I don't understand why we think that Teck will be financing 100% of the mine

Teck must finance to production and once in production cuu's portoin is paid back with the revenue. It's still a cash cow to a major that doesn't require putting any money in until money is coming out.

But we get to decide when we want to sell, don't we? Would waiting another year invalidate all the reasons you listed?

No you don't have to sell your shares but that can't stop offers from coming in and the share price would move up to that initial offer, you can sell or hold for a better one. But in a bidding war scenario, they can keep coming.

And the point is the 25% would be so attractive to a major that offers would come : (carried to production, + 85 million, Teck as operator (important to have a good operator), Liard shares (control) until Teck earns, 4 year clause (could try to enforce it), port agreement (under CUU's buyer name) and BC Hydro agreement (under CUU's buyer name)