Your numbers for the USA plant look to be quite conservative (probably appropriate given start-up nature of company and macro-economic climate).
However, the value in the company is not in how profitable Geelong, or even the first US plant is/will be. It's in proof of concept (and scalability) of a disruptive technology and business.
If everything goes to plan and the USA plant works (no reason to doubt this currently), then the tech is scalable to cover all slag and dross processing worldwide - it's greener and more profitable than any alternative (land fill or other unprofitable/inefficient recycling techs).
Investing here isn't based upon getting one US plant up and running it's about rolling out the tech everywhere, potentially creating a multi-billion dollar company long term.
If you want to invest on static profit and a low PE without considering the potential massive growth of a company beyond current plans stick to "blue-chips". There are obviously big risks ahead, but that's why it's a small cap 'speculative' stock.
Personally management have done nothing but impress me with what has been achieved so far, so I'm all in.
MHM Price at posting:
85.5¢ Sentiment: LT Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)