I do agree with you that Teck likely doesn't classify it as waste internally, but if it stays inferred officially do you really think Teck will pay us a buyout price calculated as if it was in the measured and indicated column?

Then we won't sell. This line of reasoning is completely illogical. If Teck knows we know then where is the advantage? We don't have to sell, we could just take a revenue stream for the rest of our lives.

Even with the current FS, we would get a revenue of about 25 cents per share per annum for maybe 30 years and more likely considerably longer when you consider the district potential.

I don't personally think Teck is going to pay any more than they have to.

Well, no kidding. That would be the exact point of a negotiation, right? They don't want to pay more, Elmer doesn't want to take less, either they agree or we sit tight.

This isn't some sort of Teck conspiracy thing. Teck can't do anything for their own benefit that won't also improve our situation. They can't put this into production without carrying us along for the ride. They can't get rid of us or reduce our ownership. Teck has to pay expenses up to $220 million before Copper Fox starts to owe their share.

Show me another junior that has a JV with Teck that is better. Show me another junior that has got a free ride to production.