Copper Fox Metals Inc.

For my example (150 million) I extrapolated that teck would partner up with someone for 49%.

This splits the 300 millions almost in two... therefore 150 million. :)

Ah, I see what you were doing there. To reconcile our mathematics, in addition to the market cap value of the kept $150 M income stream you would need to add the amount Teck nets out from the sale of the other 50%, which would be the market value of a $150 M income stream less what they paid us for our 25%.

At the end of the day the both of our approaches shake out a similar valuation for Schaft Creek, pre-sandbag-reversal and pre-optimization.