Ann: Eneabba acquires 2 Lithium Projects in Argentina, page-36

At current price:

If they do a 1 for 3 consolidation:
Shares pre consol = 524m = equiv. 174m
Shares to be issued = 289m
Total SOI = 463m
Inferred post consol / raise / re-list market cap @ 3c = 463m x 0.03 = 13.9m
EV = 13.9m - 3.5m = 10.4m

Highly doubt they will do a 1 for 2 consolidation now but if they did:
Shares pre consol = 524m = equiv. 262m
Shares to be issued = 289m
Total SOI = 551m
Inferred post consol / raise / re-list market cap @ 2c = 551m x 0.02 = 11m
EV = 11m - 3.5m = 7.5m

Just rough calcs but seems cheap to me given the location.