cheapest coal play on asx *** overview***, page-8

It depends what the PE is. Since they have very little in the way of operating and admin costs, they theoretically could pay a pretty sizeable dividend which may give them a higher PE. Particularly if they aim to replicate the "free carry" model for other projects so they are not capital intensive.

So I'd say $15M cap is not "at best" but "at worst" assuming they get their 1Mtpa and start declaring dividends. If it's PE 10 that would be $30M, or 37c/share.

But yes, 20-30c would seem a reasonable valuation for Abadi, which is what we've been talking about here for months, if not years.

To go much beyond that they will probably need either an upgrade to production tonnage at Abadi or to bring some of their other projects online.