Ann: QLD Govt Approves $3.1M Grant for Townsville Battery Plant, page-19

It’s still heavily overvalued at this price. What does the $200m MC get you exactly? If/when they’re producing and selling batteries on commercial scale that’s a different story, however that’s 2 years away minimum. But for right now there’s a low cash balance and 40% ownership in $5m worth of battery making equipment and factory space (which is yet to be formally identified).

So yes below 40c is my prediction for the foreseeable future...