From an economic pov, yes. But Barrick has much higher...

From an economic pov, yes. But Barrick has much higher opportunity costs. Spend management time on a 35k ozs per annum mine and lose elsewhere.
They made it pretty clear they want to replicate their success in West Africa meaning 100-200k per annum mines, a thoroughly upgraded if not new plant. The plant must be located near the deposit.
So I would argue 80% joint-venture expanded to all of Troy's tenements is the answer.

As for Troy: ca. A$30m in deferred tax assets, half of it in Guyana. A$65m net cashflow from Smarts u/g. A$25m in trade credits. A$13m gold loan. A$57 when the dust has settled. Plus whatever upside there is at Smarts u/g - I think igrade will be higher and tonnage also when using a lower cut-off - and what they can get for the plant if they stop exploring.

So in a perfect world Troy could end up with roughly A$100m in cash plus a plant to sell, a passive 20% stake in a Barrick mega-mine and a couple of royalties. But I could also envision a co-existence when someone is needed to mop up all the minor deposits that are near certain to turn up during exploration.