Ann: Notice of General Meeting - Leo Lithium Demerger, page-67

Leo gets 45% (could drop to 40%) of this which values LEO at around A$1.8B compared to the implied market Cap of A$838.3M if the maximum new shares are applied for.
This is still a 54% discount to the NPV of the project.

But the NPV is based on spodumene prices of US$900-1,250 and currently the spodume price is around US$6,000.
So even if the price drops back to say US$1,500-2,000 the LEO shares still look incredibly cheap.