Regarding that LPI deal, the final value came in at $385mill,...

Regarding that LPI deal, the final value came in at $385mill, not $315mill as reported by Bloomberg.

From LPI's website;
Maricunga, ChileLocation: Atacama region, Chile.Ownership: 100% owned by LPIStatus: Definitive Feasibility Study (‘DFS’) for the Stage One released 1Q22Resources: 1,905,000 t lithium carbonate equivalent, 4,950,000 t KCl

A$385mill for 1.905mill t LCE works out to A$202 per tonne LCE. This is at a time of a heavily corrected lithium price which answers questions on how the current lithium price might affect current deal valuations.
While that project is further advanced than ours with theirs having a completed DFS, I think LPI had very little bargaining power because of the Chilean nationalization plans requiring Codelco to be heavily invested in lithium projects in the country. No Codelco, no project! At least that's my understanding.
$385mill is a small fraction of the NPV of the project (around $1.4bill from memory) which may reflect that lack of bargaining power but A$202/t is still a good outcome.
Phoenix will not have any such political pressure or restraints to heavily dampen its bargaining power.
If we get a similar $202/t, that works out to 12.4mt x A$202/t = A$2.5bill which is US$1.57bill.
Based on the outcome for LPI and the more favourable country location for Phoenix, something around or perhaps significantly in excess of US$1.6bill seems to me like a reasonable expectation.