From a Mining Journal article in May 2022:

Copper Fox's joint-venture agreement with Teck contains a first right of offer clause - as opposed to first right of refusal, and Copper Fox believe's this is a better mechanism to deal with the disposition of the 25% interest in the Schaft Creek project. This puts the company in a strong position to extract maximum value from the asset.

"If Copper Fox want to sell the 25% interest in Schaft Creek , it must deliver to Teck the notice letter pursuant to the joint-venture agreement, setting out the terms of the offer. If Teck accepts the offer, there's no negotiating on the terms. If they decline, then Copper Fox has six months to find a partner to at least match the terms in the offer provided to Teck," explained Stewart.

So why hasn't the ROFO been exercised? Has the M&A space for copper porphyries been so poor that we cannot find any suitor? Is Ernesto's asking price just too outrageous? Is no company wililng to settle for only 25% ownership because then they would be at Teck's mercy as far as the timeline goes?

I don't know the answer, but the sentiment here on the forum now seems to be "just get it sold." While I'm well beyond tired of waiting, I don't want to settle for pennies on the dollar because Teck has been so slow at advancing Schaft Creek and CUU management has acted like Teck has been an ideal partner.  

How could we be painted in a corner like this, not knowing if our wait is another six months or another ten years? Absolutely terrible.