A much simpler way of looking at CUU.

Assuming that Teck will either back in for 75% or not at all.

At 75%, Teck would have to spend 300ish million on SC. CUU will be the operator until the money is spent. Teck will provide financing on behalf of CUU. Teck will have to make sure the mine is in production in 4 years. (Just to be nice, we will give them 5) But with uncertainty in building mine up in a remote alpine terrain, who knows if any delays will come forth?

CUU will then hold 25% of this soon to be producing mine. CUU will get cash from for many many decades. In order to buy out CUU, they have to give a price that is more worth it for the 65% insider to sell instead of a cash producing mine that is going to pay out for decades to come.

If it's 0%, we have 100% of a conservative NPV of $500 million. We will see what market will value us then.