It's the Teck Back in option agreement that makes CUU so hard to value.

Without knowing how much Teck is going to back in for, it's unclear on how much CUU is worth. The reason is that 25%/50%/75% forces Teck to act and invest in SC differently.

If it's 75%, Teck has to not only spend 4x CUU's expenditures, they have to arrange financing and construction of the mine. CUU would just sit there with a 25% interest in a $3 Billion dollar mine.