I used the numbers from the RE estimate only and the values I've taken from commodities webpages.

I appreciate all the feedback.

I found the calculation rather exciting but I'm leaning towards Rogue's camp here. I look at the Fox as two different stocks:

CUU-1 is the goods subject to the Teck agreement.

CUU-2 is everything else.

By definition CUU-1 is in the development stage and I'm quite sure I'm getting less than a dollar for 75% of it. The in situ calc helps me determine what my 25% is worth.

CUU-2 is an exploration stock which has value and is also riding the coat-tails of CUU-1.

The equation is: Less than a buck for 75% of CUU-1 plus my 25% plus CUU-2. Rogue's suggestion of $5 - $7 is reasonable.

Of course, I don't mind being unreasonable.