The realistic margin when SOP prices and Fx normalise is...

The realistic margin when SOP prices and Fx normalise is A$400/T? Unless they can slash costs.
So roughly $40M profit??
Factor in 1.8B shares.
Suggests you will need a hefty PE to get to 20 cents which was the IPO price and close to the 18 cent raise last year.
Had they successfully completed the build and commissioned with the original finance/equity package and had 450M shares on issue you would be laughing now with high SOP prices. SP would be $2-3.