Ann: Joint Venture with Ganfeng - Overview, page-67

your thesis applies no value to Goulamina prior to their investment.

imagine Goulamina has 130 million shares on offer currently valued at 20c for approx $26 mill market cap. Goulamina co does a cap raise and raises $130 mill at $1 per share. there are now 260 million shares on issue and Gangfeng paid $1 each.
the company has a Market Cap of $260 mill and has $130 mill in cash to spend on advancing the project. you can choose to say the market cap is $130 mill and that Gangfeng has halved their ownership value to $65 million ie 130 mill shares at 50c each.

If you were in the real world and the company was listed, and a company subscribed for 130 million shares at $1 i would say that the share price would hang around that $1 mark or could surge to $1.10 or $1.20 knowing that Gangfeng was willing to pay $1.
the only way that your figures work is if you ascribe zero value to the project prior to gangfeng investing and zero value to our share after.
Our share is $130 mill and we have $65 mill cash = $195 mill and their share is $130 million and $65 million cash = $195 less the $130 mill they contributed. = $65 million