Copper Fox Metals Inc.

The clause regarding purchasing more Liard shares states this:

The other Party shall have 30 days to elect whether to accept that offer and, where appropriate, pay its share of the costs of acquisition; failing which election and payment, the acquiring Party may retain the interest in the Liard Shares so acquired free of the terms of this Agreement.

Why would there even be a clause that says if we fail to pay Teck would retain all the interest outside of the JV, if the money were to come out of Teck anyway?

This clause is not ever needed if purchasing more Liard shares is to be considered just general 'costs' because even after the first $60 million, Teck has to pay our share and then we pay them back out of profits eventually. It would not ever be possible for us to default on this payment given how the contract is written so why bother writing a specific clause?

Clearly the purchase of Liard shares is a specific instance that is not covered by the term 'costs.'