It's easier to take a look at the feasibility studies and the...

It's easier to take a look at the feasibility studies and the IRR to give you the economics of each project 26% vs 18%. The NPV is quite similar. I actually like both because the NPDR price assumptions for Nolan's are 25 or so lower which is why I'm a holder there. Although I did sell most of my holdings there on the crazy pump last year in what was admittedly a freak accident of perfect timing. I've put that cash to work here.
The biggest issue with Nolans has always been the funding. Some part of that is as they label it "new capital" which will be a CR. Also given the size of the loans they will require I'm not convinced what sort of rates they will be able to lock in. So my logic here is why would I hold a large portion there now when the mcap is larger than HAS, it still has to sort out loans and a CR, and I feel HAS will get there sooner. Once ARU have more clarity and the project financing is clear then I can reasses and maybe reallocate some cash there. ARU were also running low on cash and had to take a large discount on the CR, then didn't even allow a SPP. That's very poor form for a company that has been around for so long. Some LTH there would be understandably angry about it. There will be at least another CR though which will necessarily be larger, so hopefully they will do it that time. That could also prove to be the better entry price.