If TCK takes the 75% option, they would likely pay no more than what the BFS has determined. TCK is not likely to pay for the minerals not in the BFS; hence a spinco will be created for these claims. TCK will then buy out CUU either with cash or TCK shares or a combination. CUU shareholders would also get a pro-rata number of spinco shares. TCK would then find a JV partner if they so chooses to develop SC.

If CUU sells its stake to a company other than TCK, they could sell all the mineral claims they own in the area and not bother with the spinco; if the price is right.

Of course, these are speculations. Hopefully, we will soon find out more the direction management is going. Management knows pretty well what they have and don’t want to show all their cards yet, not until they get a fair offer from either TCK or another major. JMO GLTA!