I largely agree with all your sentiment regarding LTR, but until...

I largely agree with all your sentiment regarding LTR, but until they are turning a profit they’re a speculative stock.
I think that they are undervalued right now BUT, in reality any mining/energy project there is a fair precedent that companies trade at fraction of project value (against NPV) until in full production. Because there is still risk.

design issues during construction requiring re-working and pushing timelines out, Construction stores shortages, serious OHS incident on site with fatalities, extreme weather event blocking routes to site… all these things occur. Saying they’re impossibilities is total naivety. Couple this with broad market pullback and likely commencement of global recession, there no determining a true bottom.

that aside, if your investment timeframe is long term this is still one of the best investments on the ASX, this is a good opportunity to accumulate, yes there’s likely short term downside, but nobody can predict the bottom, fundamentals haven’t changed, just need some patience to ride it out.