Dear Teck,

• $842M US - Base case after-tax NPV (8%) for 100% of SC
• add $768M US for LT copper at $4.00 US
• add $530M US for LT moly at $20 US
• add $267M US for LT gold at $1800 US
• add $400M US for dragging your feet on the improvements
• add $100M US for exploration potential
• add $100M US for our carried-interest
• add $40M US for our milesone payments

Total is $3.04B x 25% = 761.75M US

Sign here ____________________

That's a 20% discount.  In 3 days, offer will increase to 1.2x NPV (same valuation as Glencore is putting on Teck).

Thank you.

MoneyK