but can't figure why Elmer would be letting the -$0.04 number from BMO in the new presentation unless he is being intentionally deceptive, which I highly doubt).

This is the key IMO. From the sounds of it, BMO has run publically released numbers through their own proprietary model. They have not seen any of the feasibility study numbers for obvious reasons.

Well, the first question is why? BMO does not cover Copper Fox. They have never participated in any of the PP's (who has!). Seems to me that they are advising them on something… say, perhaps a buy out? The material that was in the presentation was essentially a big FOR SALE sign. Elmer would not use that -0.04 if it wasn't close to what he has seen in feasibility study. I am pretty certain at this point that they actually have that number (i.e the BFS is far enough along that this has been shown to management). I can't wait for summer to end...