To be fair, back in April 2022 the market valued LTR at $2Back...

To be fair, back in April 2022 the market valued LTR at $2
Back then it had no approvals, no finance - a long way from commencing production.

Yet prior to the takeover offer, the market valued LTR at $1.40ish, despite ticking all the above boxes and being well into it's construction.

My point - the market gets things very wrong very often - that's how Buffet made most of his money.

As even you agreed, when Leo is in production the discount compared to LTR will be no where near as steep, in fact when Leo's producing one million tonnes pa & LTR is still at 600kt on an ownership comparative basis Leo will surpass LTR.

We are investing to make money
What has more upside, Leo at MC $750m or LTR at MC $6.3b