Definitely possible but remember DEL only have 50% interest in...

Definitely possible but remember DEL only have 50% interest in these projects. So it's going to take more than 2 fully operational projects to warrant that valuation and for sure no more dilution events.

There is scope for a regearing event which would mean both DEL and Palisade can extract equity from the projects to fund/recycle into the pipeline. But maximum value enhancement can only take place once derisked and operational. Regear during construction possible, but won't maximise value and a flawed strategy in my opinion.

Put the cashflow on a silver platter for the banks. Make it a no brainer.

Once VIC 1 and SA1 are fully operational the market should start to value the pipeline more seriously.

Alot of optionality should start to open up and optionality is valuable.

They just need to deliver on VIC 1 and SA1.