It's instructive also to look at how ioneer trades (Nasdaq: IONR), as a comparison. IONR has a Market Cap (MC) of $0.5bn. If you adjust for the proposed 50:50 JV with Sibanye-Stillwater for a cash injection of $0.5bn, the Enterprise Value (EV) of IONR is about $0.2bn, or $0.4bn on a 100% basis. Thacker Pass is a bigger resource/higher grade (6 x LCE), fully permitted, 100% owned, in construction, and will be fully funded shortly after separation. Rhyolite Ridge has a Boric Acid by-product, 50% owned, partially funded, and has significant permitting issues remaining. IONR has not yet published an EIS, so they are arguably 2+ years behind LAC (longer if their ROD is challenged in the Courts). The LAC EV should be at least 2 - 3 times that of IONR, in my view.

At 2x - LAC EV of $0.8bn, plus $0.7bn in cash = MC of $1.5bn = $7.15 @ 210m shares.

At 3x - LAC EV of $1.2bn, plus $0.7bn in cash = MC of $1.9bn = $9.05 @ 210m shares.