It depends on the investment cycle of the commodity.
8x might be high today, but 12x might be the standard in 5years if interest rates drop. This is the FA crap that does my head in that no one ever gets right.
Simple facts matter at this point. 1. We will be low cost producer. 2. We will be profitable at low prices. 3. We can scale past 2mpta and if this happens spod is >2000.
either way, we are doing better than others in north america imo
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