Just breaking down the figures a bit more:US$36m upon...

Just breaking down the figures a bit more:

US$36m upon shareholder approval
US$20m upon underground mining activity approval (2-3 months)

USD$56m=AUD$84m @ current exchange rate.

188m soi/$84m=44cps/85%=37cps return to shareholders, less any expenses/taxes

Royalty US$25m=AU$37.5m or another 20cps of future value.

So if the deal happens as outlined, the company will retain about $13m plus a future royalty which MTC may yet choose to take as a lump sum payment of US$25m, or AU$37.5m at current exchange rate. That's potentially $50m of retained value after distributing 85% of the first $84m payments, or $71m to shareholders

The shares in MTC should still retain some value, so even if there was a hold-up in receiving the underground mining approval, the share price and initial distribution should underpin an sp of 30c on a conservative basis, with plenty of potential upside. The current Canadian lithium assets are a bonus that could be worth something when lithium comes back into favour.

I consider MTC a risk worth taking as there is no real sale value reflected in the current sp.

The Top 20 hold 78% of the company so they will decide what happens here. I would think Gino likes the thought of a big pay day coming as he holds about 23m shares, so plenty of incentive to hand back as much cash to shareholders as possible.

Just my opinion.