On the plus side, Teck has almost finished the optimization studies. At that point, even if they put further progress on hold, we can get a fair value. I am assuming Teck will march forward with the EA application even if they aren't prepared to make a production decision.

The completion of the optimization studies allows us to take a small step away from being tied to Teck.

We could then make an offer to Teck, and if they refuse go to the market at large. It's probably not our best hope for a sale but it is an option.

There is also the possibility of finding a third party to buy us out and work with Teck to develop the project which is the most likely scenario. Teck's fortunes today might not look good but 2017 isn't that far away for them to be making decisions now.

If we got a buyout in 100% Teck shares at least they have a significant upside.