When TCK backs in they get the same percentage of the indirect shares back, as they opt to back in for.

Not that simple for Teck. When they opt they get nothing back..just the chance to earn it back. And they'll have to start earning the day they opt..lol ASAP.

1) Just like CUU spent money and produced a BFS to earn the Direct and Indirect %....Teck must also earn their % back by spending all the expenditures. (as of June $80.8 million x 4 = $323,2 million).

During the whole time Teck starts earning by spending, CUU still holds the controlling and voting shares.

2) And if the mine is not in commercial production in 4 years Teck will lose everything.

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Duh! Does the above scenario mean that CUU has to hold onto their 21.2% to be able to trigger the possibility of your #2 And if the mine is not in commercial production in 4 years Teck will lose everything - back to CUU? MTS