sorry 2000Tpa... my error. So yes generating USD 44,000,000 PA...

sorry 2000Tpa... my error. So yes generating USD 44,000,000 PA or AUD 62,500,000 PA.

that being said Puna will also be responsible, I would have thought , for their share of taxes, ie 22.5% of 25% = USD3300

So perhaps more like AUD 70,000,000 PA. Market cap based on 2000 Tpa ÄLONE would suggest 600-700 mill, ( and I would be happy with my 4 cents per share dividend for the next 20 years , as I have been invested here for 7+ years and hold a several million shares at under 10 cents avg) Still buying though at current prices as I see the potential.

BUT you are basically valuing the company based on that alone and not allowing for any further growth, which there will be. So based on my discussions with the company, the permits will come through eventually and the resource size , by drilling from 100m to 300m, will substantially increase. There is no need to panic with regards to offtakes and funding.. this is just waiting ( as mentioned above ). The company could have got funding and offtakes by now if they had wanted to but would have had to accept heavy dilution. They have elected to play hard ball , as the market favours them at present.

Each to their own on how they value a company but if I was to invest using your tactics then I would have to wait until the 12,000 plant is in production, as then and only then , would it warrant what should be an SP of around $1.30 to 1.50 and hopefully paying divendeds.
Naturally there are many investors who would rather purchase now, with the knowledge/assumption/hope ( whatever you want to call it ) that they will be producing 12000Tpa in 2-3 years , and their investment will be 3-4 times what they have invested today.

Market has it valued at where it is now and I can live with that , it is what it is, but I am also pretty sure that it will not be valued as it is today in 2-3 years. I am not sure what your motivation is here, you state it as a SELL and do not hold, so I would really be interested to know just what you think the company is worth and what the SP should be and why you elect to post on a company you do not hold or do not wish to invest in . You elect to post here and make your statements, so please provide us with your valuation for our assessment. I can only assume you have limited knowledge of the company as again I have been invested over 7 years, have discussed my concerns with the MD directly when I have them , and have a pretty good handle on where this company stands...IMO.