You have minimal understanding of how the company will be...

You have minimal understanding of how the company will be generating revenue based off this writeup. You can not measure a company just by its share price, it is the market cap that matters. Doesn't matter if FEX is 10c, 20c, 30c whatever price - it is its market capitalisation that is the important factor. They have a market cap of ~$200m, if EBITDA is $30m this is a very fair reflection. Not sure what your point is. QPM reporting a net loss of $37m in 22/23 FY, has absolutely no reflection on the future performance on the company - they hadn't even closed the acquisition of Moranbah at this point and that expenditure was all related to TECH. This expenditure, given the most recent announcement and previous quarterly, will not continue with TECH being put on hold and QPM transforming/prioritising to Moranbah.

While I agree 20c is over zealous, it is not out of the questions with a few years of growth. Your points about not being connected to East coast gas system etc is valid, however 75%+ of the revenue will be generated via TPS. Your criticisms, if any, need to be aimed at future electricity prices for QLD region, which will play the most important factor in how profitable QPM may become. Financials currently do not support a 20c share price, however markets being forward looking, they can probably price in that QPM will be profitable in the future.