They have "plans" for shipping 2.5MT per year which would nett...

They have "plans" for shipping 2.5MT per year which would nett say $75M which is 2.5x the current sp so at a pe of 8 I theoretically the upper limit (without considering Bulman and their other interests) is @20x the current sp or 36c.

BUT they haven't come close to demonstrating that they can ship anywhere near that amount and they are totally strapped for cash. They need funding to develop the port and for equipment not to mention pay their own salaries. Who knows if that will ever eventuate or if it will involve even more massive dilution from here on.

I would guess that if you paid up @20c you "might" have a chance to get your money back. Stranger things have happened.