There are a couple of factors that I would add to your...

There are a couple of factors that I would add to your calculations.

1. LKE's MC is and was greatly effected by macro conditions. They were sitting at almost double the current MC for some time. Your assumption that we get to 30% of LKEs MC in the medium term also needs to raise the question of where LKE's MC will be in the medium term.
a) because of increased demand and resurgency of the lithium sector.
b) because of the progress of LKE towards full operation.
One could argue that our MC is also hurt by macro conditions and I would say what's good for the goose is good for the gander.

If we achieve 30% of LKE's MC (at $3b) than our SP will be closer to $0.10 (10c)

2. There's an unnecessary finality to the 30% of LKE calculation. If we are able to get the market cap up, it will be as a result of progress. That progress will help to actualise the roadmap and I would say at that point we should have a clear path to achieve a similar valuation to LKE on a pound-for-pound basis.

i don't think 20c is out of the question in 2-3 years, looking at LKEs path and factoring in expedited set up.