My take on it as a long term (and relatively silent holder): As...

My take on it as a long term (and relatively silent holder): As the name would suggest, this was (is) a gold play. Large leases right in the middle of a bunch of gold mines and strikes near Kalgoorlie. Previous leadership engaged a hi-tech prospecting team to find what they thought was a large deposit in a dry (and then not so dry!) lake bed, lots of tech, CSIRO involved, etc etc. They had confirmed gold a bit further up the road but spent all the money on this grand scheme, lots of hype.

End result: The boffins were wrong and no gold. So the share price tanked and everyone is upset with management.

This new Lithium venture is a bit out of left field, but you can't knock the timing. A couple of interesting reviews over the last few days on other stock advisories about the potential of this area and how much of it remains under explored. The speed of the assay results seem a bit fishy but there are historical Lithium results for the area, maybe not so fishy.

There are some heavy hitters with substantial holdings on the registry so they are well enough connected to have potentially (I am guessing here) used the company as a shell for this Lithium purchase. And the new CEO, from what I have read, is supposed to be good at what he does. DYOR