look at the valuations of similar companies who are in early stages, Vulcan is one example starting with cents and now look at it
this is a 11m market cap micro player with a business case that’s running in $$ billions over 80 years based on a pre-feasibility study not a gut feel that too for a renewable energy product not a coal mine. They road is going to be full of challenges as they need funding close to $1b but they do have control over the asset and have a study backing the feasibility, surely there would be interest from other players and local authorities too
this will rocket on opening imho
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