If we are talking about an "efficient market" then your...

If we are talking about an "efficient market" then your assumption would be correct. But with BRB, it has not been an "efficient market" valuation for a long time.

If (as I suspect) BRB delivers a more comprehensive picture when they announce this transaction, then I suspect we may have every chance of moving towards a more realistic valuation. As Countrywriter well detailed in his report, there are multiple near term catalysts (besides Li) that become "real" now they have $80+m in the bank. Potentially we may see an announcement on much earlier commencement of mining (fully funded) plus near term significant resource upgrade (>2moz??). If this is the case, market will start to re-rate BRB as an operator about to start generating cash with lots of upside and scale potential.

We await the actual news from BRB on what, why, how, when and all can assess at that stage.

GLTA & DYOR