Valuation

Firstly, apologies if I am stepping on anyones toes by creating this new thread, however I wanted to generate a relative informal conversation around the true valuation of this project. As Ioneer is not currently generating earnings, I respect the boundaries will be wide, and so I would ask for those with thoughts to please provide sound reasoning.

While I understand this is not how you value a company, I would like to ask this question. Sibanye is willing to pay circa US$490 million (conditional) to buy 50% of the project. The DOE are willing to through circa US$1 Billion debt (conditional) at the project.
this equates to circa US $1.5 billion of legitimate equity and debt being committed to the project by massively reputable entities.
Yet Ioneer trades on a market cap of only circa US$700 million.
Like I said, I understand this is not how you value a business, but then why would you potentially commit US$1.5bill for a company that is only being valued at US$700mil.
IMO this is one of the seriously undervalued lithium stocks on the market (comparatively).
DYOR. I look forward to hearing your views.