First, there is a typo. The word resources is used twice and one of them should be replaced with reserves. Pit estimation uses  a number of economic constraints for reserves that are not used for resource pit estimation. It looks like Teck will run a number of different approaches to test sensitivities of IRR and NPV to things like different projects sizes. They could build a smaller mill and develop the Liard zone first which would have a better strip ratio for example. There's a limit to how small you can go before the fixed costs like roads, power lines etc.  will kill the economics. Teck is keeping their cards covered and will work whatever strategy they have in play. First we had optimization, then remodel and now desktop studies. Some things to look for:

Updated presentation, even if it's just to remove the caution

Will Teck update their resource/reserve booking to include SC

Will Ernesto get fed up and just cut a deal with Teck

External trigger like a Galore Creek deal, which would help SC

I did pick up more 12 cent shares and will wait this out. The value is there at this price, the wait will be painful.