I think they would gain a stronger negotiating position by showing interest from a competitor first, but realistically I doubt they would get that interest. It takes a long time and manpower for a company to do DD and they aren't going to do that if Teck can just buy us out, and if we're not sincere about selling to them.

That's why the FRoO is important because it means that if Teck turns us down, then a company can do all the DD knowing that at the end they actually could buy into the project and not have Teck just step over them. At that point, Teck is always free to up the offer they previously rejected but it's not likely to happen.

The third party valuation is done by someone like Moose Mountain Technical Services. It's supported by the FS, but incorporates other variables like those 171Mt of waste and the likelihood of being able to extend the mine, etc.

They have a brand new website and have this listed as a project for this year for us, not Teck: