Copper Fox Metals Inc.

I asked about this clause. What if they deem not to go into production and want to sit on their 75%? Then the money has to be spent on the project. So, we decide how to spend it and until it gets spent they have no say. So we could drill till the cows came home. We could bring the power and roads to it. Basically do everything that would enhance our position at the expense of them and leave the final building to them. Obviously, every dollar would go towards enhancing our position.

Then comes the dreaded: Can they mothball it? Nooo, apparently they cannot. I believe this has to do with royalty agreements elsewhere.

So where are we at now? We've drilled up all the inclusion zones and proved up 2.8 SC's. An eq of about 40 billion pounds coming in at .72% So now what are we worth? Now we sell our 25% or pull the mixed sell and exit. All of this can be done in 2 years and our sp is worth $40. 10 billion pounds of high grade and fully permited with all infastructure. Who's going to pass that up?

Alternatively, Teck backs in and sits. We sell royalty streams and/or control to their rival.