PLL is almost certainly overvalued and I accept your...

PLL is almost certainly overvalued and I accept your calculations based on NPV. However we need to consider other exceptional factors inherent in the Lithium market and potential Lithium suppliers. That is why I felt that one should compare the SP of INR with other potential Li companies. INR has a number of advantages over the other 2 that I have mentioned and I won't go into here (they are all detailed on the INR website - cost, geographical position, engineering detail etc ).
If PLL is worth only 30c, then you may be spot on with a value of 50c for INR. But at present it is around 77c due to the offtake agreement made with Tesla. However PLL has no mine and hasn't even applied for a mining permit, but instead has bought into SYA for a 20% share. However SYA could very well be a "basket case" and has its own problems. So there is no other potential major Lithium mine in North America that can supply the certain future Lithium requirements necessary for the planned production of EVs and other Lithium batteries.
So the SP of INR in the later half of this year will probably depend on any offtake agreements made with INR and I suggest that on the basis of probability these will happen. Therefore, 50c is probably on the downside of the potential SP.