I'm a bit reluctant to go for a really optimistic timeline. Also...

I'm a bit reluctant to go for a really optimistic timeline. Also deliberately taking a slightly contrarian view for your consideration. In my experience, these things can take a bit of time. My guess:
Non-binding MoU for Offtake by 28 August, binding offtake by 25 October, both with Mitsui.
SP before offtake: 11.5c, SP after offtake 18c, pure uneducated guesses.
I think that expectations for swift success are high at the moment, and if things should take a bit longer, this can turn to bitter disappointment very quickly if the crowd looking for quick megabucks runs out of patience and moves on, seen it many times.
I also think that undervalued companies can stay undervalued for a long time, even in the face of mounting evidence that they deserve a re-rating.
Having said all that, I also think that this company is grossly undervalued and it is a strong buy for me.
Remember the old adage that in the short term, the share market is a voting machine, but in the long term it is a weighing machine.
Ultimately I think the re-rating will come and CAP will at least catch up with its peers. I just think it may take a bit longer.
All IMO, no advice.