dogger:

I think the reason you are a bit confused is this:

1. The back-in option and the CUU buy out are two very separate and distinct events, they do not have to be linked. To put it simply, if CUU's BFS produces a positive NPV, then it triggers the 120-day back in option and TCK has to make a decision within the 120 days whether or not they will exercise one of the options. Yes. TCK will have to make a decision based on the data in the BFS. There is never a situation where one has 100% of the info, especially for an exploration or a mining company; one has to make a decision based on the best available data at the time.

2. The buy out of CUU is a totally separate issue. TCK has absolutely no obligation to buy us out within the 120 day time frame or ever. Based on the condidtions in the agreement, it just makes sense for TCK to do so, and since they got the 75% of SC dirt cheap, it makes sense to get the whole SC and do whatever it wants, rather than to have a 25% partner.

3. The back-in only applies to SC and some adjacent properties (that is to be determined by CUU and TCK and their legal counsels). Even if TCK accepts the 75% back-in and buy out the 25% of the SC and the adjacent properties from CUU, TCK does not have to buy out the rest of the properties not subject to the back in and which are less defined in terms of mineral resources. And if TCK wants to acquire these properties from CUU, they would surely do so based on the available data and apply a reasonable discount for the uncertainties.

4. If TCK decides not to take the "rest" of the properties, then CUU can set up a spinco with these properties and offer it to others.

I really don't think it is that impossible for TCK to make the best decisions for its shareholders based on whatever data is available for SC, and for the rest of the properties not subject to the back-in option. Just my 2 cents worth! JMO GLTA!