Firstly, the particular piece you are talking about is Location 53 more specifically only the 30 odd hectares of it which carry the extension of the Mount Marion deposits that Cookie leased off to Neometals when he was running Metals X, right?
As I currently understand it this is hard rock lithium (as most of what is in Australia) and when mined results in a "spodumene concentrate" which then has to be converted in to lithium carbonate to make it usable for battery makers. Analysts are saying on average it takes 7.5 times the spodumene to make 1 tonne of lithium carbonate. the Spodumene concentrate sells for a lot less at about $1,000 a tonne or so.
So with all of that, your numbers must be off by somewhat considering it's $2 a tonne of ore mined and 1.5% Gross sales revenue of the spodumene.
I've attached an image from the original lease, the 30 hectares is in blue. I think Cookie got a good deal from Neometals! Just sayin!
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