Delta "An obvious takeover target", page-62

That must be one of the options and you can see a variant of that playing out from the deal PLL did with Atlantic. In that deal Atlantic issued shares to PLL providing it a cornerstone shareholding. PLL then committed to fund a slice of development work for a share of the project. PLL then committed to fund the first US$70m of the capex cost which would take their share of the project to 50%. Costs beyond agreed dollar thresholds for exploration and capital cost were to be shared 50/50. As part of the deal PLL took a 50% offtake with Atlantic able to do the remaining 50%.

If MinRes took a variant of this approach there could be a small issuance of shares to take them to 19.9% of Delta. We haven't had a scoping study yet for Mt Ida but the initial workings around this will have been done. The maths must be close to working for Delta putting the existing Mt Ida resource with MinRes putting in cash for a 50/50 JV to develop Mt Ida. This would address the capital raise that will be needed for Mt Ida DMS/Flotation plant and mean that MinRes gets back to a position of genuine control of the resource (which must be their end game). Delta may still be the operator of a 50/50 JV but with the current management structure that would be an acceptable position for Chris Ellison!!

Another option is clearly MinRes doing a cash/script takeover.

A third would be Delta raising what cash is necessary and MinRes takes up their share of the offer and if allowed, underwrites the offer so that they also get any shares not taken up.