Facts are at this moment we don't have enough information to...

Facts are at this moment we don't have enough information to judge whether this is a good deal or a crap deal, or whether PC is a genius or a mug. I doubt there's a great deal more the company can disclose right now as much of the info it has would be commercial in confidence - details of Westgold's exploration programs, any spodumene deposits identified and the like. I suspect we'll have to wait for the Explanatory Memorandum for any substantial details. Yes it's frustrating.
Remember it's not a done deal and is subject to due diligence and shareholder approval.
I don't think we should dismiss it out of hand. I have a hunch PC has enough information to identify this is worth looking at. Enough to justify the distraction and diversion from TON's core business, and stake 30% of the company on it with associated dilution. I also have no doubt Shandong Tianye approve or have instigated this option, and that ST will act in ST's interest and not necessarily that of shareholders.
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Two weeks ago most of us knew stuff all about lithium or had heard of Westgold. Since then it's been a steep learning curve and much fumbling in the darkness.
In an earlier post
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I attempted to assess the merits of the deal & outline the various projects & JV structures. Since that post I have sniffed around as time permits, but not dug up much of significance.
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Various sources (including a WA Mines Dept report "Mineral Resources of Western Australia" of 1980) refer to a lithium deposit at Londonderry, south of Coolgardie. I have identified this as Fraser's Find, and it is NOT within Location 59.
A Geoscience Australia map (below) shows a number of lithium deposits south of Mount Marion.

I've re-scaled and overlaid the Location 53 / 59 diagrams on this and the deposits shown are way to the south.
In summary, I have not been able to identify the deposit in the southern portion of Location 59.
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As @hightrax so graciously pointed out, my earlier estimate of royalties from Mount Marion was in error as I'd calculated the tonnage royalty on spodumene concentrate, not ore mined. Remember I did not claim to be a great analyst. Just attempting to find my way in the dark; if I have anything wrong please point me in the right direction. I'll have another crack anyway...
Neometals' (NMT) Quarterly Activities of 30.10.2017 shows 665,034 tons mined, 595,505 tons processed, 112,163 tons spodumene concentrate produced. Production target is 400,00 tpa of 6% spodumene concentrate so they're on track to meet or exceed target.
So assuming the rest is overburden / low grade, and 5 (5.3 rounded) tons of ore processed to produce 1 ton of concentrate, and royalties payable on 20% of mine area (eventually) -
2,000,000tpa x AUS$2 . . . .x 20% . . . . . . = . .$800,000
. .400,000tpa x AUS$1,090 x 20% x 1.5% = $1,308,000
Total $2,108,000 p.a.
Notes (also refer to previous linked post):
1 Hightrax points out the Mount Marion orebody is open to the north, therefore may continue further into Location 53 than the current leased area.
2 NMT is enhancing the refinement process to produce all 6% concentrate
3 NMT along with the other JV partners is assessing viability of further processing to produce lithium hydroxide / lithium carbonate. As I understand it the current JV would sell spodumene concentrate to a new JV entity for refinement, so royalties would not accrue on the value added product.
4 Interestingly, NMT is working with CSIRO to develop lithium titanate anode material for batteries. "Lithium Titanate is an anode (negative electrode) material,which can replace graphite. The primary advantage over graphite is the surface area of the anode of LTO being around 100 square metres per gram in contrast to typically 3 square metres for graphite." Refer 30/10/2017 Quarterly Activities report.
This could have some implications for battery graphite...
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The current royalty agreement is between Hampton Gold Mining Areas Ltd, a 5th level subsidiary of Westgold, and the JV entity Reed Industrial Minerals. The first shipment to China was in Feb 2017 so it is likely some royalties have been paid to Hampton by now. I doubt it is correct to say Westgold has not received any royalties and is unlikely to for some time, just that they're buried in the company's accounts structure and definitely not itemised separately in the company's annual or quarterly accounts. Hightrax being an accountant may correct me on this.
NMT's September quarterly cashflow lists "Receipts from customers $233,000". This may or may not be income from the JV.
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In summary, no earth shattering revelations here and still insufficient evidence to assess the merits of the deal. I may be barking up the wrong tree, but it's sometimes useful to bark up a tree to see what you can flush out.
Ah well it's a nice diversion from the Trump / Bannon show. 'Evening all.