I recall management mentioning that new production would be integrated from the September quarter when TPS and Dyno Nobel are both online? Additionally, I would have expected greenfield production to be considered closer to April 2026, when the gas pricing mechanism resets from around $4.50/GJ to approximately $8/GJ. The benefits of increased greenfield energy production would/do depend on matching rising demand. Given this I see the stock as a slower burn/bottom draw, as a substantial supply increase would likely require higher industrial consumption, such as electricity generation or manufacturing.
Have been impressed with many of the decisions made by new management.
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