We don't know for sure if either side is being unreasonable or playing hardball. There is a market price for these kinds of assets which is determined by recent acquisitions. If either party refuses to close a deal within the range of market price valuations then it comes down to who has the most leverage. Teck was given the right to take as long as they want in the JV. They only agreed to explore and develop with a minimum budget each year. What leverage does EE have to enforce his price? He can sell SC for a price of 25 cents per share and make a 50% ROI. That's a long way from most retail investors expectations but he could go that route if he wants out. I can't understand what's happening here and look for some insights from other posts. So far I haven't seen a plausible explanation. I notice that the latest MD&A does not state the remodeling work will result in a decision whether or not to redo the RE. It was stated in the last two MD&As and I don't know what to make of it.