all that matters to the market right now is how reasonable it is...

all that matters to the market right now is how reasonable it is that the project gets off the ground is some capacity in the nearish term. At this stage, there are no signs it will - no moreso than it has in the last 10 years. Virtually no progress appears to have been made on realistically getting it to market. So a valuation will be based on whether people are willing to park money into a vehicle that may take many, many years to see a return. In this risk-off market the answer is a big no. Until they can prove that even the 5m path is achievable in the short-medium term, it will likely be valued as it was prior to the huge talking by the board over the last 12 months... which was well below 10c.
I hope i am wrong because this is brutal for many holders. But its not the market for a board that seems to be unable to make this happen ( i mean seriously "these cost escalations are a wake up call to us". Who didn't realise costs had skyrocketed across the building sector over the last 12 months). They must have been off with the fairies.