Ann: Small Scale Commercial Pathway and Corporate Presentation, page-7

I think your conclusion is correct; the share price doesn't reflect potential.

Most investors would understand there is a ways to go before the next value adding event (gas flare) and even then, until the results of the gas analysis and environmental report based on an active underground gas burning chamber are known - the project isn't out of the woods.

The all important upgraded gas reserve estimate is also a potential game changer.

From LCK's perspective they will want a much higher share price before they start raising serious capital, hence they have put forward a lower cost next stage (electricity generation) as their next large capital requirement. Once that is fired-up and selling electricity, they can start raising cash for subsequent developments. at a much improved share price.

It's going to be along haul, but in 3 years time many will wish they had bought in at 17 cents.

Smart buyers are probably waiting for the price to slump further.

IMO
DYOR