Based on news, it seem pretty clear that (i) CUU did not deliver a "bankable" positive feasibility study; (ii) CUU did not earn the Laird shares; and (iii) 120 day run following the delivery of the positive (but evidently not "bankable") feasibiity did not terminate Teck's back-in rights. How all this happend without any material events occuring since Feburary 4th is not at all clear but, apparently, that's where we are.

The contract says that Teck may exercise its back in rights at any time. What I think we have going on here are discussions about that or maybe a buyout but there is no clock running on the discussions.

I am not going to opine on legalities but don't think that it has been very fair that we are relegated to reading "tea leaves" as we are here. But it also seems like a good sign that CUU still has hope that Teck may opt for some kind of joint participation. Perhaps CUU thinks that all will be forgiven (and it would be, at least by me) if they ultimately come back to us with a good deal.

Also, for whatever my impressions are worth, I don't think we can draw any inferences from the statement in the disclaimer that CUU may or may not undertake any further "activity" on the property. Seems like to me that they are just putting us on notice so that so that we won't have a legal claim if they don't undertake any development efforts in the future. Basically just boiler plate protection for them

Regards,

Volpino