Everyone is getting excited about $1m for this Hydro study.

From the NR:

..."In order to conduct the Study, Copper Fox will pay a required deposit to BC Hydro. Copper Fox previously submitted a system impact study request to BC Hydro; an interconnection queue position was assigned to the Schaft Creek project and the system impact study was conducted. The queue position is used to prioritize study work and allocate interconnection costs. The Study is expected to be completed on or before May 31, 2014 and is estimated to cost in excess of $1 million to complete."

First, we will only pay a deposit. That could well happen before Teck elects. That might be an eligible expense. It isn't the whole $1M though.

Likely we'll have to finish paying the bill at around May 2014 when the report is done.

Even if we did pay $1m before Teck elects and it was eligible, it really isn't a big deal for us. At 4X's (75% earn-in) that $1m would be less than a cent per share fully diluted.