"We effectively have a cash position equal to our market cap"

That's not a very accurate statement. If Teck does back in, then they will have to pay $300M towards the overall project. However, at that point they will own 75% of the project so most of that $300M is going towards their portion of the project. Copper Fox will have the huge advantage of having Teck as a partner, but that $300M is hardly Copper Fox's.