Agreed, there are numerous options. Your proposal to spin-out...

Agreed, there are numerous options.

Your proposal to spin-out gold has three significant issues to address and it would be useful to understand how these issues would be addressed, rather than simply repeating that you think a spin-out is a good idea:

1. How do you effectively spin-out a project that is inter-related and unable to have a standalone tenement/mining lease?
2. If alternative options for gold generate rather than consume cash, does this mean more/larger capital raising by Delta to progress construction?
3. The timing any new spin-out may have around progressing gold development may not match the timing Delta would want to occur.

The Mt Ida gold and the Mt Ida lithium are not just nearby. They are on the same granted mining lease. In some instances the gold is either above or below the lithium bearing pegmatite. At other times they are side by side. It isn't an instance of in area A of the mining lease there's gold and in area B of the mining lease there's lithium. Split the mining lease and the two operations can be on separate tenements. The normal option of spinning out a company that owns a bunch of prospective tenements won't work. it may be possible to enter some complex contract around joint access to the mining lease that would enable both a spin-out and Delta to operate in the same mining lease. Any arrangement like this is unlikely to be simple and would most likely have a negative impact on the valuations of both companies.

The gold and lithium projects are interrelated so timing is coordinated timing is critical. This coordinated timing is far more easily achieved inside the one company. There will be areas of the gold project where all the gold and gold waste rock movements are also needed by the lithium project. There will be areas of the lithium project where all the lithium and lithium waste rock movements are needed by the gold project. They aren't separate projects.

Under some of the gold options, Gold generates near-term cash rather than consuming cash. The spin-out rationale of avoiding cash drain on the progression of other projects may not apply although with recent gold focused drilling gold does seem to be consuming cash.