Ann: MinRes to develop lithium processing hub, page-46

TB, POS is "OWED" NOTHING at this juncture re-ongoing royalties. Heck, the HOA is still conditional at this stage and could, theoretically fall-over (i.e. it aint over until its over). But let's assume it goes through (I'm sure it will). At that point the ONLY thing MIN will "OWE" POS is the 2 x payments in the various tranches (Tranche 1 ($6.5.m upon Completion), followed by Tranche 2 ($7.5m) 12 months later).

Any potential for future royalty liabilities for MIN to POS is HIGHLY, HIGHLY... HIGHLY contingent on MIN eventually processing any Li or other ores that are sourced (only) from the POS tenement package that is included in the LJ sale deal. ONLY then will MIN will 'owe' (small 'owe') POS a royalty. (Remember, any such processed ore would need to be discovered first, then proven-up, economically. A minor detail, right?)

It's a commercial transaction, with 'some' prospect of a potential future royalty stream, but ONLY for any ore that eventually might get processed from the POS LJ ground that was wrapped into the deal. Nothing else.

You have an uncanny knack for turning the hint of a whiff of the idea of a promise into hyperbolic foregone Gospel of what WILL happen. Have you run any meaningful numbers around what those royalties 'might' look like under those reasonably tight commercial parameters? Talk about manufacturing drama out of thin air.