Completely agree @NT84 - and I sincerely hope that's the way it...

Completely agree @NT84 - and I sincerely hope that's the way it plays out.

My point was simply that a fair value established only on revenues from the sale of the India R&D plant outputs (such as the Arrowhead model) can't credibly lead to a fair SP value of much more that $0.026. The market needs to be convinced that the commercial plant in India has a significant prospect of proceeding and that the LV plant has a significant chance of proceeding to generate predicted EVs of AUD $250M and higher ($0.050 SP).

Right now the market isn't even factoring the R&D plant revenues into the SP, let alone the possible future commercial plants. If that changes all bets are off as its very easy to project an EV of AUD $250M or AUD $500M if the commercial plants (and RoW revenues) go ahead. Once the market changes its mind on this its blue sky as far as the eye can see.

There is a vast difference in fair SP value between a parsimonious valuation based on sale of the outputs from a undersized and non-optimally efficient R&D plant and the SP you get if you start assuming a sprinkling of commercial plants around the world with associated IP licensing revenues.

What is it they say: the market can stay irrational longer than you can stay solvent? I still think the market has it wrong on this one but after past disappointments I'm not getting too carried away with the likelihood that the market will correct its thinking quickly. But it'd be grand if it did!

GLTAH.