"If I had to bet, I don't think we're ever going to see a BFS. The reasons for this are many, but most importantly, it takes the ability to scrutinize the deal between teck and cuu off the table, which makes things a lot cleaner. "

I agree with you on that; it makes sense and let's hope TCK thinks the same way too!

"I'd bet that the BFS is already finished and teck is reviewing it and negotiating a price."

But I do not agree with this statement!

If the BFS is finished, CUU has to release it, even if TCK has made or going to make an offer. It is management's obligation to release info that can affect investors' decision making and the BFS is definitely key decision making info for investors. The only way the BFS is not released is that it is not complete and the consultant would not allow the release of an incomplete report as it may be misleading.

Having said that, there is nothing to stop TCK from making the offer before the BFS is complete as they likely know what the final result would look like since they have been fully informed along the way and since they have an army of geologists, engineers and accountants! JMO GLTA!