They didn't assign value to the waste rock.

This is from the Economic Enhancements slide:

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Upgrade Inferred Mineral Resource located within pit shell.
The pit shell contains 171.2 million tonnes of inferred
resource grading: 0.25% copper, 0.16 g/t gold, 0.018%
molybdenum and 1.58 g/t silver (NSR of $US24.88/t) which for
purposes of the feasibility study were treated as waste rock (@
zero value)

=======================

At least how I read it is IF they economically enhance the project by upgrading the inferred, they expect to see a NSR of $25/ton.

Massive improvement on the project - from pretty good to absolutely spectular.

We should have spent our cash on drilling the missing holes ourselves to unlock massive value instead of starting new projects. If Teck didn't want to do it, why couldn't we?

I personally don't think its in Teck's interest to upgrade the inferred (at least not until after they buy us out). I can't see any benefit to them to change the value of the project 10 fold before making their moves.

Maybe I'm wrong, but thats what seems logical to me.