Thanks Art, I forgot about that wee extra bit carried over from the original Salazar agreement.
I just refreshed my memory by searching the current (2013) "Feasability Study" which also contained the Liard interest. For those who haven't either read the FS in a while here is the relevant section.
Copper Fox Metals Inc. (Copper Fox) holds title and a 100% working interest in the Project consisting of 55,779.56 ha (137,834 ac). Included in this total are the “Schedule A” mineral tenures originally conveyed to Copper Fox pursuant to the option agreement dated January 1, 2002 between Teck Resources Limited (Teck) and Copper Fox (the Teck Option Agreement), which consist of 8,334.34 ha (20,594 ac). The “Schedule A” mineral tenures are subject to a 3.5% Net Profits Interest held by Royal Gold, Inc., a 30% carried Net Proceeds Interest held by Liard Copper Mines Limited (Liard) and, together with the additional mineral tenures obtained by Copper Fox within the “Area of Interest” provided for in the Teck Option Agreement, an earn back option held by Teck. With this feasibility study, Copper Fox will earn Teck’s 78% interest in Liard. Teck’s earn back option to acquire either, 20%, 40% or 75%, of Copper Fox’s interest in the Schaft Creek Property (the Property) is triggered upon delivery of this feasibility study to Teck. Should Teck elect to exercise its option for 75%, Teck is required to fund subsequent property expenditures up to a total of 400% of those incurred by Copper Fox (approximately $85.3 million on December 31, 2012) and arrange for project financing, including the Copper Fox portion. For full details of the Teck earn back option, please refer to Copper Fox’s website www.copperfoxmetals.com.
I guess that the last corporate presentation from February 2015 didn't mention the Liard shares in slide 10 as it only referenced pre-production and construction, where the Liard interest is a netproceeds interest when the mine is operational. I do however agree that the inherent value in that portion may also be part of an offer by Teck to CUU.
Ah well, back to lurking in the shadows, Teck tock, Teck tock :)
