I’ll tell you my rationale, and hopefully it’s not too far off base. In Arena’s 21 June 2021 news release they announced that Ganfeng would acquire 35% of the Sal de la Puna (SDLP, not sure where I got the SLDO acronym in my post, sorry) Project by investing USD $7.8 million. That places the value of the project at USD $22.25 million. LAC is investing USD $4.8 million and the proceeds, like Ganfeng's,  are to go toward the purchase by Arena of the SDLP Project from Centaur. My simple math tells me that is 21.5% of the project, not the company. Hope this helps. 

The SDLP Project is a 3 hour drive from LAC's CO Project. I'm wondering if we're going to see lithium salt being trucked north to CO for processing in four years.