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CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)

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Message: Re: TIME FOR A NEW STRATEGY
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Jan 29, 2020 12:24PM

According to the JV agreement Teck can propose a FS as a separate program and has complete control of the time it takes. They are only required to keep CUU generally informed of developments, and everything CUU is told has to be kept confidential. If Copper Fox decided to independently carry out a FS they would be offside with Teck, wouldn't have access to the data and would jeopardize any possibility to sell SC for the two years it would take to complete the work. We don't know if the work for the 2019 program is part of a FS, whether a FS is planned at all, or if sale discussions will start when the report is done. I don't expect much of a 2020 work program at SC based on Teck's announcement they will reduce spending this year. We'll see what we are told when the 2019 report is completed and what action it will trigger.

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