Yes, we only have 25 per cent say on how the JV moves forward. While this may seem like a negative, my understanding is the TCK-CUU relationship is collaborative

As with any majority-minority relationship, it is collaborative until it isn't - then the majority shareholder does what it wants regardless. Sorry, it is a negative no matter how you wrap it...

Below, I've pasted from our corporate presentation the advantages to the JV which work in our favour. This means to me that we will be carried to production without further dilution...

...Teck has agreed to use all reasonable commercial efforts to arrange project financing for Capital Costs upon a production decision being made, including Copper Fox’s pro rata share of the Capital Costs without dilution to Copper Fox.

I feel some clarification is needed here - the dillution referred to above is only dillution of our 25% share of the JV with Teck. This is not talking about private placement dillution like EE has done in the past if we spend through our reserves. Teck's arranged financing is only for our 25% share of capital costs.

I think some people may have initially been confused by this (I know I was), as any time we were talking about dillutuion in the past we were talking about dillution of shares.