Unfortunate for shareholders of Extorre who have been in it a while. Pounds in the ground are all great, but NPV is very key I believe in conjecturing buyout prices, CUU included (taking into account CAPEX, OPEX, political/environmental climate, etc).

Old CUU PFS numbers

NPV5 pre-tax $4.79 billion

NPV8 pre-tax $2.76 billion

What I am very interested to see, is what the new numbers will be and how a BFS will be better than a PFS. I suspect CUU NPV is going up. What remains to be seen is NPV free cash flow within different sensitivity analyses, what Teck will pay for additional lands, etc.

It will be hard to argue with a better NPV and payback time, presuming we hit both. I think we will.