Optimization Study results are material to Copper Fox shareholders (and a solid argument could be made as being material for Teck's shareholders as well), and will be released.
Given that Elmer has said that he doesn't know if the optimization results will be able to be released I'm wondering if things have changed? Has he told you this?
I believe that Elmer had said if the actual results cannot be released because they will not be presented in a 43-101 report by a QP, then he will take the information to Moose Mountain who will incorporate it into a valuation.
From my reading of the regulations below it appears that we might only get a 43-101 report if they make a production decision. This could also lend some weight to the buyout before production decision theory. This regulation also explains why they have not yet added SC into the reserves or resource category. (In this case 'historical resource' means a resource that was provided before they bought into the project.)
An issuer could trigger the filing of a technical report under paragraph 4.2(1)(j) if it discloses the historical estimate in a manner that suggests or treats the historical estimate as a current mineral resource or mineral reserve. We will consider an issuer is treating the historical estimate as a current mineral resource or mineral reserve in its disclosure if, for example, it
-
(a) uses the historical estimate in an economic analysis or as the basis for a production decision;
-
(b) states it will be adding on or building on the historical estimate; or
-
(c) adds the historical estimate to current mineral resource or mineral reserve estimates.
There is another interesting clause that might trigger a 43-101 report. I sure hope it does (in the right direction though of course.)
-
Subparagraph 5.3(1)(c)(ii) of the Instrument requires the issuer to file an independent technical report to support its disclosure of a 100 percent or greater change in total mineral resources or total mineral reserves.
