Nobody would invest at this point, or buy us out, under the assumption that we own 100%.

I'm not suggesting someone would offer full price as if we owned 100% of the mineral rights without any encumbrances. Surely, another suiter would certainly take that back in agreement into account in any offer. At the same time I'm not sure this backin agreement with Teck does discourage other suiters from coming in with offers. What is unknown right now is what SC is worth. I think this, more than the back in agreement, stops anyone from making an offer for CUU.

Once the BFS becomes public however, that will be a different story. Another company could factor this backin agreement into the equation, plus the BFS, plus all of CUU's 100% owned properties and come up with an offer with a premium depending on how badly they want in on this upcoming district. Its not unheard of for companies to offer substantial premiums for very attractive mineral properties if they think there is substantially more minerals yet to be discovered. What if say a big company like Xstrata or Glencore sees the value in this area and offers a price ( eg $8-$10/sh ) for CUU that Teck is not willing to match? This is something I think Teck should be worried about if they allow the BFS to be made public. An offer like this could be tabled even before Teck makes its back in decision or if it even decides to go for an outright buy out. If Teck choses the later option you can see how this could be more costly for Teck and how harder it would be for them to purchase SC. IMHO, giving these possibilities I think the most prudent thing for Teck to do would be to buy us out before BFS is completed and made public. My 2 cents.