That isn't my point, I'm referring to market perspective and poor sentiment ATM. Viewing VAU assets and current situation from 180-degree opposite angles.
Today VAU is effectively a 250Kozpa unhedged producer (60% of 410K production). 160Koz is making much less money due to the hedge book, which changes soon. It's analogous to having an unhedged 160Kozpa development project coming online in 18 months time without the huge capital expenditure, need for debt financing, commissioning risks etc. Plus further organic growth at three operations a year later, funded from FCF, taking production to 450-500Kozpa.
This hypothetical situation would be valued much more today than is currently the case, i.e. an unhedged producer with a 160Kozpa development project, IMO. In other words, a buying opportunity while the hedge book unwinds.
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