Whatever backin percentage Teck chooses (20,40, 75%), they have to SPEND that money on exploration to earn their percentage. For example, if Teck chooses to backin for 40% they have to spend all $250M on exploration to earn their 40%. Once they make their choice, it cannot be changed later ( ie if they find a huge deposit after spending 100m they cannot later say they want 75% ). If Cuu is bought out that agreement is transferable to the new owner.

So people that say Cuu is only worth 25%, or $1-2/share, ( if Teck backs in for 75% ) are not counting the potential upside of $340m in exploration Teck must spend to earn their interests. Would you sell Cuu for $1.50 if Teck has to spend $340M on exploration? How much will the project be enhanced on this amount of exploration? There is potentially another, maybe 2 SC sized deposits in this district. $340M dollars of drilling can certainly prove up this potential. We could be twice as big as Cobre Panama and 80% of that project was bought out for 5B.

Imho, if they want to take us out now, they should offer us at least $4/sh. That is my target for a takeout now.