So your saying they have done a good job? If you believe they...

So your saying they have done a good job? If you believe they have zero confidence in these tenements, and lets say they do...
Then they just got 3.2 million dollars to do what they want with.
Then over the next 2 years delta have to fork out 3million for exploration if they find nothing then we still own 49%, if they find something then they will spend another 6 million over the next 2 years and we will still own 20%. I will assume that as it is a joint venture now then we would be asked to chip in our share as well but not sure..
Then we can sell that 20% to them or keep it.
Then in the next 2 years after that if Delta do the below..

"In the event that Delta delineates a mineral resource estimate (as that term is defined in the JORC Code) of equal to or greater than 7.5Mt at 0.8% Li2O (at a 0.5% cut off grade) at any time within 8 years of the Commencement Date, on the Tenements, Delta agrees to pay Reach $10,000,000 in either in cash, Delta ordinary fully paid shares or a combination of both."

So worst case we just got 3.2million for dust..
or if it goes well 13.2million or maybe more if they keep the 20%..