Ann: Financing Arrangements - Mt Carbine Quarry & Mining Leases, page-98

The value is difficult to say, but it's a long way north of $13m.

The NPV done on the project was $160m with a royalty payment being to lease owner. (that will be us). It didn't include the quarry or the potential in the Iron Duke or Chile Lithium or Gold. 

So the new deal looks like 50% of the tailings and stockpile and a dilution of more shares say 20% to 30%, but we will get the royalty payment and the quarries. 

Therefore, the value is still along way above the current price. I would like to think it could get to TGN mkt cap, especially with the iron duke.