One possibility that would explain CUU's casual attitude to the indirect interest(Liard 23.4 % carried interest) is contained in clause 7.1. That clause states that as soon as a notice to exercise Teck's Back-in Right is sent to CUU, then the direct and indirect holdings are deemed disposed, even if the option is not fully exercised. While delivery of the Liard interest would clearly support the share price, it appears CUU is content to wait on a response from Teck regarding the Back-in Right. If the market is expecting a material event sooner, then the share price may be punished more then it already is. I have some dry powder left but, when it's gone, these "buying opportunities" become "crying opportunites".