Re: The expenditures are proportional to the back in %. That's why it's a no brainer for Teck at 75%. They're financing themselves and earning in at the same time.

Thanks Vette, I certainly seems that I misread the agreemment when it states:
Should Teck elect to exercise its option for 75%, Teck is required to fund subsequent property expenditures up to a total of 400% of those incurred by Copper Fox ($84.9 million to July 31, 2012) and arrange for project financing, including the Copper Fox portion.

At first thought it seems like CUU took all the risk in spending $85 million of it's own money to prove the resource and in the end to have to give back 75% of project and only receive the value equivalent to the same money as what was spent. Seems like a lousy deal for CUU. But I now I am understanding the importance (value) of the Liard shares.

I think this is one reason that the share price is low - it is a hard to fully understand all the in and outs of everything and who owns what. Thanks for your guidence.