the SP will grow exponentially when risk is removed in the form...

the SP will grow exponentially when risk is removed in the form of offtakes, financing and FID
FID cannot occur without the previous 2 things and you have said FID wont occur until Q1 2025 therefore financing and offtakes will occur in the next 12-16 months based sheerly on what you've said, ASN will be worth alot more than 150m MC when they are approved for 700m AUD in financing to build the plant so if you wrong unless you don't count 12 months as being in the 'near future'
once FID is passed then ASN should be worth between 700 and 1 billion which is a 400-600% increase from today, yet you're trying to argue that theres no value to be found at 12c..