Delta Lithium’s Golden Dilemma: A Chat with MD James Croser at Future Facing Commodities

In a candid fireside chat at the Future Facing Commodities Conference in Singapore, Delta Lithium’s Managing Director James Croser offered a compelling update on the company’s dual-track strategy—one that’s balancing lithium ambitions with an increasingly hard-to-ignore gold resource.

As Croser tells it, the company’s lithium journey began almost by accident. Back in late 2021, Delta acquired the Mount Ida asset from Ora Banda, originally eyeing it as a gold play. “We bought that asset… as a gold investment,” he recalled. But with lithium fever gripping the market at the time, the discovery of lithium in the Davyhurst core farm quickly became the lead act.

Mount Ida has since evolved into a multi-commodity gem. Delta has delineated a resource not just for lithium but also tantalum—while drilling for gold the whole time. “We were able to take that resource from a hundred odd thousand ounces to the 752,000 ounces we have now at three and a half grams,” Croser noted. For a deposit once overlooked, it’s a serious transformation.

But herein lies the rub. With lithium and gold both jostling for attention—and investor capital—the company now faces what Croser calls “a very good problem.” Delta is weighing whether to keep its gold under the same roof or spin it out into a standalone entity. “We think there’s certainly an argument to be made for separating our commodities and perhaps setting them free,” he mused.

While Mount Ida remains central to Delta’s strategy, it’s not the only project turning heads. Over in the Gascoyne, the Yinnetharra project continues to bulk up, not just in lithium but tantalum—a strategic metal increasingly prized in electronics and aerospace. Delta recently updated its mineral resource, lifting the indicated lithium category by 140% and significantly expanding the tantalum footprint.

“The tantalum system… seems far more extensive than we initially recognised,” Croser said. “It’s just too much to ignore as a potential by-product revenue.” That’s not just exploration puffery; tantalum grades within lithium pit shells are high enough to potentially reshape project economics.

And unlike some of its lithium hopeful peers, Delta isn’t strapped for cash. As of December, the company was sitting on a $70 million war chest. “That’s real cash money,” Croser quipped, hinting at a readiness to pounce when market conditions improve.

For now, investors can expect strategic decisions ahead—particularly around monetising the gold resource. While lithium remains the primary focus, the notion of unlocking value through a gold spin-out is firmly on the table.

It’s a classic case of geological serendipity meeting market timing. Delta Lithium might have entered the scene with spodumene dreams, but its golden subplot could prove just as rewarding.

As Croser summed it up with a grin: “Cashed up, well supported, a strong asset portfolio that continues to drive value for Delta Lithium and its shareholders… exciting times ahead.”