If Teck buys us out, it will back in for 75%, leaving us with 23% (the part we will be selling them). If we got $1.50/share, 1.50 x 400 million shares = $600 million for our 23%. If we extrapolate the 100% value from the 23% for 600 million we get the property value of about 2.5 billion. Isn't that one of the more optomistic valuations in the FS?

Here`s the problem with using straight percentages in calculating our value. Teck has only one option to choose from. Teck will most likely not chose one option ( say the 75%) and then try to buy out our remaining interest at a straight 25% value. If Teck decided to do that then I suspect we would put up our remaining interest to the highest bidder and we would get a far higher premium than a straight 25% value of the entire property. Does Teck want to take that chance and enter into a bidding war with other Majors? Do they also want to lose the Liard shares that are straight income royalties without the expenses? This same scenario applies equally with any of the other options of 40% and 20%.

I suspect, and imo, that neither of these options would be desirable for Teck due to the fact they may have to partner up with someone they do not desire or be put under a time constraint to build and operate a mine and at the same time carry the interests of an undesirable partner.

Imo, the only option that makes most financial sense for Teck is a complete buyout of our interests (100%). The question is at what premium then would they do this at? A straight 25% of the value of SC? Not on your life. 100% value - not likely either as backing in would be more desirable despite the possible consequences. So imo I suspect anywhere b/n 25% to 60% value of SC would be possible. More likely, I think it could be closer to 50%. If Teck paid 50% of what SC was worth then they could easily sell a 50% interest to someone else and come out without paying anything. What a deal that would be to Teck. I think if they arranged a deal like this their shareholders would be ecstatic and wouldn`t mind someone else paying a multiple of our current sp. They would have 50% of the deposit at zero cost.

This is one possible scenario and could be the reason for our long delays if Teck is indeed looking for a partner to take us out. This is my speculation only.