Hi Elmer,

Where are you at with this? [??]

We’ve had a PEA done on VD for a year why are you not actively marketing it? [in line with the board strategy of achieving “fair value” the identified projects enhancements indicate that more value could be achieved. Copper Fox is working on the identified project enhancements, but should/if an opportunity comes along that is considered to be in the best interest of all shareholders it would be considered]

There is a likely recession coming are you just going to let another ten years pass us by? [The decision on when to monetize one or all assets would be made by the board. The project enhancements could add significant value to both SC and Van Dyke. Keeping in line with the stated corporate strategy, the board’s objective is to achieve  ‘fair value” for assets for all shareholders]

What is your actual plan to divest of SC? [that question was asked at the AGM and responded to.  If and when the board makes a formal decision to monetize an assets that news would be disseminated to all shareholder/public by way of news release.]  You said when we have 2021 drilling results the board would move forward with a plan. [the objectives of the 2021 program was to complete drilling, collect samples and complete metallurgical testwork and obtain geotechnical data based on a 4000m program] You have that. [The SCJV did not accomplish all that it set out to do (ie the drilling, met test work) only 20% of the proposed 2021 program was completed.  The 2022 program enhances the uncompleted portion of the 2021 program to get the additional metallurgical samples and additional geotechnical data not obtained in 2021.  I, like all shareholders would have preferred to have the 2021 program completed as planned, but completely understand the weather and safety factors involved.

The reality is that Copper Fox has a 25% interest and little control of the direction and programs of the SCJV.  Teck is the Operator, funding 100% of the expenditures and own 75% of the SCJV. Teck have included Copper Fox in discussions on all significant matters related to the SCJV, and on occasion have accepted Copper Fox’s suggestions.  Teck has overall control on the direction/timing of the SCJV, have added US$780million in discounted after tax valuation since assuming operatorship and are working on the identified enhancements to enhance project value.  All shareholders would like to see the project advance faster, and Teck is methodically advancing the project by working on completion of the enhancements with an objective to add value.]

So what’s the plan? [If and when the board makes a formal decision to monetize one or all of its assets that news would be disseminated to all shareholder/public by way of news release.]