I'd be prepared to take a punt on market cap if we were dealing...

I'd be prepared to take a punt on market cap if we were dealing with a company that had a track record of successfully delivering and operating other plants. But without anything to use as a basis, valuations are pointless and will be way off.

What I do know is that we don't have a plant up and running, we don't know when it will be finished, moved into production, or if/what problems during commissioning will cause further delays. We don't know the final operating costs, nor what the net profit is likely to be. We don't know for certain that any sales contracts will be honoured nor the details of their escape clauses.

There are just too many things we don't (but should) know.