Assuming the below payments in time for the QB2 minority group:

• $52.5M US for closing in 2018
• $60M US for EA approval in 2018
• $50M US 30 days before first production in 2023

Optional:

• $33.3M US 1 year after first production in 2024
• $33.3M US 2 years after first production in 2025
• $33.3M US 3 years after first production in 2026

Discounting all these values 8% per year to bring them back in 2018 dollars:

• $52.5M US for closing
• $60M US for EA approval
• $34M US 30 days before first production
• Total of $146.5M US (2018 dollars)

That's $146.5M US total for the 13.5% interest (valued at $169.2M US) or 87% of the NAV when using copper at $3.00 US.

Optional:

• $21M US 1 year after first production
• $19.5M US 2 years after first production
• $18M US 3 years after first production
• Total of $58.5M US (2018 dollars)

That's $205M US total for the 13.5% interest (valued at $224M US) or 92% of the NAV when using copper at $3.15 US.

Based on the above, 87% to 92% of the NAV was the selling price, for a project that was less than 1 year away from a production decision, without factoring in the carried-interest to production and location.  Both in my opinion have "district" scale", as QB2 is only using 25% of it's known reserve to operate the initial 25 years.

IMO.

MoneyK