1st of all use the 5% because that's what they're going to have.

Using this Feasibility with the waste rock and all (no inferred considered):

BASE CASE METAL PRICES:

CUU owns 25% - Base case 5% = $1,03 per share + (all the value in the Teck agreement, 4x expenditures, financing, Liard shares, extra land, port)

CUU owns 100% - Base case 5% = $4.13 per share + (extra land, potential, Paramount, Discovery zone etc...)

Now using

REAL OPTIONS CASE:

CUU owns 25% - ROC 5% = $1,62 per share + (all the value in the Teck agreement, 4x expenditures, financing, Liard shares, extra land, port)

** This should be bare minimum right now and doesn't even include inferred and Teck agrement options.

CUU owns 100% - ROC 5% = $6.50 per share + (extra land, potential, Paramount, Discovery zone etc...)

These prices are all bone dry. No meat.

So like Elmer said to me...anybody selling at these prices monday is making the biggest mistake of their life.

Never value the sp based on NPV....the offers always go for wayyy higher. The majors know how to valuate these things.

Look at Inmet case & and Quellaveco...

See what Teck does.