Ann: Trading Halt-GXY.AX, page-376

It's actually very simple!

GXY + GMM merger (with spin out of non-lithium assets) = 100% lithium play with hard rock and brine assets.

The very good reason is it's much easier to raise debt finance for SDV when you are entitled to 100% of the cashflow from Mt Cattlin and have 100% control over the income producing asset.

Just like how you take out a personal loan/mortgage, the only thing banks care about is your capacity to service the loan. 50% cashflow from and ownership over Mt Cattlin just isn't going to cut it when you're trying to get an institution to lend you $100M plus.