I don't quite see how the annual reserve report will get updated until they leave the exploration phase and at that point they have to make a formal announcement and pay us $20 million

Is that your understanding of what constitutes a production decision? It's not defined in that manner in section 14.2 of the JV. Teck will cover up to $ 60 million of costs prior to a production decision, so it suggests some amount of work is expected beforehand. I'm not expecting a PD until the regulatory permits are in place, at which point Teck will review the project economics and copper/gold fundamentals, and then make a call on proceeding with the project or not. Do you have another source of information that raises the possibility of a PD sooner than my expectation?