I suspect you might be overestimating just how much coin any...

I suspect you might be overestimating just how much coin any sale of the gold tailings project would bring in -- assuming there is one and that we don't simply JV it for the operating CF. (I favour a sale and accept that it would very likely result in receiving less risk-adjusted coin up-front.)

Jury's out for me on the extent, if any, of any forward-sold production to the eventual offtake partner. Given we are not doing a PAN (i.e. a restart by an owner with an intimate knowledge of a project that it has owned throughout the cycle), I'm less inclined to think that forward sales will form part of the initial package. Production risk management and all that. I'm open to persuasion on that, but this is my current thinking.