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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%)

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Message: Re: Maybe was priced in pretty disappointing.

I see the situation differently. Teck has done a lot of optimization work which culminated in the 2019 study. CUU was not allowed to release any of it publically. Having worked in a large resource company on major projects I can think of reasons why they wouldn't allow release of a scoping study level of work but it doesn't matter. CUU was allowed to proceed with a PEA on their own dime to surface the results. Proceeding with the PEA only made sense if the numbers looked good. I know Teck would have their own economics but don't know if they would share that part with CUU. It is essential that the PEA results be aligned with all of Teck's work. I see a large part of Tetra Tech's effort consists of professionally verifying Teck's work for major portions of the PEA. One example is the the strip ratio. Dropping it from 2.16 to 1 is a huge improvement and it didn't come from a few months of work by Tetra Tech. It came from years of work by Teck's development team. I also believe alignment with Teck is necessary to allow CUU to proceed with a sale strategy for the SC asset. Next up is the economics.

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