How can an Agreement be drawn up without knowing Teck's decision?

There are two JV's. The first one is supposed to be given to Copper Fox by Teck no later than 60 days after the feasibility. That one is a definitive JV that essentially includes all the clauses in the current Agreement, and possibly more. If Teck opts to earn back a share, but not buy us out, then this would be the JV under which they would operate during the earn-back period. Copper Fox would remain the Operator until Teck had fully earned back their percentage. The actual percentage is not necessary for this JV.

The second JV would be negotiated after Teck has earned their percentage that they've opted for and to proceed towards building the mine. At this point in time we will know who is the Operator.