That is a great question,I have pondered this for quite a while...

That is a great question,

I have pondered this for quite a while as well. I have figured that the Covalent/ Westfarmers geologists would have been pissing all the way up the roadside adjacent to Lady grey collecting anything interesting along the access road. The problem is that they never could do proper soils except probably by the roadside, and they don't know exactly what's under the sediment cover sediments. Its never been drilled so no one knows. Its a risk for sure and with what Covalent and co have drilled it looks like the Lady Grey ends on their side. I'm sure the owners of the LNR land package went to Covalent and Westfarmers first and found out what they would offer. Obviously the LNR deal was better for them. Stating the obvious that Westfarmers and Covalent have bucket loads of money, but sometimes with risk involved its not the most intelligent decision to depart with anything during the development phase. Look at HAS and DRE struggling now with what they have. Wouldn't they have egg on the face if they had offered $10m for the LNR deposits. My thinking is that Westfarmers and co will be watching exploration very carefully and if it looks good they can get in via LNR or backdoor by the original owners for a decent price if required.

I'm still hoping that Lady grey is a part of a pegmatite swarm which hasn't been totally discovered, hoping that an undiscovered portion is under LNR exploration. The anomalies are there and it's nearology to the extreme.