Okay Yeti I will try to chime in. But bear in mind I'm not a commercial lawyer, I'm a litigator. And this is based on my general understanding of commercial practice, not on any in-depth knowledge of our specific agreement.

I think maybe you are confusing a right of first refusal with a right of first offer. A right of first refusal would give Teck the right to match (or better) an offer made to Copper Fox by some third party. So there has to be an offer from some other party, which might be difficult to obtain, when that other party knows that Teck could scoop the deal by matching the terms.

A right of first offer does not require any other party to have already made an offer. All it means is that Teck has the right to make the first offer for Copper Fox's interest. Having given Teck formal notice to exercise that right, Teck either makes an offer or they don't. If they don't, we can then sell to whoever we want for whatever we want. If Teck does make an offer, we can either accept it or negotiate a better offer or walk away from Teck and again, sell to whoever we want for whatever we want.

As a practical matter, however, it is most likely that the best offer would come from Teck or some third-party who has agreed to partner with Teck. I think that is why it is in our interests for Teck to do whatever they can to optimize the project and support an increased bio.

neofight