Important info from my phone callThis is from a lengthy phone call. Any errors in these statements are mine and the company should be allowed latitude to disclaim these statements as "my error" not theirs.
If you don't know why this information is critical you need to do a lot of reading. These are the key points.
1) The option agreement is exactly as stated.
2) At 50% earn back in expense Teck has the right to negotiate the joint venture.
Copper Fox has a stiff upper hand because they have controlling interest in the negotiations! This is a key fact. The implications are very important with respect to the buyout. It appears that I may be correct in this respect too.
3) Expenditures must enhance the value of the asset and can include roads but must be directly attached to the asset. Capital equipment must be deployed to the asset and cannot be bought in reserve and count as an expense. Ie. Purchased but not delivered.
4) The resource extends all the way through the mountain! (As I predicted)
5) Mess Creek will be examined.
6) Galore et al will not likely be processed in one large mill with Copper Fox. 2 different types of deposit. That means Romios will be bought as part of Galore.
7) Tech has deep pocketed friends. Teck may need a partner because their dance card is fairly full.
8) There will be another attempt at a deep hole and the new rigs will be there on time and drilling begins in 1 month. I was correct to suspect the Red Chris angle.
9) The RE will probably be 2 weeks late. (My figure but confirmed with best accuracy and disclaimer that Stuff Happens as we all know)
10) 3.5 billion pounds may be an understatement with respect to the whole project. Not able to confirm through source because he is not the Geo.
11) The airbourne Geo is on schedule.
12) If Mess Creek has indications then a full roster of exploration will be applied. There is a plan in place.
13) There is an importance to the size of the runway.