Although there is merit to your line of thinking, it's...

Although there is merit to your line of thinking, it's different for CRML/EUR:
- EUR's main asset are in Ukraine, Wolfsberg project was always going to be spun off. It only became flagship (again) because Russia's invasion leaving Ukraine under martial law and everything became back door hush hush.
- Tony's main company is EUR, it holds share in other assets (CLE doesn't have CUF shares for example). Okewood holds EUR shares. So it's in his best interest to ensure success of EUR, its enterprise value, market cap and share price.
- CRML Board other than Carolyn, individually holds EUR shares NOT CRML (at least not yet perhaps later through private acquisition and/or performance and/or pay package)
- Mykhail's interest lies heavily on EUR shares. EUR's success is most beneficial to him than the success of CRML.
- EUR has potentially bigger assets in Austria than Wolfsberg old mine (even if zone 2 is included). Zone 1 is top of the iceberg, proof of concept, get to production the quickest possible way, while the bigger pie are Zone 2 and the other recently acquired.
- Greenland.

That should be enough reasons to change your view. It is very unlikely for CRML to take over EUR. There is more value and profit to developing assets via subsidiaries and in time those subsidiaries are taken over but such companies as CRML.

Besides, I doubt very much Tony would allow to lose his control of EUR. The more likely scenario is that he steps away from CRML as what usually what happens to those who hold the current position he currently is in on CRML. Cheers