Agreed.  

I'm not a CFA but I can't imagine a pension fund manager using too much more than an available NPV calculation from a 43-101 compliant PFS or higher report, at least as a starting point.  IMO, a pension fund manager would be sophisticated enough to see through Teck's value-hidding BS and recognize how ridiculously conservative the current NPV calculation is.  Fund managers are by profession master discounters of anticipated future cash flows.  And I doubt a pension fund manager would deny that metal prices are surely to be much higher in the future.  The only problem is that you can't properly discount future cash flows if you have no indication on when they will start.  So, imo, pension funds wouldn't look at us without an official sanctioning and an anticipated first production date.