Construction capex is a different expense apart from the 300 million, which is for pre-production decision costs (as an example, not actual costs).

I don't know how you differentiate between "actual costs" and "construction capex" but Teck is not spending $300M prior to a production decision. That was one of the key points brought up when moving away from the last JV, if you recall.

The only thing Teck pays that we do not owe back, with interest, is the first $60M and the subsequent $40M in two payments. That is from now to eternity no matter what the stage.

Furthermore, the first "free" $60M is only during the exploration stage. Once we move into "early works" then we start to owe our share so we might not ever see the benefit of that $60M. Early works projects, such as the road, can happen pre-production but are assumed to happen in light of an imminent production decision.

If Teck completes the optimizations this year they could exit that $60M stage and either make a production decision or commence early works. At that point we wait untilTeck reaches the first milestone of $140M when our $20M payment gets cancelled.

While it is true we don't have to find financing until our $20M contributions have run out, technically we are paying our share.

Although Teck is paying $60M and we don't have to pay it back, that is because we've already paid about $90 in exploration costs to get us to this stage.