My point was more around the effect on a Glennon exit. They...

My point was more around the effect on a Glennon exit. They don't need to recover everything at the point of exit - really the exit price is (simplistically speaking) the entry price minus NPV of the royalty, plus desired return. It is also in Glennon's interest to sell out to a better capitalised entity, as this will accelerate the return from the royalty and give them a possibly better return. It goes without saying that I'd expect the directors to act in he best interest of the entity that they are director for.

Thaldra makes more sense to drill first as they should be able to do it with no or limited capital outlay.

Maybe a partial asset sale would be the best fit - clear the debt, introduce a well capitalised partner and look to explore elsewhere.