The only "optics" that matter to me at this point is the NPV (5%/8%) of the BFS. If it shows a $5 billion NPV at 8% discount, the SP is going up ($5 B pulled at random out of the air). Or, if Teck has a beautiful BFS in their hands that justifies a high buyout, 2x, 3x, 4x or more doesn't matter. As long at Teck can justify it to their shareholders with technical papers from top-notch engineers, all is well - I don't think we're going to see anywhere near $10 (my opinion), but if the BFS justified that number, then we'd see $10 and a few folks here would be taking early retirement.

I have no idea how the extra lands are going to be valued. The weakness there is that they haven't been drilled out - we will be selling them at a discount to what "we" and "they" think is in them hills because majors don't buy on rumour. However, I'm sure the CUU team did a cost-benefit analysis of selling now or drilling up for the next bunch of years. Maybe it would take too long to get full value anyway, and best to sell at somewhat of a discount, but put that money to work on other exploration projects.

GLTA