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CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)

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Message: Copper Fox Feasibility - Measured vs Inferred vs reality

IMO, the 171M tonnes of Inferred waste is the big elephant in the room. I don't think management did a very good job of explaining what and where this is and why we didn't drill & prove it up to sufficient confidence to make it a positive to the BFS vrs a big negative.

171M tonnes at 2.64 Tonnes per cubic metre is 64,772,727 cubic metres. If this were one perfect cube, it would be 402m x 402m x 402m in size. Not a small volume of material.

I don't understand how we didn't look at the resource block model in relation to the new mine plan this summer and realize we had this inferred blob sitting like a dead weight on our Measured and Indicated and the economics of our FS.

We heard a lot of how our BFS needed to be 'perfect' and that warrented the delays. I wasn't expecting that mineralization that we knew about and within the mine plan would be left to retard our study while drills sat relatively idle.

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