I agree that all projects that Elevra end up with beyond NAL may...

I agree that all projects that Elevra end up with beyond NAL may never come to fruition, but that would then also mean that PLL's contribution to the merger is only 25% of a working mine that contributes to Elevra's bottom line. That's if all the other projects aren't really to be considered to have any intrinsic value until such time that they can produce. The value of merging with PLL is to firstly cancel out that terrible OT agreement, secondly to boost the cash reserve to help navigate longer through these tough times, and then thirdly to utilise their most likely project that will begin generating cash flow. That project has been identified as Ewoyaa and Lucas Dow was fairly optimistic on its potential when he stated that Sylvain has experience of working in Africa and has already been to visit Ewoyaa to check it out. It appears as though Lucas Dow expects Ewoyaa to be a contributor to Elevra in time. If one of PLL's most valuable contributions to the merger was to no longer exist then I think the merger terms at least need to be looked at. How much capex Elevra would need to further contribute to Ewoyaa beyond what PLL already have I am not sure as Ewoyaa is Atlantic Lithiums baby.