An interesting point in the announcement is that the US$200M Merrill Lynch loan, is ADY's loan and is secured by the iron ore mines.
When RLL demerges all the debts stay with ADY. RLL has sufficient assets and opportunity to obtain its own funding. eg LiCO spot sales, take off contracts, etc...
If Merrill values ADY's iron ore mines at more than US$200M then what is the Rincon Salar Lithium mines worth? (more than US$200M I'd say)
I think we can safely say ADY's total assets (ADY + RLL) are worth considerably more than the current market cap (~ US$100M). At least 4 times more based on the due diligence done by Merrill.
When full production commences you can quadruple the asset value to get the intrinsic value of ADY + RLL.
By my analysis, definitely a 10 bagger if you hold long enough.
ady up 20 percent
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