Once Feasibility is released:

CUU receives all the VOTING shares (because they get the Liard shares). CUU can make all the decisions, call all the shots. Teck has no say. (they have no voting shares)

That is what I thought as well. CUU can direct Teck to spend more money on drilling and exploration of the other areas thus adding significantly more value to our portion. For this reason and others I think Teck will either try to buy us out completely or opt in for a smaller share 40% or even 20% interest. Either way, we are in the drivers seat and will imho command a huge premium above our minimum 25% interest. I think many are discounting the value of this agreement and what 100% control of the voting shares means for us.