Not 78% of Liard but of Liard's Indirect Holding of Schaft Creek. If Teck gives notice of wishing to exercise it's back-in right before the Feasibility and Copper Fox acquiring the Indirect Holding, then Copper Fox will have been deemed to have acquired that right.

So they can either wait for the BFS so that we can gain the Indirect Holding, or they can go early and we get the holding anyway. Doesn't make any difference to us. We already have the Direct Holding.