Ann: Trading Halt, page-148

they're not producing until say 2027-2028, so the project economics will relate to that pricing environment, not this one.

Thereforw consider:
(a) forecast pricing for those years,
(b) the effect of current (Chinese subsidy influenced) low pricing environment on other projects in pipeline (CRR for example seem ready to quit),
and (c) the desire for Korean and Japanese strategics to diversify ex-China, and the scarcity of decent uncommitted spod projects in North America.

Anyone who thinks this is a dilution trap has not digested what a game-changer the Renard strategy is, and how much it lowers the capital intensity of the project.