Ann: Demerger Booklet, page-26

CLQ Newco Water are not acquiring Ionic Industries - who had $1,639,189 in cash/equivalent Dec 31.

CLQ Newco Water are fully acquiring NematiQ for $2m of SRL shares @ $2.70 [just after the timely spike of the platinum assay].
Without the timely platinum assay then quite likely the $2m of SRL shares would have been a lot lower - like @ $2.20 - thus the assays have avoided a higher number of shares being issued to Ionic.

Whilst water has not made a profit for CLQ/SRL - it has contracts and significant potential to grow rather quickly into a profitable biz.
Starting off with $15m working capital upon the demerger.

Once the value of the assets in SRL and CLQ Newco Water are finalized, then the market will determine the price of each entity - we will know this soon enough. If the board did not see value in demerging then it would not be happening - so cutting them slack might be an idea.

Now is not the time to sell SRL IMO - with more platinum assays pending.
There might also be some more good news for the water biz.