It seems I'm one of the few people that thinks that share price is important. Given the current conditions (no environmental assessment, weak economics, low share price, no cash) I think a buyout offer of $1.50 is close to what can be expected.

However, if Teck backs in and shows support for the project I think our share price will move upwards and this should push the buyout price upwards as well.

I don't know if we've shown Teck enough info for them to fully commit to developing the project. I think what might happen is that Teck backs in for 40%*. This gives them the opportunity to spend money on project enhancements as well as wait for the environmental approvals. They can derisk and improve the project as well as have all the necessary inside information. If they like what they see, they will buy out our portion of the project (even before reaching their spending requirements). If they don't like what they see, then they will simply let the Option Agreement expire after a few years.

*If Teck backs in for 75%, I think it will send our share price higher than if Teck backs in for 40%. A 75% back in shows a maximum commitment by Teck and will probably send our share price racing, which Teck won't want to see if they are considering buying us out in the future. It doesn't make logic sense that we are worth more at 25% than 60% ownership, but that's how it might unfold.