More peer EV/resource spodumene comparisons, page-24

The thing with the $18mill is that Huayou can't exercise them all without going over the 20% ownership threshold.
On a non-diluted basis they would own 372mill shares out of 1,751,367,795 (includes the 28mill plus insto share placement) = 21.24%
So unless they only exercise partially, or some of the current option holders exercise then they won't have the full $18mill to play with.

With the this in mind and the time taken to commence drilling I think it's likely already been sold.