I know its a long slog but a complete reading of the link in...

I know its a long slog but a complete reading of the link in Post #: 71599689 above will cover just about everything since 2019.

My TL/DR; version is Austroid/CHEL mined and exported the Spod using transfer pricing at a loss while stalling and delaying FIRB intervention and realized the profits elsewhere and not in Australia, McGrath Nicol conducted a pretty secretive deal that paid off Austroid/CHEL and the Bald Hill mine itself is now under control of MIN's Chris Ellison, despite no transparent sale process being undertaken, and many other parties being interested at the time. It seems that due to the complex nature of the administration and liquidation that ATO/ASIC and WA Dept of Mines have all missed their chance to get to the bottom of this, so far. Ellison has picked up the Bald Hill mine cheaply and it looks like there will be a way to leave all the problems and tax issues with the poor bagholders of A40, while the administrator conducts further investigations into what went on in the past. Meanwhile, Ellison and MIN now have the issue of how to unwind the existing offtake agreement. Lithium and Spod prices have turned sharply since, so what looked like an absolute steal a few months ago, is now looking a bit out of the money, but it ties in with Chirs Ellison's and MIN's mantra to "lock up all the rock" (i.e. the WA Spod supply at least) and wait out the Chinese price manipulation, uneconomic Leipodite flood of supply and very dubious stockpile numbers coming out of China.

For A40 shareholders - it looks like a total shafting at the moment but the wheels of justice move very slowly, obviously any previous Chinese parties will be untouchable in an Australian/Singapore & US court but McGrath Nicol's professional indemnity insurance seems to be the obvious target for disgruntled A40 shareholders. Obviously, the ATO and the WA Government have finally awoken from their slumber, and the non-payment of tax and state royalties will be a complicating factor in any resolution - for both A40 shareholders and for MIN as well.

Apologies if I have missed anything obvious and others here may have a more detailed but elegant summary than my own.