Good morning.

Actually using that logic Teck only spends $20 M.

Right now say the project is worth $80 M (what CUU has spent ), Teck spends $320 M to get 75%. The project is now worth $400 M.

Teck's owns 75% or $300 M and Copper Fox owns 25% or $100 M.

The free ride for construction and the 4 year clause are worth far more. IMO

Still waiting. GLTA, canoehead