Prospekt beat me to it.

We have 3 reasons why BFS hasn't been released yet:

1. They haven't finished it. I'm assigning this a very low probability given the amount of time it's been, they had initiated the reviews a while ago and must have been very close to finishing if not having already finished it at that point. If this is the case, TT is completely incompotent as we have internal people (Jim Gray) helping them and they still can't do it on time. If this is the case, I will never invest in a company that has TT doing their BFS, PFS, PEA etc. I don't imagine this is actually the case.

2. They finished it, but are making changes to it because it wasn't as good as expected. I'm assigning this a low probability as well because any problems would probably be around the mine plan and that was done early September and with reviews and guidance from Jim Gray, it seems unlikely they wouldn't have seen it earlier or told us about it etc.

3. They are in negotiations with Teck and releasing the BFS will harm those negotiations. I assign this an above average probability. Hearing that Merit finished their review in one week, and if you don't believe that hearing straight from Merit that a detailed review takes at most 1 month and being past that (2 months) leads me to believe that they aren't doing reviews still. Elmer saying that he can no longer talk about the BFS from legal counsel also suggests they're finished, in combination with him talking to Don, going to Arizona and in general having limited anxiety from callers doesn't suggest something bad. The delays to me suggest they may be talking to Teck about a buyout. This could have been going on from as early as September to now.

There's probably some other possibilities, but not worth writing about or that register my personal radar. You can decide which you think it is, or if you think it's something else.