This is excellent MK, thanks!

I can think of another reason why Teck will pay a premium. Copper demand is ramping up and is projected to ramp further like never before. So locking up Schaft Creek for themselves is needed, now sooner than later.

I kind of see a balance has been struck between Teck and CUU at this juncture. Teck has slow played us to see what we would do. We hung in and stayed. Teck has now become a pure metals play and copper is going up so time to secure Schaft for themselves and a partner of their choice. A balance has been achieved by following through on the 2021 recommendations which will add the biggest chunk of value to the project, importantly....without adding too much.

After CUU is gone, Teck can go drill the other zones and prove up the district with their partner so they get their win, and CUU gets theirs with a fair deal just around the corner for their share to then advance their other 100% owned assets.

MK, you have just provided the rationale for that range of NAV for QB back then. I'm thinking we would command the upper value and perhaps beyond with the carried to production, geopolitical stability and district potential thrown in.

What would 125% of NAV look like if SC was revalued at say $2.5B after tax/discounting?

0.25 x 2.5 x 1.25 = $781M US

781/559 fully diluted = US $1.39 US or $1.86 CAD/share

Reasonable to expect? This is close to the $800M value you have previously speculated upon.

K