Copper Fox Metals Inc.

Inferred resources were not included on the chart. They rank higher than exploration upside but not much value is assigned to them. Teck doesn't have to pay for the inferred or exploration potential if they have a lower cost alternative. They may offer a 50 % premium to the 20 day VWAP as an example, which would be under $ 1.50 if the current price takedown persists. They only need to convince the major shareholders and will have them locked down if an offer surfaces. There won't be a white knight if the offer is made with an expiry date before the 120 day clock runs out, as pointed out by Prospekt. Teck gets first crack at this property because of the agreement that binds CUU.