Current market capitalization is $8m. In the 2015 Annual report...

Current market capitalization is $8m.
In the 2015 Annual report the tenement assets were valued at $3.5M
The current cash position is $2.5M

On those numbers the company looks to be fully valued by the market at this time.

The shares on issue as reported in the 2014 Annul report were ~258M
The shares on issue as reported in the 2015 Annual report were ~950 M
in those 12 months ~91M shares issued @ 0.0016, ~515M @ 0.002 and ~40M @0.0024

In recent months ~393M shares issued @ 0.003

Of the total ~1.4B shares on issue ~1B have been issued at 0.003 or less.

In recent months the company has proposed acquiring 2 lithium prospects.

The Canadian prospect will cost slightly more than $1m to purchase. There will then be exploration cost to consider. When the administration costs are stripped out there remains ~$2M in cash. So the maximum budget for Canada is $1M for exploration.

The Nevada prospect will cost ~$200K to purchase in a cash and scrip agreement. The recent independent geologist report suggests a plan to drill to the basement rock. The total depth of any such hole is over 1500M's given that the Nevada prospect is 300m's below sea level at the surface and the basement rock is 1800m's below sea level. The geo's report rates the chance of encountering brine aquifers is "moderate".

On those numbers either lithium project will consume all of the available cash in the initial exploration attempt. There is not the cash to do both.

The company has most recently announced they intend to conduct a further review of Mt Adrah with the intention to formulate a drill plan. If the company proceeds with only one lithium prospect the drill plan for Mt Adrah will require additional funding.

SOC appears fully valued at this time based on the intrinsic value of its assets and the likely exploration expenditure flagged by the company. For the market cap to rise, one or more of the company's assets will need to rise substantially in value. This can only happen if exploration is actually conducted..... rather than merely a series of forward looking statements which is all the company has released so far.

This is my analysis. Please DYOR.