True volume of whisky under maturation

They are reporting 2.1 million litres of whisky under maturation 'at 43%'.

This is slightly confusing and makes it complicated to value. Lark have releases at varied ABVs, they have several cask strength releases that are above 60%. typically a 40% whisky has been diluted with water. In fact anything 'young' that falls below 50% is definitely diluted with water.

Given the liquid in the barrels right now would be varying ABVs (and freshly barreled spirit can be like 70% ABV) it means that there is actually far less liquid than 2.1 million litres. To standardise to 43% would mean a decent percentage of 2.1 million litres is actually just water.

I'm not sure what this means for valuations. it may even be a good thing given the decent price they charge on ABVs in the 40s. They actually can charge top dollar for water.

Food for thought, unsure if it changes valuations