This is just a guess, but I suspect that Bank of Montreal (BMO) did preparatory work for Copper Fox and did not publish a report. They did, however, give Copper Fox a copy of their inside report and gave CUU permission to use it. That is why it appears in the presentation slides.

Frequently advisory firms such as BMO will try to postion themselves to get upcoming work. In the event that Teck makes an offer for Copper Fox, BMO would be ahead of the pack to give a fair evaluation statement. Alternatively, if Teck takes 0.0% (unlikely),75% or whatever, BMO will be in a position to advise Copper Fox in vending the remaining percentage to someone else. When the BFS comes out, BMO can easily update their figures.

Either way, there is potential work for BMO (or any other valuation firm).