ScotiaScotia has the delta on EBITDA to ex-IFRS 16 EBITDA at ~$50M/yr, so the $12M/q in lease expenses looks to be a good proxy:
per share metrics will be hurt by the latest placements and offering. How they finance Pipestone 2 could help offset some of that down the road. I think they're in a chicken/egg situation right now trying to line up financing, which is likely dependant on take or pay arrangements with producers, which are likely contingent on financing. Sure it will get sorted out as anyone paying attention can see the upcoming infrastructure bottleneck in the region and it's in everyone's interest to get ahead of it.
Less excited about the RD facility at PGR and owning a cattle operation at the LCFS level but once it's done maybe LCFS shares go higher and TWM can sell some.