Even if we still owned BC properties, it isn't actual cash available to do work such as drilling or studies, but the ability to not do work and still maintain the claims?

This is right. Claims are extended either by doing work and applying these credits towards them, or by paying in lieu of doing the work. If you do work on one claim, then all the claims that link up to that one claim can also be extended if the money spent was sufficient. That is how Teck has extended our SC claims up to 2023. That is also probably why those claims are 100% in Teck's name otherwise we would have to pay to have them renewed each year.

If I am understanding this correct, they could be useful for Carmax if we took them over and wanted to wait out the market for a while.

In a sense, but if Carmax is a corporation then they would have to buy them from Copper Fox. It may be the same shareholders but the corporation is different.

Waiting out the market is a whole other decision that I'm quite sure is unrelated to the PAC.

These PAC credits are not to be confused with the tax refund. That is supposed to be a little over $4 million and is cash in our pockets.