80c target Bullish Pennant Breakout, page-36

MIN did not pay US 19m for NMTs 13.8% share of Mt Marion. NMT still have their free carried 13.8% share in Mt Marion. MIN paid NMT US 19.65m for an extra 13.1% to up their share in Mt Marion to 43.1%. MIN has had this option since day 1 when they received 30% share of Mt Marion to supply, build, and operate the plant at Mt Marion. The option to buy an extra 13.1% of Mt Marion for US$19.65m came with conditions and time frame to build the plant which MIN has met all requirements so was able to exercise the option to buy more %.
Also no spodumene has been sold to Ganfeng yet. Ganfeng has 100% offtake life of mine for spodumene produced at Mt Marion but NMT negotiated to take 51% of spodumene produced at Mt Marion after year 3 if they could use it else ware. This will be used to feed their patented lithium hydroxide plant. So even though NMT only have 13.8% of Mt Marion, they will take 51% of production from year 3. This is what makes their whole deal with Mt Marion so good.