At the end of the last Q, they have $5 M in the bank; since then EE has committed $2.5 M and another $0.5 M from some other investor(s). So they should have about $7.5 M left after the current Q's expense of $500 K.

Do they actually have this money though? Their financial statements say they have $1,320,876 in cash and cash equivalents at the end of January. Their trade and other receivables is $4,481,282. I thought that figure included a tax rebate that is owed. Can they spend that? They also have prepaid expenses and deposits of $1,911,313 which are listed as an asset and form part of that $7.7 million, but they can't spend it because they already have. I don't think they have the funds available to spend on a $10 million drilling program if they have to pay for it themselves.

Of course, if Teck backs in for any percentage then we won't have to pay for anything again. I do think this is what will happen given how long Teck is taking to think this through.