At this point in time you can only use the 5 billion pounds of cu eq that is our share as defined by the FS. You can only use the 'reserve' category of proven and probable.

In terms of adding value beyond that you can consider geopolitical advantages and further exploration potential. In that potential is the inferred which has already been drilled and located. (Given Teck's recent history of calculating value using the inferred we can reasonably conclude they will be incorporating it into their price, however, we can't just put a straight per pound value on it though because right now it is waste material that we are paying to extract and dispose of.) It is there in the same way that all the other zones are there. Right now though we are told it is not worth mining.

I think you have to calculate a per pound value X 5 billion pounds which is our defined share at SC. Then you add something extra for the other potential and location.

When the optimization studies are complete, we will hopefully see that 5 billion number increase and the costs decrease resulting in a higher value. We'll still have the other zones, including LaCasse, and the geopolitical advantage.