"The more I look at this I think Teck must have walked away from this deal with a huge grin on their face! They got 75% of everything we have (except for arizona) for a tiered payout of only 63 million. For only 16 cents a share we gave them 75% with no holdbacks on lands (5km inclusion), bulk terminal or Liard transfer requirement to earn back. "

I basically talked about this in my original post:

http://agoracom.com/ir/CopperFoxMetals/forums/discussion/topics/579789-capex/messages/1819153#message

There is the misconception that originally Teck needed to pay CUU to back in up to 75%. That's not correct, they needed to commit CAPEX up to 4X eligible expenditures. Instead, they paid CUU to back in 75%. Assuming CUU has $64M cash to plow back into drilling, Teck would commit $192M (75/25) which makes a total of $256M committed, which brings close close to the original JV agreement.

IMHO, Teck wanted flexibility and not to have a stringent timetables and in exchange CUU got cash and liquidity. It's a win/win.