Exactly.

And I think you have probably hit on the single biggest point that is depressing the market price.

In my opinion, the market does not understand that TECK is not a lock to acquire CUU at a price driven by the major.

There is a perception that TECK already owns us and can just starve us until they decide what they want to pay.

This failure to understand the mechanics of the back-in agreement is going to have a whole lot of folks kicking themselves in the near future.