"1) Teck has 30 days from receipt of the Feasibility Notice(FN) to declare what size of project is deemed to be a PBFS( as per section 5.5 b)"
I don't read it that way
The intent of this paragraph is to provide Teck with the flexibility "at their sole discretion" to accept any FS that may not conform to the 2 preset conditions for automatic acceptance ie
1. One capable of producing 25,000 tons of copper metal production for 12 years with a NPV of 12%
or
2. One capable of producing 50,000 tons of copper metal production for 15 years with a NPV of 8%
The language is not artful, but the intent is obvious
A project that clearly satisfies either of these critera meets the incentive provision to earn the Teck interests
A mine that meets only 2. is an automatic qualifier based on size and NPV
A mine that falls between the 2, on either size or NPV, may be deemed by Teck at its sole discretion to meet the incentive provisions, however they reserve a 30 day review period to make that determnination
If anyone can dissect that language and get any other understanding, I have yet to hear it