CUU's share price wouldn't trade at 100% of their NPV though. Maybe because of the inferred confusion we would be close but to assume that if Teck backs out that our price would all of a sudden jump to $1.25 is silly.

If you don't think we'd trade at $1.25 with 100%, not sure how you expect we'll get more than $1.25 with only 80%, 60% or 25%. You're only valuing the worstcase BFS numbers, but the BFS is half the resource and doesn't include a lot of things (most notably the inferred).

I'm with RT, the BFS should have helped clear up our value but it's really just muddled it.