I see it the other way. Kylylahti is the easy cash, Roseby is...

I see it the other way. Kylylahti is the easy cash, Roseby is the risk for potential losses or rewards. At least that's what the Monte Carlos in the merger booklet suggested.

Roseby is obviously much larger but is lower margin, having a much lower grade, higher production costs per ton, and about half the IRR of Kylylahti.

Kylylahti was always going to come first anyway because it was a much more advanced project. If the two companies hadn't merged, VCN would still be about to start Kylylahti, URL would still be a long way from starting Roseby. So no complaints from me to proceed with Kyl until Roseby is ready.

Agree though that URL on the whole is completely at the mercy of the copper price. As long as it stays here or heads north URL should bring home the goods.