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CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)

Message: Copper Fox vs. QB2

A couple of points:

1) Teck reports reserves and resources differently from Copper Fox. Their resource numbers are reported separately and do not include the reserve numbers(see Teck Annual Information form page 55 https://www.teck.com/media/2017-Annual-Information-Form.pdf ). CUU includes both numbers so they have to be separated or they will be double counted (see slide 12 of the November presentation)

2) It looks like you used the Schaft Creek total numbers, so you need to multiply by 0.25 to get CUU's portion and also avoid double counting the reserve and resource numbers. Also your Inferred number should be about 11.3 billion. As a check I did the following. Slide 12 has the CUeq values for Copper Fox's portion of Schaft Creek. The reserves are 2.568 billion lbs and the M&I resource number is 3.220 billion. Now you have to subtract the reserves from the M&I resource number because it's double counted, which is 3.220-2.568 = 0.652 billion incremental resource that was not included in the reserve number. Then add the Inferred ( 2.824) to get 6.044 billion lbs. Now apply your QB2 estimate of about $ 0.03/lb. 

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