Ok, can someone shed some light on this unlikely but possible situation?

What if Teck says the BFS isn't acceptable?

Devil's advocate here so don't get worked up - but is there a possibility that Teck could reject the BFS we submitted AND still retain first right of refusal on the project?

I sincerely hope that is not the case.

Like others have said it could be 2 years (or more if you factor in past performance) to get our BFS right the second time, plus the PPs would likely be at much lower share prices (much more dillution) and then after all that give 75% to Teck for a song?

If Teck rejects it and then its all ours, I can live with that - but giving them 75% for only 4x expenditures and 2 more years wait would be a hard kick to the groin!

HogHead