TG6's lithium deposits help provide the answer. You have just stated you don't see any long-term value in the lithium. Lets assume for a moment that TG6 does have 20Mt @ 1.4% lithium ore that can be recovered and it can concentrate to SC5.5 at a 70% recovery rate with commercial grades of impurities. This would mean the deposit has the potential to create 3.56Mt of SC5.5 concentrate. At a price of US$800/t for SC6.0 then SC5.5's at low US$700's/t. Using US$725/t for SC5.5 the in-ground post-recovery value of that ore is US$2.8b.
Your sentiment mirrors the market, and almost nobody is showing any interest in lithium or a deposit that could yield a multi-billion dollar revenue figure. The reasons vary but revolve around issues like smaller deposits, thinner veins, overseas competition, changing technologies, high costs (Australia), high capital cost to recover, price uncertainty... the list goes on. The net effect is a lack of market belief that the deposit will be mined and generate any profit so little to almost no value is attributed to the discovery. Currently its being valued at below the cost of drill results to identify it (<$0.5m/t) despite less than 3 years ago Core lithium selling a 15,000t shipment of 1.4% DSO for US$951/t. Projects gain value for the company when there is a perception they will both occur and be profitable.
Tg6 has acquired 80% of a set of forrestania tenements that have previously been mined for gold and since then have had a heap of owners. While TG6 has many tasks, what they need to do overall is create the impression that the deposit will be mined and it will be profitable. If the market believes that, the share price will go up. Updating the JORC is a starting point of the process because it provides an improved and current estimate of the size of the estimated resource to recover. If this is perhaps 300 to 400k oz of contained gold that can be recovered at 90%+ recovery rates. The inground value of the resource may be less than half the size of lithium (300k * $5,200 * 90% = $1.4b) but the perception of the profitability is going to easily be much higher - If TG6 can create confidence that profitable gold mining is occurring soon.
So TG6's first task is to convince the market that this acquisition is worth more than the $4m that will be paid for it and millions that will presumably be spent on drilling and studies. Currently TG6 haven't achieved that because the MC is still only $10m and the share price is similar to when the deal was announced. TG6 seems to be taking the pathway that an updated JORC will confirm the value.
An alternative is showing how 100kt of 1g/t ore can be quickly recovered and toll processed with >90% recovery rates. 100,000g of gold at a 90% recovery = 90,000g / 31.1 = 2,894oz. With 80% project ownership that's 2,315oz of processed gold. At A$5,200/t this would be $12m revenue. If costs are under half that value, then there's $6m of profit from just toll treating 100kt of material. IMO none of these are silly estimates and some can be proven.
The second task is to start convincing the market that this is a $20, $30, $50m or more value deposit. That will get the share price moving but its likely to require plans showing the recovery of ten's of thousands of oz of gold, not just a few thousand oz. David started to mention those plans but they need fleshing out - what size pit, what cost to construct, what average grade, what recovery rate, what cost to crush and toll process, what level of annual production...
With the deposit already known to be >200k contained oz, the >$100m revenue point of ~27k oz should be possible to develop and show the market. Plans may be larger for a 50k oz from the pit or 100k oz. All that is currently unclear. 27,000 oz * $5,200 * 90% recovery * 80% of the project = $101m of revenue. If this larger pit project doesn't involve much capital (toll processing) and does involve good margins TG6's MC won't stay at A$10m, but it requires the market believing TG6 will execute.
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