Last I checked they picked Ashburton up for free up front (NSR...

Last I checked they picked Ashburton up for free up front (NSR etc. and milestone payments associated with production are all passed on to DEG), put in a few mil and are walking away with $33m for it. Perfect? No. Terrible? Not at all.

Similarly, the Kali spin-off was a great move - there's likely serious value in the Higginsville drilling through pegmatites that occured while Karora were looking for gold. Of course, lithium is a dirty word for now, but that 20% holding is worth ~$6m at present.

So assuming $3m cash + $30m to come (I know, it's not confirmed yet) + $1.1m cash as of Dec 31 + $6m value of KM1 shares for a market cap of <$20m. I'm not a huge fan of their current tenements as it seems to take donkey's years to drill anything in Victoria. But I do think they are likely to spend the cash wisely in time, and that the market will recognise the value of that transaction when it comes. When lithium comes back to life, the value of that KM1 stake will likely multiply as well.

The last time I watched as a company sold an asset for more than the MC, it was MEI selling their Brazilian gold asset. Share price and MC were bugger all. Then Tunks announced Caldeira with the proceeds of that initial sale and the thing went to the moon.

Not a holder, but I have been in the past, and I was surprised at the negativity associated with the sale. This one will require patience, but things could all change in a day, and I suspect it will be corporate rather than the drill bit.