I believe $2.50 SP target is unrealistic given the amount of...

I believe $2.50 SP target is unrealistic given the amount of dilution that's occurred and will continue to occur before the constellation is up.

My rough ball park is a 30-50c target within 3 years but even with a 20c target there is still huge rewards to reap here.

The SPP is not bad and offers a modest return even with a 20c target.

• SPP Take up = $15k @ 3c ps = 500k shares
• Sell at x 20c = $100k
• Minus your initial investment of $15k = $85k
• Now adding in your free options 500k x 0.20 = $100k
• Minus your exercise price of 5c= $75k 
• $85,000 + $75,000 = $160k
• CGT 50% Discount = $80k
• Tax payable (37%) =  $29k
• $160k - $29k = $131k

Not bad for a $15k investment?
If the first 16 go up, It's more than likely the full constellation will become a reality.