Possible reasons:tax losses (largely from gold-mining/exploring)...

Possible reasons:

• tax losses (largely from gold-mining/exploring) were in existing FFX structure
• the mine is partly owned by Mali Govt; the satellite/exploration areas 100% FFX - so messy corporate structure for gold side
• Ganfeng wouldn't want any skeletons in the closet - so JV into a clean-skin new shell made far more sense.

The current 'mixing' of lithium assets entitlement with current (and future) gold-mining fundinoard.g is quite deliberate by the current Board...