Ann: Farm-In Joint Venture Agreements adjacent to Yinnetharra, page-11

Core lithium has previously quoted their cost of discovery at $1.95/t. The required expenditure levels may not be enough to define a MRE of the size noted. This creates the interesting situation that Delta may sit at 51% or 80% knowing there's some resource there but not having a MRE.

I wonder how tight the contract is around actions like delaying the definition of a MRE. Clearly if something huge is found you would want to get the MRE out and have it known as it was part of the positive information to assist capital raising to get into production. What however if the deposit was smaller-mid with modest potential and the planned development was into the mid-2030's or beyond as other Yinnetharra deposits were mined first. There would appear to be 10 million reasons to go slow and not define a MRE until late March 2032 when the 8 year timeframe has clocked off and the MRE can be defined without paying $10m.