So I'm trying to figure out alternate cases of what might happen in my head.

Let's pretend Teck backs in for any amount but doesn't buy us out. Because this BFS is pretty much catered towards Teck and not towards selling to another major - let's not assume it's a sure thing Teck will buy us out, but we do have to sell to another major instead.

We shouldn't have any dillution (especially at these prices) because we should be able to use Teck's money from the backin to drill right (or would we still have to raise money)? The worst case is that we spend the year drilling, updating the RE and subsequently the BFS and then try to sell to someone else (possibly even Teck again).

If they don't back in for 75%, they don't have to worry about our financing either - and financing with our current BFS with debt would be rather difficult, and equity would dillute the hell out of us, so we would have to spend the time upgrading everything and trying to sell later since we don't want to actually build the mine. I don't see the 4-year clause being enforcable if we're the ones saying the money should be put into drilling instead of actually building.

Or do you think we'd have no trouble selling the remaining % even though Teck didn't buy it from us without having to upgrade anything?

Let's not take it for granted that we're a sure buyout ASAP, since most of what we've predicted in the past hasn't come to fruition either. Just looking for opinions.