Our partner Bearing ( BRZ ) reached a market capitalization of AU$35M yesterday., page-9

i dont think calculations are correct. You shouldn't do it based on share price, but rather market cap.

LPI owns 51% of the project and has a market cap of $267m.

BRZ owns 17% of the project and has a market cap of $35m.

If BRZ was to have the same valuation as LPI (I have put no value to the WA assets since there has been no drilling), it should be worth $89m, so about 2.5x more than its current value.

LPI is undervalued compared to its peers of GLN and LKE, but BRZ is even more undervalued. For that reason, I actually own both LPI and BRZ as well as GLN.