It is true Teck could be comfortable giving fair value for the inferred in-pit resource and other value drivers of CUU besides what's in BFS but how are you so certain they will? Teck usually outsources higher risk investments (e.g. greenfield exploration) to juniors.

To me your assumption that Teck is ready to step in seems very uncertain. That said I think their is some value here and worst case CUU has to spend some more time unlocking it.