We don't know what the PFS would have looked like with Raeside...

We don't know what the PFS would have looked like with Raeside in, but another 87kOz @ over 2 g / tonne added to the project - with the other mining centres already doing the heavy lifting covering upfront capital and finance costs - could have improved the figures considerably. You would think, if they were going to raise capital on the back of the PFS, they would have put Raeside in. Unless the plan was not to go to the market for capital, in which case a dip in the SP is inconsequential.

It still looks to me as if plan A is some kind of sale / joint venture with Raeside that includes a capital injection into Kin to cover either exploration or acquisition of nearby ounces.

Alternatively, if they can't strike a reasonable deal for Raeside I would expect plan B - a revised PFS with Raeside in the mix before any capital raise.

If they do relinquish Raeside and the S Gwalia tenements, I hope there is some kind of royalty in case of future discoveries there, as there could well be. But I also hope Kin gets a cash injection sufficient to move things along without more dilution.

In any case, while the Raeside mining centre, and Gwalia tenement cards are still being held to the chest, we don't really know the state of play.