Ann: MoU Signed with Mali Gov & Sale of Entire Project to Ganfeng, page-154

Yes you're quite right it is limited to stage 1 500kt

At 500,000t pa & a US$1200 SC6 price (presently $1143 so conservative long term) with 1.5% gross royalty works out to US$9000 pa or AUD13.6m.

Obviously the whole situation is not ideal, however if they decide to wind the company up, that can be sold for a good price. There are listed & unlisted companies that specialise in buying Royalty streams.

My choice of outcome would be they just wind the whole thing up, delist and pay shareholders their proportion of cash when the instalments are received including selling the royalty stream.