My gut feeling is that Justin would like do some interesting...

My gut feeling is that Justin would like do some interesting exploration activity as his background is as a geologist. His problems is that E25 hasn't transitioned to a sufficiently robust state that cash can be splashed onto lithium exploration drilling.

I however agree E25 has enough on its plate so their Lake Johnson tenement may best be managed by someone else. IMO there's a lot of potential in E25's tenement and it would be a good addition to TG6. The difficulty with farmin's is that 70/30 or 80/20 structure becomes a messy selling point and can complicate getting into production. The likes of GL1 & GT1 have looked to unwind partial ownership so they own 100% of their projects.

If TG6 still wanted a tight register, they could escrow any shares issued to E25. The larger tenement holding would also be favourable for the inevitable CR that TG6 is going to need to do for cash to further develop what they have. If they did a share issue to E25 (that shareholders of TG6 then neutralised), it would increase the cash a 15% share issue would generate. The biggie would be if E25/TG6 could agree on a price (because ultimately most things are up for sale).

Another possibility but one that remove E25 upside is that TG6 in the CR that must occur sometime raise cash to both buy E25's tenement with cash and have development cash. While that wouldn't be my preference as an E25 shareholder I can see it happening given E25 needs more cash for its HPMSM plans.