For me, the bigger question is how long are EE and DM prepared to wait for their (our) liquidity event?

If Teck only earns-back and leaves our 25% or 60% or 80%, how long till we would be able to sell it? Maybe right away or maybe not. I could possibly see a year or two drifting by while the 171Mt is proven up and the rest of Big Red drilled and we wait for assays. With the kind of acb and share count that EE and DM enjoy, I imagine they might have more patience than some but time is still much a factor. DM is demonstrating that he is willing to trade a bit of his large holding to generate some more value.

I think there is some potential for a 5th option: Teck backs in X% and no JV for non-sched A lands or Az. If they regain a big interest at Schaft, why bother with a JV for the rest when CuU's options to find companies that could outbid Teck for the northern claims are constained by Teck already having a big advantage by being on the ground and with a good deal of control (even at any earn in %) over the primary Schaft Creek project and its infrastructure?

That said, CUU could present a option scenario for the non-sched A lands to entice Teck into partnering directly with those properties for a win-win tyype deal.