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Correct. The market will react well before that particularly...

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    lightbulb Created with Sketch. 1907
    Correct. The market will react well before that particularly project completion, first sales, commercial production etc. I like to be conservative and was highlighting how crazy the forward valuation is/will be.

    It’s difficult to know when the market will react as a developer moves to a producer but if they get through that stage without too many challenges the re-rate is substantial.
 
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