Assuming a production decision today, anyone buying us for 25% of the capex cost could expect an after tax 13% IRR based on a very conservative PEA with copper at $3,25 US.

There no doubt in my mind that the famous 15% is achieveable at $3,25.  After, the sweet spot should be based on a 15% IRR at the new LT consensus.

Now, what is hurting us for any 3rd party looking is Tecks new timeline.  Defenitely a smart move if you want to discourage competition to invest a large amount upfront.

This being said, if Galore, a less advanced project could see a production decision in the next 2 years, theres no reason why we should  discount our value more than 2 years for Teck.  At that point, it becomes their decision only to advance Galore before SC.  We should not pay for that!

IMO.

MoneyK