Hello Calvin,

Thanks for bringing some fresh air to the board.  I agree with your logic.  When looking at previous slides, seems to be 104M the following 14 years, but 113M is not far off!

Also, according to the slides (2015 presentation), all amounts are in CAD dollars, so the end results should be closer to 450M CAD based on my calculation.

Assuming that the current exchange rate increases cashflow by 85%, that brings me to around 820M with no further improvements.  I'm not considering the long term metal prices as they will be close to the 2013 range.

With improvements, assuming the stream of net cashflow would increase our valuation to 1.2B for 25%, if the market is ready to pay 65% of the NAV, this would bring us to 780M.

On a side note, did you calculate what percentage of the NAV Teck paid for the minority interest?  I'd love your input on this if you want to share.  For my part, assuming they will get the full 262.5M and using 3B as the NAV, my price/NAV ratio is close to 65%.

As you mentionned, Schaft Creek should at least get something equivalent.

MoneyK