Mate, everyone understands that.
Read the Baillieu Holst note, they also conclude the project will effectively cost $90m for VEC to get their 60% once its gets into production.
Does that mean it can't be a good deal? No.
Does it need to be considered? Yes.
The market clearly does not see this as a $25m market cap, hence the recent trading.
VEC chart, page-660
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