First comes the FS. Then the clock ticks. At some point Teck makes an offer to avoid the earn back in. If we don't like it the EBI process starts at the end of the 120 days when Teck is forced to make election. Course, it could come sooner. So the EBI starts and Teck has taken the 75% and sweetens the offer. If we pass then possibly others make offers. Teck starts building the mine and we start the JV talks. During this time permits are under review and progressing. Still we don't take an offer.
Big companies and Teck see that we intend to mine with them. JV talks continue. I don't have details on when JV talks must be completed. It's possible they have to complete them before the EBI starts but we can allow this to continue for a bit as long as the election is the 75%. If it's not then I would expect the talks to complete before we start raising money for our end. The lesser options could take time to sort out. Since we have the money lined up the talks would complete fairly rapidly.
Assuming we don't accept any offers, we would be looking at our valuation changing from in situ to revenue per year plus in situ. Our worth would include any revenue streams we hedged. In the 75% valuation we could be worth $3 for revenue and $6-$9 on hedged gold or silver. Speculation would still be leading the sp. One road bump in the sp would be equity financing if the % is the lesser of 75%. On Teck funding all we would still see a bit of a hit as people take into account the clawback and length of time to revenue.