Phoenix Water - PXW - Lithium - 100x, page-1964

I think VUL is more comparable than Anson. VUL has a geothermal resource but it's in Europe.
Last time I checked, VUL had 11mt LCE M&I which is similar contained lithium but Phoenix has more than twice the grade of Vulcan's 181ppm.
Also, Phoenix is in the US so gets the benefit of the IRR which adds considerable value.
VUL current mc is $769mill. I'd expect Phoenix to be worth considerably more given the above comparisons.