Tulla Private has held and drilled these tenements extensively for years so would have an intimate understanding of the mineralisation beneath,
The IPO only declared the Au resources. Don't know why, perhaps because they were JORC compliant and the other minerals were in the back pocket for reasons were seeing now. The Lithium, IO and Nickel must be fairly well defined however given the willingness for third parties to sign multi-million dollar deals.
While MinRes has pedigree, I'm not sure about Kosh after looking at their Australian presence. Their IO Constance Range exploration project in the NT looks like a non-event going nowhere fast, although the board looks ok.
This deal is rather vague and based on a non-binding agreement so could confuse the market as to valuation. If/when Kosh floats, I'd assume it would be as an exploration company with enough capital to drill out and define a JORC complaint resource at Norseman. From what I can tell, TUL won't get a cent until that's completed and FID is made which could be years away if ever. The beauty of this deal for TUL shareholders however is there is really nothing to loose and a lot to gain.
Big Kev seems to have a template here and hopefully rolls it out for a third time for the secret squirrel Nickel resource.
TUL Price at posting:
62.5¢ Sentiment: Buy Disclosure: Held
