Tudor essentially must still meet option terms on TCAnother way to view the carried 60/20/20 terms on Treaty Creek, is that Tudor is still conducting exploration to meet the option terms. For example, if it will cost another $100 million to go through all the stages to a production decision (PEA x ?, PFS, FS, etc.), they are, in practical terms, spending $100 million to earn that 60% interest. You can substitute whatever amount you think it will take to reach a production decision.
This would be required in order to advance the project. The caveat is, if it is too costly for Tudor, they could just sit and wait for an offer from another entity with deeper pockets, and still retain their 60% interest. They could also just wait until the capital markets for junior explorers and/or the share price improves before conducting further exploration.
My guess is that once the Goldstorm deposit is properly defined, and at least one PEA produced, Tudor may have to enter discussions with the other two partners to renegotiate the terms or consolidate the interests. The main scenario that would make this uneccessary is the one above, where gold and/or copper continues to run, and Tudor's share price follows suit. That may make the raising of capital reasonable, so they could continue the exploration with the current terms.