Maybe someone with legal expertise could comment. It's not that important here but would be very important if more, or the rest of, the Liard shares are acquired due to the acquisition costs involved. Here the definition from the JV agreement:

(aaa) “Pre-Production Costs” means all Costs incurred prior to a Production

Decision other than Early Works Costs. Payments made to Stewart Bulk

Terminals Ltd. from the date of this Agreement pursuant to the land reservation

agreement made as of October 11, 2011 between Stewart Bulk Terminals Ltd.

and Copper Fox are included in “Pre-Production Costs”.