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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: Strategy

It's nice to read all the expected strategies about SC, so here's mine. I agree with MK that it's probably Teck's plan to combine Galore and SC.  Teck has fully worked out the strategy to bring Galore and SC combined into production I assume.  The moment to take over the 25% SC from CF is not decisive in this. Teck has 75% of SC so they just move on in working out their strategy. I believe only the cost aspect will be important for Teck.  Teck knows CF wants a fair value for SC.  CF has always said they want to wait for the results and analyses of the 2022 drill program because  they expect these results to significantly increase the value of SC.  Both parties, according to Elmer, have a very good relationship with each other.  Both parties know exactly what the value of SC is and for what price (approximately) they can find each other.  I do not expect a new PEA to be drawn up.  If CF were to use the ROFO, you would need the modified PEA, but it is my expectation that the parties will find each other in negotiations.  Teck knew CF wanted to wait for the results of the latest drill program.  They also know the price of copper could rise progressively in the coming years and if they wait to buy out CF, it will cost them hundreds of millions more.  In addition, Teck will have to make a lot of investments in the coming years to prepare SC and Galore for production (including the construction of the road). They will want to share these investments with their partner in crime Newmont.  Teck will therefore want to sell part of SC to Newmont before the major investments are made.Teck currently has enough money in cash, CF has the latest results of the drill program and indicated that after the last drill program, little added value can be gained from SC in the short term.  in short: I think the time has come for both parties to close the deal.  But yes, this is my humble opinion and CF has unfortunately disappointed me more than once.

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