I think it's a bit of a leap to assume that the decisions that have been made with respect to drilling, acquisitions, and general spending have been done "without any assurances from Teck." I don't think anyone knows what's been said in talks between Teck and CUU so far, other than the big insiders.

Also complete speculation, but I'd argue that the reason "we have pushed our luck this far with our funds" is that there have been assurances. Either way, I agree with you that it would look a bit rosier if the bank was flush with cash.