July 2025 Results & Development/Exploration Plan, page-8

However, in the current state of the market Delta is an example of lithium exploration assets being valued at very low levels.

Delta's got 716.5m shares on issue and earlier this week they were trading at 16c (inc Ballard shares in-specie spinout). The MC was $115m.
At that point in time Delta held 220m shares in Ballard (before ~64m were spun-out). The issue price of the IPO is 25c and was scaled down so using at least 25c appears a fair assumption. There's $55m of value attributable to the gold in the 16c share price earlier this week. Delta's last quarterly had $64m cash. This combination was $119m so the residual value of the lithium assets at Mt Ida and Yinnetharra was zero (well -$4m). Its possible that the market is disillusioned with management and put a negative value on management and positive value on lithium. Cash spend in the quarter would help pull the -$4m back to zero when the next quarterly comes out but either way very little value was being applied to Delta's JORC despite their acquisition cost and drilling cost to get it to the current situation.

Delta's now gone ex bonus issue of in-specie shares. This occurred on the same day of strength in lithium so the share price didn't drop and by the friday close was still 16c so the MC's still $115m. For the foreseeable future 156m shares of Ballard held and at 25c are $39m. There's still no update on cash of $64m. The mini lithium run has improved the EV of their lithium assets to $12m (and the 17c trades increase that to $19m, although this could be an anticipation Ballard lists above issue price). The value of the lithium assets is still low but has crept off zero.
Disc - I do hold some Delta shares but my TG6 shareholding is larger.