I should expand on my comment about the BFS being 'baked in". Some...er...folks... thought it was a capitulation on my part. NOT SO.

I did not include the exploration potential or any premium for taking CUU out after the earn-in decision.

"Baked in" in my sense, means the roughly 25% of the NPV of the SC mine - at conservative metal prices AND full dilution of CUU shares. That is all the market can responisbly value us for right now until the BFS drops AND TCK declares its intention.

The market has taken the conservative 'guess' at what SC and CUU is worth with a lot of the worse case scenarios (full tck earn in, conservative IRR etc).

I have not changed my outlook on what CUU shares will be at takeout. I am in the $3 range +/- 75 cents or so.

There is further upside if the RE3 (it is actually the 3rd RE) can provide a sizeable high grade resource sufficient to improve the numbers on the remaing portion of 1.1B tonnes+.

jmho.

Exploration Potential

I have another thought about exploration potential that will need some time to prepare...

I have been intrigued and puzzled about Elmer's "large circular feature" when describing the area around northern Paramount and DDH 422. My problem is what does someone mean by "large"? A few metres or kms in diameter or... like 15 km's in diameter?

For any folks attending the PDAC....I think the mineralogy and exploration upside are topics that Elmer could reasonably discuss at length without giving up the farm in terms of who is or not at the table making deals or what is going on with the BFS. Elmer has spoken quite a bit about the exploration upside and i think this warrents further investigation.

Good to see DumDum here for some level-headed perspective.