Not sure your numbers are quite right...
But the current valuation is stupidly low.
In a nutshell:
Market cap $660m
Cash ~$270m
Spod stockpiled ~$30m
12% of LPD - $13m (game-changing tech at pilot stage + significant deposits in Africa, North America and Europe)
12% of A40 - $27m (high grade deposit with huge resource size expansion potential + downstream LiOH contracts in progress)
Mt. Cattlin (generating ~$50m-$70m EBIT p.a.) - valued at $210m (so P/E of ~ 3-4 for the asset)
James Bay - 40Mt (1.4%?) Li resource valued at - $20m
Sal De Vida (arguably the best undeveloped Li brine resource globally) - $90m (noting that a lesser quarter of it sold for $400m)
For a strategic investor who wants to buy into the Li boom, the GXY assets are at firesale prices considering what they are getting.
Could start appealing to non Li investors too who want to buy out the company and then break and sell its parts.
e.g. in this market, Mt.Cattlin valuation should be in the realm of AJM or A40 (perhaps a tad less unless/until we get new expanded resource drilling results), Say Sal de Vida is worth only a quarter of the value that was ascribed to it, and say James Bay is permitted and approved and then sold.
Mt. Cattlin - $250
James Bay - $40m
Sal de Vida - $300m
Valuation ~ $930m (Equivalent Share Price - $2.28)