gold and lithium processing plant.

Obviously, MinRes will not want to build a unified gold and lithium processing plant at Delta, because they don't want any plant at all, the eventual plan probably being to buy out Delta at a beaten down price for the lithium, once they've used Delta shareholder's money to extract the gold to pay for the (eventual) MinRes lithium. So they've come up with a cunning plan to try and convince Delta shareholders that "toll treating" the gold will reward them. I can't see how, unless they plan to pay a dividend from the gold, and that's never been mentioned. The only reward I can see here, from the cunning plan, is eventually going to probably be for MinRes shareholders.

So ...... who's fooling who?

I'm not sure how "toll treating" the gold is going to maximise any shareholder returns here, all it looks like doing is getting less-than-par value for the gold, and then using the funds from the gold to further explore for more lithium, which might eventually see Delta purchased at a beaten down price by MinRes.

The only shareholders I can see getting any value out of this is the MinRes shareholders, who are virtually having much of their eventual lithium exploration paid for by the Delta shareholders.

At least they realise that there is value in the gold, at present, and not the lithium.
And they are probably right about one thing, Delta will probably be bought out eventually, but personally I'd like to have done with a large gold resource in tact, and not depleted, because if gold hits US$3,000 then it will be the gold that sells the company, not the lithium.

Gw