I would never expect the TIVAN royalties to be reflected in the...

I would never expect the TIVAN royalties to be reflected in the DFS; the income from TIVAN is not bankable in my opinion.

Financiers would be looking for contracts (offtakes) to back up the DFS numbers before signing up any lending/equity agreement. And no-one is going to license TIVAN until they see the effective pilot working to specification in Darwin. So we're years away from that being an estimable income stream. IMHO.

But while you're there, the premium question is the status of the Ti offtake (and whether the offtake offer referenced earlier this month remains in play). Yes, EIS is important, but it really all hinges off the Ti in terms of viability of the project and ratification of the DFS numbers.