In fairness there is so a fair bit of terminology and...

In fairness there is so a fair bit of terminology and structuring floating around it is easy to be unsure. Not easy for outsiders or shareholders (myself included!) to follow. I do think for a proper re-rate, there will have to be some further press making it easy to digest for the newbies and also most importantly assessing the (when producing) financials/NPV with the current MC. ARL themselves could give that a nudge or maybe independent analysts/brokers will do so of their own accord.

However, the biggest lull is from now until production. This is a few years away and even if we got a substantial re-rate, without any new news the SP could just trickle lower as tends to happen in a no news environment.

My guess is that once the word gets out and analysts become more vocal, there will be a reasonable re-rate (maybe 2x) from where we are now. But then we could stagnate in the absence of further news (but we know ARL has plenty of other substantial interests in tenements which we know are bubbling in the background).

Regardless, in 5 years time though, we will be very happy LT shareholders indeed, purely from the KNPL business alone.....