I think anything and everything is a possibility in a JV negotiation. In a dream scenario, I could imagine....

Teck saying we want to JV an option agreement for the whole shebang (outside the Sched A lands or everything or just the Sched A lands). Here is a lump sum payment to give you a liquidity event for X% of the title of your claims and we will enter into this or that agreement to earn-in on the rest and let you explore it up in another Salazar type arrangement. You will get Z%NSR to give you a little more incentive towards the future and a seat on the board. We (Teck) will get beaucoup power over everthing and have some fun gates in our agreements for your shareholders to ponder till the sun don't shine.