CT4/20I think it is clear that the iron ore will be a sale from...

CT4/20

I think it is clear that the iron ore will be a sale from the past announcements, whether it is for cash or for an in kind contribution towards the goals that THG has set itself in the graphite space, who knows? I am not privy to those negotiations and we will all be informed of the outcome as and when the deal is done in the proper forum that would be by announcement to the ASX.

The copper/cobalt tenements are another matter. I have always understood that they would be spun off. The usual method would be to launch an IPO for that vehicle with existing shareholders receiving an in specie allocation of shares in proportion to their current shareholding and an invitation to participate in the associated capital raising in the market by that new vehicle. It may also mean that TLG choose to retain a residual stake in that venture, probably below 50% with no funds committed by TLG.