My interpretation of the contract is, if Teck backs in for 75%, Cuu is in control until 40% of the money has been utilized. As soon as Teck has earned in for 40% they become the operator.

It makes sense as Teck would have 58.5% of the Liard shares, which is 17.55% of the mine, and in combination with the 40% gives them a solid majority of 57.55% of the project.

I don't think the 4 year clause is relevant as Elmer has said, on occasion, it may not be enforcible.

Just another brain teaser as management has never clarified any of this in the past.....chunky