bookend, I hadn't thought of the possibility of actually bringing forward some of the 2021 harvest, but that may be possible. It would mean lower yields though.
TFS management have mentioned several times in recent presentations that smoothing the harvests is one of their aims. If they can execute more significant buybacks from the other years in between, and delay some of the harvests, then an extra 400 - 500 tonnes (assuming similar success rates over the five projects) would ensure the TFS owned harvest will be very much smoother during the lean years to come. This will also give TFS valuable data on whether it is financially attractive to delay some of the harvests as a regular strategy to increase yields and returns. How do they really know that 15 years growth is best, and not 16 or 17?
TFC Price at posting:
$1.45 Sentiment: Buy Disclosure: Held