My sense is that Elmer was keeping his game face on and following protocol as it were, to keep marching ahead doing all the right things until a buyout (arrange port access, draw up plans to process up to 200,000 tpd, etc.) ... I think his and most people's hunch is that Teck would be best to buy us out totally, then they don't have to put the mine into production in 4 years and can get partners to help them mine it. However, there is the possibility of a fat dividend and further explorations.

He seems to also deeply believe this is a massive deposit - that could be the geologist in him who is excited at the find of a lifetime. And Teck may well keep letting the team do what they are very good at (minus delays!). No doubt more exploration comes a far second to getting the big payout we're all waiting for. And he said a spinco doesn't make a lot of sense because then there is a bunch more legal work and the new co is right back to dealing with Teck on the lands. So best to just sell the whole thing ... and hope that the speculative part factors in somewhat and ratchets up the price. This is the wild card in my mind.