email/write to asic, page-28

You may be right Salty,

The merger with Lithium One had an implied value of C$112 million at the time. There is little reason to think the asset has been devalued since then (i.e. the transaction took place well after the GFC). If anything, the feasibility studies have made the asset more prospective. On top of that we have $60 million cash.

Any takeover would have to wait until after the options are expired, however. Otherwise, the acquirer could end up chasing a moving target.