The problem with CUU is how to value it?

If you value it 25% of SC, that's assuming Teck is backing in 75%.

Value = 25% of SC + 4x Teck Expenditure on the Mine + Controlling Interest + 4 Years clause to be in production.

At THAT time, you don't know where CUU SP would be. It can be 1.20, 3.00, 5.00.

If Teck is buying SC completly.

Value = 100% of SC + Land not part of the agreement. (This is determined also by the BFS we all are waiting for).

This is just a simpler way of seeing this.