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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: Re: Teck's cost per LB.
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A bit quick? 2 years + is hardly quick for most of us to pass judgement at this point. It is incompetence unless we get full, or nearly full value for the inferred in the pit (not neccessarily the rest of the inferred). It makes a HUGE difference in our NPV, which influences optics to buyers: majors, retail, institutions and anyone else (regardless or reality, but perception is still important). The blame for the timelines given, although out of everyones control for the most part can't be solely given to management or to TT - but saying that they're both not partly responsible is a lie. Things go wrong - for sure, but the more they go wrong to the same person or group the less you can blame chance and the more to that person or group. We have yet to see if the inferred in the pit really is a "mistake" so I'm not fully passing it yet.

However, it's still an accomplishment to get as far as we have - most don't get out a BFS, let alone a positive one. And that's out of hundreds or even thousands of companies. The deposit it self is still amazing as are the little trinkets we have (contract, port, geopolitical etc.) There's certainly a LOT of upside, but I'd rather be closer to the actual value and KNOW what that is than have more "potential".

We'll see how this plays out, but at the end of the day it's hard to say that this couldn't have played out better. Part of human nature to compare to what could or should have been.

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