Every incremental of $0.25 US increases the annual EBITDA by $60M US based on 2021 PEA tornado chart (before any future improvements).

If we consider that our value should increase following the Sumitomo 4x to 5x EV/EBITDA ratio:

• $60M US x4 x 25% = $60M US increase in valuation for our 25% per $0.25 US
• $60M US x5 x 25% = $75M US increase in valuation for our 25% per $0.25 US

The option 1 & 2 proposed in my structure would allow Ernesto to benefit from a high copper environment if Teck wants to differ a portion of the payment in the future.

Or else, they should pay for option 3, which is close $950M US today and I could also live with that.

IMO.

MoneyK