The chart is building a new base at a lower level compared to...

The chart is building a new base at a lower level compared to the July/August base (red saucer shaped line below). I thought that first base was going to form a cup and handle pattern but the handle fell away during the significant Sept/Oct market correction. A new base is forming which IMO offers an even better (lower price) entry. I've topped up recently, mostly around 11.5c. I can't believe this is still only around $107mill mc now that it has its petroleum license and a commitment for 70% of its funding for the urea plant. The large capital raising clearly affected the sp over recent months but that creates the opportunity. The NPV for the project is $3.4billion. I have no doubt this project will go ahead.
This is what I expect from here (let's see how it works out);
As we approach commissioning of the power plant early next year, the sp should rally from current levels. I'm thinking to around 17-22c before the year ends. Early to mid next year, assuming the power plant operation goes smoothly and proves the UCG works at scale, the sp should rise to new highs between 50c to $1. At $1, the mc will still only be around one third of the project's NPV. I'd expect an equity issue to lift the mc to around 50% of the NPV meaning there will likely still be another 100% upside over the following one - two years to around $2 for the mc to reach the project's NPV. This all ignores the far higher urea prices that we are seeing now compared to when the last economic study was completed. I'd expect urea prices to peak next year and eventually come back down but they may settle at a much higher level than the prices assumed in the PFS. If not, upside is still immense from these levels based on the PFS numbers. There is no licensing risk remaining, country risk (South Australia) is very low and while there is some operational risk, the previous testing satisfied the State Government to allow granting of the petroleum license and for the company to commit funding to the power plant. This appears to be just starting to trend higher off a very low base. Upside is huge for relatively low risk.