More than that. The table below looks at the Australian lithium...

More than that. The table below looks at the Australian lithium deposits. I've also added two that don't yet have a JORC resource but given the MC and drilling done, there will be a significant JORC resource at some stage. The top six all have MC's over $2b (or would have if separately listed as 100% controlled entities). They also all have resources 100Mt or if you look at the theoretical 100% Li₂O content, over 2Mt.

If TG6 were to define the top end of their exploration target range of 20.1Mt at say 1.3% grade then they have 0.26Mt of Li₂O and be ~13% of the way towards the massive resources they have. That's actually a pretty special achievement for how long TG6 has been around.

Quite a few - IGO, MinRes, Arcadia and Develop also have substantial non-Australian hard rock lithium assets meaning their MC is also influenced by these other factors. Its unclear how much of their MC is from other operations and how much is from Lithium so I've gone n/a on the MC's because the lithium related element of them isn't available.

Among the smaller operators the EV MC per theoretical 1Mt of Li₂O is a wide range of around $60-$200m. This would put TG6's EV at $15.6m to $52m ($0.22 to $0.73 before cash assets). The market has serious doubts around the economic viability of smaller deposits. Presumably these doubts originate from Core's mining of Grants (a 2.9Mt resource which after the mining Core has done on it is still 2.32Mt). Higher valuations for TG6 will require them to both define meaningful resources (which they are on the way to doing) and progressively tick the boxes around why its viable.

Note - Many of these EV/Resource multiples were much higher only a few months ago.