I just ran the same numbers and came to same conclusion.
At 6M value of CAI stake in Pirra, and ~600M CAI SOI, that gives SH's a value of 1c p.sh for Pirra.
Much less than your 5c, but still it puts a 15M MC on Pirra which seems fair to me for a new company with no drill hits yet. I understand your nearlogy comparison with WC8 though and pray we may get a similar outcome.
Ann: Global lithium producer SQM takes 40% in Pirra Lithium, page-19
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