it was interesting/confusing that the BSE price rallied on...

it was interesting/confusing that the BSE price rallied on Friday

I'm very confused about target value.

But here are my overall thoughts:
The Toliara part of the deal is NPV valued at $2Bn USD;
The original EFR value was $1Bn USD;
The downstream value of the REE production from EFR is comparable size to Lynas, which is capped at ~$4Bn USD;
That's a total of $7Bn USD on a sum of the parts valuation while the post merger entity will be capped at $1Bn; there's a further 6 or 7 times upside at these prices.