Running Commentary on the SP Movements., page-1281

If you check how many Chinese companies are buying and investing in lithium mines, you would not think 50c is expensive.
TianQi Lithium acquire Talison (Greenbushes: 6.6Mt LCE on 100% back then) in 2012 for A$1b while lithium price was very low, currently lithium price is up +300%.

AVZ's shared Exploration targeted lithium resource, 19.7Mt (mid figure)!

Also, more recent acquisition from China:

On 16 October 2017, a Chinese company bought 60% of a Canadan lithium deposit (still in development, not in production yet) with lithium resource of 14.25Mt @1.4% Li2O (M&I:12Mt), total LCE 0.258Mt for US$60m.

AVZ's middle figure of attributable (Exploration target) LCE is about 19.7Mt.

If using that deal base, US$60m / 0.258Mt LCE x AVZ's 19.7Mt LCE x FX 1.279 = A$5.86b
Then apply for DISCOUNT for RISKs (80%), A$5.86b x 20% / fully diluted shares 2.2b = 52c per share.

Only for exercise.

DYOR.