Some interesting excerpts from these updates:

Copper Fox is currently trading at a significant discount to the combined NPV's estimated for the Schaft Creek and Van Dyke projects. The decline in commodity prices over the last five years combined with other market factors has affected the perception of the values established for advanced stage projects. With the onset of a new commodity/investment cycle, the market valuation for copper producing companies have increased significantly over the past year. The implied value in many of the exploration and development companies are normally recognized later in the commodity cycle

The Schaft Creek deposit is one of the largest undeveloped porphyry deposits in North America. The stated resources for this project are minimum because the deposit is open in three directions and four other large areas of porphyry style mineralization have been located within the Schaft Creek project.

As the above example demonstrates, changes in the FOREX and long term metal prices can have a significant impact on the base case economic analysis (in Canadian terms) which also impacts the per share net asset value. 

Projects like Schaft Creek provide the potential for optionality, expansion potential and improved economics in a rising commodity cycle. Since formation of the SCJV in 2013, Teck, the project operator has funded approximately $20 million on field programs and desktop studies despite the severe downturn in commodity prices between 2012 and 2016.