Agreed,
Here's comparison adjusted for ownership:
LTR stage 1, 600ktpa SC6, Q2 2024, stage 2, 700ktpa SC6, 2029; capex still requires around further $500m, valuation is ~$7B including additional fund for fully funded to production;
LLL, stage 1, 227ktpa SC6, Q2, 2024, stage 2, 450ktpa SC6, 2025/2026; Likely stage 3, 675ktpa SC6, 2028; Fully funded to production. valuation $1.4B.
LTR is valued at 5 times of LLL, but annual production, LLL is more than 50% of the LTR, once stage 3 were on, LLL's attributable production is almost same as LTR's.
BTW, broker data show, mainly retail took profit over last few weeks, institutions buys. It's now up to institutions to decide what value LLL should be.
All imo.
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