Re: How were we protected??

Several ways come to mind: (there are likely others)

1. All future exploration/development costs related to SC are on Teck's dime (up to $60 million). We do not have to raise additional funds which dilute our share base.

2. We have a JV with Teck - Canada's largest diverisifed miner. They own 75% so they already have every reason to advance the project in a timely fashion when it makes sense for them to do. Yes it is not as quick as I would like but..still they have good reasons to advance the project.

3. We have a Right of First Offer with Teck. So if Teck says no, we don't have to go back to them.

4. We are diversifying into other projects through Desert Fox. I’m feeling like I’m getting these for free so I have no complaints.

I'm a fan of things that help with the investor’s mind battle. It was talking about real estate but substitute “Copper Fox” for “real estate” and I think it is applicable to us. The key is that we need patience for however long it will take.

…., it's hard to go wrong buying valuable real estate for next to nothing, then being patient enough to allow it to appreciate in value.