I've chosen not to evaluate companies solely based on their LCE...

I've chosen not to evaluate companies solely based on their LCE resource. There are brine projects out there with substantial resource potential, but their lack of access to water supply renders them economically unviable.

Standard Lithium's Arkansas BrineProject possess 1.8 million tonnes LCE @ Avg Grade 437 mg/l, trading at mkt cap of $750M
Where as, Anson Resources with JORC of 1 million tons LCE trading at mkt cap of US$120 million including cash on hand.
[Standard Lithium's DLE pilot plant is on advance stage compare to Anson's pilot plant.]

Reviewing definitive feasibility studies of around 7 different companies, they are trading in the range of 20% to 50% of NPV.

While we're currently in a blackout period, I've maintained reasonable expectations.
I would be content with Phoenix deal above US$1.3 billion, but the best-case scenario would be one exceeding $2 billion. However, my preference is to get the deal done ASAP rather than waiting for another 12 to 15 months.