Mate, that's a really hard question hahaha I'll give...

Mate, that's a really hard question hahaha I'll give it a crack... but note only for fun and games. Despite my license, this is not financial advice.

Basically you're asking the enterprise value of EUR (company)

Short answer (rough guess):
- $US4-5B (ASX:EUR)
- $US3.5-4.5B (Nasdaq:CRML)

Considerations (all USD):
- Wolfsberg project pro forma EV $838M 26/Oct/22, which was based on "sneak peek" DFS (start here)
- Now we have NPV of Zone1, $1.5B (can ignore above)
- Add in Zone2 (assume carbon copy), add $1.5B
- Add Saudi finance $400M
- Add in assumed further cap raise and loans $450M
- Add BMW $15M

So CRML is at $3.865B, then:
- Add in Ukraine, Greenland, Australia assets
- Add in other Austrian projects
- Add in CLE and CFU shares
- Add in cash equivalent, etc
- Note: Assumed these are all greenfield without PFS

It's important to consider that it's subjective... just because someone is willing to acquire doesn't mean shareholders are willing to sell. It's not too different to selling a house and lot (+ granny flat, pool, vineyard at the back, etc).

The more realistic scenario, is basically what happened to Liontown. Whoever want to acquire often starts accumulating shares from market as prospective mining companies are often undervalued (very rarely not - what we saw during the pandemic is one-off due to cheap/free credit will never happen again in our lifetime which inflated equity market capitalisation against intrinsic value). Then offer.

Unsolicited offers to fully acquire usually at a premium to MC (and therefore share price), but at a discount compared to EV.

So I would say, a "moral" deal based on above, at a guess, USD2.5B dollars both buyer and seller to agree for all of European Lithium (ASX:EUR).

P/E ratio and EV/EBITDA will be used, amongst many other various other considerations.

Thanks for the question/game.