Hi there xxxxx,

Sorry for the delay in response. I have answered below. Please let me know if you require anything further.

Denby

“Teck may elect to increase its interest to 60% by incurring aggregate optional expenditures equal to two times the expenditures incurred by the Company”.

What does “optional” mean and how long do they have to spend it? No, there is a clause where we set up a JV with Teck which covers all exploration programs.

If Teck goes for the 60%, what are the rules for deciding whether to proceed with the project? The JV allows Teck to propose a program if they don’t then we can propose the program.

Does Teck control the deposit at this point? Yes, they are operator

Is there an exit for CCY – shotgun clause? ?? No