Ann: $12 million Earn-in JV with Delta Lithium (Ti-Tree), page-16

Better to post the facts than read information from those who only read the minimum.

DLI only get 51% for stage 1 and have to spend a minimum of $1m to exit the agreement and $3m in 2 years to earn their 51%..
Or DLI can get their 51% if they can deliver an MRE > 10Mt $0.8% Li2O within 3 years, but this would need to be done in 2 years, or the expenditure above spent in 2 years..
To get the other 29%, DLI have to spend another $6.25m within 4 years
Total spend by DLI for 80% is $9.25m in 4 years...

So the way I read it is, VSR can keep 49% if DLI spend $3m in 2 years and deliver an MRE > 10Mt $0.8% Li2O within 3 years.
DLI do not need to spend the extra $6.25m if they only want to keep 51%.

So we are going to see at least $3m of drilling on VSR tenements in the next 2 years if DLI want their 51%.
There will be lots of news flow for VSR in the coming 2 years.