Tommy, would you pay 255 mm for 40% and not pay an additional 85mm for 35% more.

The only way Teck can be the operator is to have 40% and if they back in for 40% they will be short unless they buy Royal gold's 3.5% share.

40% of 78% Liard shares = 31.2 % X 30% = 9.36% of the total

40% of 70% =28% + 9.36% = 37.36%..they need RGs share to be operator.

If they back in for 75% they have the other complications, financing, 4 year production, etc

Teck is really between a rock and a hard place here.

The simple solution is to buy us out, but it's a lot of money, and I'm begining to agree, they're balking at the price.......chunky