director spends $86,337 on market , page-20

So they aren't expensing land acquistion costs on purchase but amortising it over the useful life

I don't think they actually amortise the land (maybe trees?). It is a fixed asset. I believe the research report uses an extended term more as, with the high upfront costs, the only way to consider if a profit is being made is to take it over the contract term. At the end of the contract the company will still own the land.

highly sensitive to increases in the price of agricultural land
Definitely - albeit also sensitive to the price of carbon. IF government policies drive the market then it will be good for CCF. If trading falls over, well, not much market left.

MJS

PS. Very small spec holding only here.