holedigger,At the moment GXY is not a going concern and there is...

holedigger,
At the moment GXY is not a going concern and there is still a long time before the first Li2CO3 is sold for profit.
The current Market Cap is assuming some 'future value' as a producer and is much higher than the present 'intrinsic value'.
Intrinsic Value is best measured by Cash in the Bank and Saleable Assets at this point in time.
Needless to say,this falls well short of current Market Cap.
When the first plant is fully built and commissioned at Ravensthorpe,then a higher figure can be given.
Cheers