General Comments & Banter, page-87

Your general principal is correct (I haven't checked the math).

High market cap (i.e. more shares on issue) was listed in my analysis as a weakness for this very reason
(https://hotcopper.com.au/threads/fundamentals.3508506/page-824?post_id=31140766#.Wo4ZS-eYO70)

But, other things affect share price...
1. Lithium grade (i.e. price sell product at)
2. Volume of product sold (expansion)
3. OPEX

Ultimately, share price is determined by (earnings per share) X (uncertain market sentiment factor) but, that's a long way off - we are still working on pure market sentiment.

I think the point is, ORE is a good example of a nearby "producing" Lithium company.

We've missed the boat on ORE, but AGY still has multiple bags left in it.

IMO
DYOR