Teck is not one-half of the buyout equation until an offer is accepted. Up until that point they are a potential buyer among others. Teck has a right to earn-back up to 75% but does not have the right to take the rest at whatever price they want. If Teck doesn't offer good value then we can wait until they have declared how much they intend to earn-back and go to the rest of the market at that point. Teck has to declare within the 120 day period, and they only get one opportunity to make that decision.

Elmer has some ability to proceed and influence the eventual buyout price. He can continue to drill and prove up a better resource, he can release the Feasibility to start the clock ticking and then do a revised RE followed by a revised Feasibility. At no time is he, or Ernesto, forced to accept an offer below what they think is acceptable.