16.5c really?, page-34

Goldbull, don't get me wrong, would love to see this project fly like the wind, and in the scheme of things, the option dilution of 17mln shares is indeed somewhat irrelevant.

But right now though, they have a paddock with stranded coal under a granite plate, some 1500mtrs (don't quote me on that depth) underground. The State is desperately craving power (and jobs), due in no small part to governmental interference regarding power generation. As for the agreement with Shanghai, I wouldn't ascribe any value to that, but it doesn't hurt. They have sold a story to investors and have about $11mln from recent raising, and a fairly substantial cash burn without income.
I haven't seen the site and I am unaware of how far down the track they are in preparation for the next stage which is the gas flare. This requires a plant of some kind to be bolted together onsite. I don't know how much that costs, hopefully less than the $11mln raised or however much they have left of that.

The next milestone is indeed the gas flare, and if this proceeds on time, without a capital raising prior, that would tick another box and propel the SP hopefully beyond the 50c mark.

But yes, I'm with you and I will wait for an exit far away from this current SP.