Thanks for the information Vette. I appreciate the insight on the inferred resource, I wasn't certain about the $2.26 per tonne to remove the so called 'waste'.

It appears to me that the PFS has negative production costs of $18.98 ($31.47-$12.49) per tonne while the BFS has production costs of $2.26 per tonne. The $21.24 difference is huge IMO when we're talking about 171.16M tonnes of inferred resource (171160000 X 21.24 or $3.6 billion). Depending on the timing of when these costs arise, we could conservatively add $1 billion of NPV to the $513M base case, if/when we can upgrade the inferred resource to measured or indicated.

What I'm trying to get a better handle on is what valuation we can expect if we are taken out. IMHO, I too agree that Teck will want 100%, I definitely think they want to be the operator of the mine (which means 20% and 40% options don't make sense) and they likely don't want a minority interest that they need to deal with and be accountable to. That said, the price to take out CUU must be high enough for the insiders to vote in favor for. Clearly insiders have bought up to $2+, I'm sure they don't want to be underwater. The only footnote is that realistically the vote will be solely be with Ernesto as he alone owns 50%+ of the outstanding shares. I would conclude that it's really Ernesto and his belief that he's getting enough value on this.

In my mind, I would venture a minimum valuation:

Base case BFS: 31 cents ($513,000,000NPV/398,000,000 shares X 0.24 CUU share after teck back in)

Estimate for inferred resource: 60 cents (~$1,000,000,000/398000000 X 0.24)

Expenditures spent by CUU to date: 5 cents (~$85,000,000/398,000,000 X 0.24

Liard shares: ~20 cents?

Add'l land: ~10 cents?

Potential resources/pricing/inflaction not in BFS and goodwill: say ~$1

Total: $2.26

Clearly this is a lot of guess work but I would venture to say that a price just north of $2 is a possible target. Even with just the first three estimates, we are simply underpriced right now and there has never been a safer buying time than right now or post BFS. I'd love to hear others' thoughts on valuation and possible buyout price scenarios. Right now I can see a buyout price between $1.75-$2.75 which the insiders (or just Ernesto) would be willing to entertain.

One more thought, although more risky I would prefer Teck to walk away so that our upside become 3-4 fold what it currently is today. With demand and interest from China, there may be a grey or white knight in the weeds ready to pounce.