This is a good point

Most of us have been relying on the existence of the 4 year build out clause to head off the strategy used by well funded entities to simply out wait and starve smaller entities in order to gain negotiating advantages

I too am curious if the 4 year clause applies only to the 75% option

What about the mandatory JV on back-in by Teck?

Do lower back-in percentages also trigger the mandatory JV formation

I understand that if Teck does not back in for the majority interest, we will have a much larger and more valuable piece of the project

..but how would that complicate the liquidation of shares currently held